bitcoin: Crypto price today: Bitcoin regains $17,000; XRP, Polygon and Litecoin rise up to 4%

New Delhi: Crypto markets regained some ground on Tuesday as bitcoin topped $17,000 after falling earlier in the day amid a news report that said Binance was the subject of a US federal investigation.

Apart from a few altcoins, other top crypto tokens traded higher. XRP jumped 4%, while Polygon and Litecoin gained 3% each. GNP fell 4 percent.

The global cryptocurrency market capitalization was trading higher around $847.81 billion, gaining almost one percent in the last 24 hours. Total trading volume increased by around 15% to $33.47 billion.

Expert take
“Bitcoin managed to rise above the $17,000 level but failed to break through the resistance at the $17,300 level. The immediate support for BTC is at $17,050, and the resistance is at $17,250,” said Edul Patel, CEO and co-founder. Mudrex.

“The uncertainty surrounding the US inflation numbers has caused some hesitancy among traders and investors, leading to sideways movement in the price of Bitcoin,” it added.

Global updates

The Royal Bahamas Police Force arrested FTX founder Sam Bankman-Fried. The arrest came after the United States filed criminal charges against Bankman-Fried, and the nation expects the United States to ask the Bahamas to extradite Bankman-Fried shortly.

Coinbase attributed the increase in requests to a combination of the company’s expansion and “a general increase in law enforcement and regulatory interest in the crypto industry.”

Cathie Wood’s Ark Investment Management said it bought 78,982 shares of cryptocurrency exchange Coinbase, its first investment in the cryptocurrency exchange in a month.

US prosecutors are considering charges against crypto exchange Binance and individual executives, including founder and CEO Changpeng Zhao, Reuters reported.

Bitcoin Group, a holding company focused on the blockchain and cryptocurrency industries, said it agreed to buy all of Germany’s Bankhaus von der Heydt for $15 million in cash and 150,000 shares.

Bermuda-based Jewel Bank said it is issuing a fully supported stablecoin called Jewel USD that can be accessed through the Polygon network.

Tech View of Giotto’s Crypto Platform
Ethereum (ETH) has recently made several attempts to bottom out and resume an uptrend. It has risen 20% from $1,080 to $1,300 in the past two weeks.

ETH is currently trading just above the $1,250 mark, having lost support at the .618 retracement of the June to August rally (from $880 to $2,000). This, combined with the recent rejection of the 200-day moving average at $1,650, clearly indicates a bearish trend in price action.

If ETH manages to regain $1,315, there could be another attempt at a rally with the 200-day moving average to contend with at $1,400. If the 200-day moving average resistance is recovered, this will be the first time this has happened in 2022 since January, making it an extremely bullish signal for the market.

On the macro front, there is little reason to be bullish in markets – both crypto and otherwise. The crypto exchange expects the 200D EMA to remain strong, maintaining an upper limit for ETH’s price. ETH has good support at $1120.

Main Levels:

Support: $1200, $1120, $1000

Resistance: $1,315, $1,400, $1,450

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