Crypto Price Today Live: Bitcoin Hits $23,000; Ethereum, Polygon, Polkadot zoom up to 17%

New Delhi: The crypto market rallied on Thursday as the Federal Reserve raised interest rates in line with market expectations. Many market observers believed that the markets had already accounted for the Fed’s interest rate hike, which the bank has been predicting for over a week.

Powell’s “no recession” comments also supported sentiment.

Top crypto tokens traded sharply higher on Thursday. Ethereum and Polkadot and Polygon rose over 13 percent each, while Polygon and Avalanche jumped 10 percent each. Bitcoin and Cardano rose by 9 percent each.

The global cryptocurrency market capitalization traded sharply higher at $1.06 trillion, rising more than 8 percent in the past 24 hours. However, total trading volume jumped by more than 49 percent, close to $92.43 billion.

Expert take
Bitcoin and the rest of crypto’s tight correlation with equities continued as risk assets such as tech stocks and crypto rose in response to the US Federal Reserve’s announcement, the CoinDCX Research Team said.

“Fed Chairman Jerome Powell clearly stated that the US is not in recession as job growth and wage measures are strong and not consistent with a recession. This has led to positive market sentiment,” it added.

Global updates
Cryptocurrency exchange Kraken is under federal investigation for potentially violating US sanctions by allowing users in Iran and elsewhere to buy and sell digital tokens, the New York Times reported, citing five people familiar with the matter.

More than $14.5 billion in crypto has been lost to hacks and fraud since 2011, and DeFi (decentralized finance) is the attackers’ new favorite target, says research firm Crystal Blockchain.

Web3 digital identity services provider Unstoppable Domains has raised a $64 million Series A funding round led by Pantera Capital, along with participation from Polygon, CoinDCX and CoinGecko.

Regulators can better fight cybercrime by looking directly at the blockchain – but that will require a lot of extra effort, a study written for the German financial regulator BaFin has found.

Three funds of Cathie Wood’s Ark Investment Management sold a total of more than 1.4 million shares of Coinbase Global, the crypto exchange said in its daily trading update email.

Web3 media company Trustless Media raised $3.25 million in a seed funding round led by Sam Bankman-Fried’s Alameda Research with participation from Ava Labs and Red DAO.

Tech View of Giotto’s Crypto Platform
Polygon (MATIC) is a layer-2 scaling solution built on top of the Ethereum network that acts as a multi-chain infrastructure layer for building decentralized applications. MATIC’s price has risen over 20% in the last ten days and is now trading at $0.87.

MATIC has recently witnessed high whale activity and has seen good price jumps. It hit a high of $0.98 on July 18 after breaking a crucial resistance at $0.68.

Since then, the MATIC has been trading in a descending parallel channel, forming a series of lower highs. A descending parallel channel shows a continuation pattern. Any break above the pattern represents a bullish reversal, and a break below it represents further downward momentum.

MATIC broke above the channel early this morning, indicating a possible bullish reversal. MATIC needs to stay above the $0.70 psychological support to continue gathering steam. On the daily charts, the RSI stands at a neutral 60, supported by increased trading volumes. MATIC has succeeded in staying above its 100-day SMA and EMA and will need to break past the $1 barrier to restore confidence in the market.

Main levels
Resistance: $0.98, $1.0, $1.18

Support: $0.8, $0.7

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Consult your financial advisor before taking any position in the asset(s) mentioned.)