Crypto price today: Bitcoin at $19,500; Polygon and Ethereum rise up to 5%
Falling bond yields, rising stock markets and signs of slowing inflation sent crypto markets higher. However, the tokens did not take off as the fear of the worst is not yet over.
All the top crypto tokens traded higher on Tuesday. Polygon rose over 5 percent, while Avalanche and Ethereum jumped around 3 percent each. Bitcoin, Solana and Polkadot were up 2 percent each.
The global cryptocurrency market capitalization was trading quite higher at $941.55 billion, rising as much as 2 percent in the past 24 hours. However, total trading volume jumped more than 14 percent to $51.89 billion.
What is cooking in India
Months after withholding digital asset withdrawals in its staking program, CryptoBiz has resumed the same in its popular staking program. The halt was incurred due to certain compliance and operational issues which forced the company to stop all its withdrawals and deposits in Indian currency. Government agencies investigated the affairs of CryptoBiz.
Expert take
Bitcoin and Ethereum rose in line with stocks as market participants opened up their risk appetite to start a new quarter, said Edul Patel, CEO and co-founder of Mudrex. Etheruem has slowed down a bit with several factors affecting the market.
“Volatility has largely increased in recent weeks as market participants reacted to rising inflation and swings in the US dollar,” he added.
Mahin Gupta, founder of Liminal, said that Bitcoin trading numbers in India currently differ from their global counterparts. Most risk asset prices and volumes are mainly driven by global macro liquidity events.
“Bitcoin has emerged very strongly, with prominent investment giants such as Fidelity considering offering Bitcoin to retain investors and Microstrategy continuing its bullish approach to the world’s oldest cryptocurrency,” he added.
Global updates
Didier Drogba, a former Chelsea footballer turned social and environmental activist, has joined forces with 5ire, the 5th generation blockchain network, as a business advisor to work towards a shared vision of pushing the boundaries of sustainability and making this planet a better place.
Kim Kardashian has agreed to pay $1.26 million to settle US Securities and Exchange Commission allegations that she promoted a cryptocurrency on Instagram without disclosing that she had been paid $250,000 to do so.
Sales of non-fungible tokens fell sharply in the third quarter, according to blockchain tracker DappRadar, as crypto investors look for a “crypto winter” and demand for the highly speculative digital assets shows signs of returning.
Coinbase has fixed a technical issue that caused it to temporarily halt payments and withdrawals involving US bank accounts.
Decentralized cryptocurrency exchanges (DEX) have grown faster than centralized exchanges (CEX) over the past two years, Citigroup said in a research report.
Technical view of Giotto’s Crypto Platform
Solana, the layer one blockchain platform often described as an “Ethereum killer”, has been in the news for several wrong reasons lately – the latest being yet another system shutdown. Although such events question the concept of decentralization, the market value did not fluctuate much this time.
Its native token, SOL, continues to trade in the low $30s, the same price as in June 2022 and early 2021. This also puts SOL in an interesting position, as it is poised to break out of a major 50-day resistance trendline that could cause it to rise to local highs of $36 and $40, where the local golden ratio of the fall is located.
ETMarkets.comHowever, it is also precariously close to an important support at the $30 level. In the event of a breakdown, it could test lows of $27 or below. With SOL’s 4H RSI placed in the middle of the 50 level, both breakout and breakdown are sufficiently plausible.
It can even be a “fakeout” – a break to either side followed by a reversal all the way in the other direction. Investors will want to wait for confirmation – through multiple closes and re-tests – before taking positions.
Main Levels:
Support: $30, $27
Resistance: $34, $36, $40
(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.)
