Crypto price today LIVE: Bitcoin, Ethereum, Polkadot, Dogecoin lost up to 4%

New Delhi: The crypto market continued to be under stress in Friday’s trading with the exception of a few selected tokens.

Despite disappointing economic indicators, bitcoin held above $ 20,000. New concerns about the regulatory environment, however, kept emotions in check.

Except for BNB and Unus Sed Leo, which rose up to 6 percent, all other major crypto tokens traded in the red on Friday. Bitcoin and Ethereum yielded up to 3 percent each. Polkadot, XRP and Dogecoin plunged up to 4 percent each.

The global market value of cryptocurrency was traded at 868.83 billion dollars, and fell more than 2 percent in the last 24 hours. However, the total trading volume for cryptocurrencies zoomed more than 22 percent to $ 75.11 billion.

What is cooking in India
Reserve Bank Governor Shaktikanta Das on Thursday described cryptocurrencies as “clear danger” and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name.

The government is in the process of finalizing a consultation note on cryptocurrencies after obtaining input from various stakeholders and institutions.

The Reserve Bank of India (RBI) has flagged concerns about cryptocurrencies, which are seen as a highly speculative resource.

Expert ta
Although price measures suggest a consolidation, market participants still seemed to be gripped by bearish momentum, said Edul Patel, co-founder of Mudrex.

“There are going to be some interesting days to come. The number of ETHs available across exchanges has seen a steady increase in recent times. There is bearish sentiment across the participants,” he added.

Global updates

• Grayscale Investments’ application to convert its $ 13.5 billion Grayscale Bitcoin Trust into a spot-based bitcoin exchange-traded fund was rejected by the Securities and Exchange Commission despite the company’s extensive efforts to win approval.

• Singapore’s central bank, the Monetary Authority of Singapore, reprimanded the controversial crypto hedge fund Three Arrows Capital for misleading it with alleged false information.

• Cryptocurrency market maker and lending company Genesis Trading is facing potential losses of “hundreds of millions”, according to three people familiar with the matter, CoinDesk reported.

• Crypt Exchange Coinbase’s analysis program, Coinbase Tracer, will provide the US Immigration and Customs Enforcement Agency with data on cryptocurrencies, including “historical geospatial data” and transaction history, according to a contract obtained by the watchdog group Tech Inquiry.

Technical view from BuyUcoin cryptocurrency exchange
Bitcoin lost the support level of $ 20k again. The world’s oldest cryptocurrency fell below the crucial $ 20,000 limit as markets continue to be volatile.

The US Securities and Exchange Commission (SEC) has rejected Grayscale’s application to convert the Bitcoin trust into an exchange traded fund (ETF), and this has significantly affected investor sentiment. The SEC rejected the application due to a lack of regulatory control over cryptocurrencies and the protection of investors’ interests.

Bitcoin is below the $ 19000 mark and is expected to hover around this level in the coming weeks. The upward trend in Bitcoin prices will be possible with some improvement in macroeconomic conditions around the financial markets.

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