Bitcoin Holds Above $23,000; BNB and Polkadot add up to 4%

New Delhi: Despite thin trading over the weekend, the crypto market was able to hold on to gains on Monday as investors appeared to have mostly recovered from Friday’s surprisingly strong jobs report.

However, the gains were limited. Investors will be watching Coinbase’s earnings report.

All the top crypto tokens traded with decent gains on Monday. Avalanche rose over 9 percent, while Solana rose 7 percent. BNB rose 6 percent, followed by 5 percent gains in Cardano and Polkadot each.

The global cryptocurrency market capitalization traded higher at $1.12 trillion, rising 3 percent in the past 24 hours. However, total trading volume jumped more than 4 percent to close to $44.63 billion.

What is cooking in India
A public spat between global cryptocurrency platform Binance CEO Changpeng Zhao (known as CZ) and WazirX co-founder Nischal Shetty has affected around 15 million of the registered users (as of August) of the Indian crypto exchange.

Meanwhile, Zanmai Labs, which operates WazirX in India, is exploring the legal route amid an ownership dispute with the world’s largest exchange by volume, according to sources.

The Enforcement Directorate (ED) said it recently conducted searches on one of the directors of M/s Zanmai Lab Pvt Ltd which owns the popular cryptocurrency exchange WazirX.

Expert take
The overall crypto market was sideways throughout the week, with no significant price changes, WazirX Trade Desk said. “Bitcoin-Backed US Dollar Goes Live in El Salvador Via Lightning.”

Shivam Thakral, CEO of BuyUcoin said that Ether is outperforming most cryptoassets with its impressive rally and is poised to become the best performing cryptoasset in 2022.

“It will be interesting to see the impact of Coinbase’s Q2 earnings report on the overall crypto market, which is set for Tuesday,” he added.

Global updates

• The victim of an email-based cyber attack, cross-chain protocol deBridge Finance says the investigation shows that the act likely came from the North Korea-associated Lazarus Group.

• Crypto data website DeFiLlama has changed the way it presents a key decentralized finance (DeFi) metric in response to a recent CoinDesk article.

• Leading smart-contract blockchain Ethereum’s reportedly bullish ‘Merge’ – a key milestone in its historic shift to a more eco-friendly system – is likely to happen in September.

• There is speculation about moving to Ethereum Classic once proof-of-work is off the main chain, but mining pools remain divided on where they will turn in a post-merger world.

Tech View by Proassetz Exchange
After a sharp downtrend in the primary trend and a low of 0.2751 on July 18, Algo is trading sideways and making choppy moves inside a flag pattern. Currently, it is trading in a range-bound zone.

Although the $0.2575 support level is quite strong and the move is likely to be up until or unless it breaks the support level.

(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.)