crypto price today: Crypto price today: Bitcoin breaks $20k; XRP, Polygon and Polkadot get up to 4%

New Delhi: After a subdued trade over the weekend, crypto-tokens were back in the green in the early hours of Asian trade on Monday. However, gains were limited in view of inflation fears across the world.

Bitcoin fell below the $20,000 mark, while Ethereum was just above $1,300. Investors around the world will be watching closely the inflation data and the minutes of the US central bank’s policy meeting scheduled for this week.

All cryptocurrencies traded higher on Monday, but gains were limited. XRP jumped as much as 4 percent, while Polkadot and Polygon gained 3 percent each. Solana was up 2 percent.

The global cryptocurrency market capitalization traded marginally higher at $944.94 billion, rising about one percent in the past 24 hours. However, total trading volume rose as much as 2 percent to $33.20 billion.

What is cooking in India
The Reserve Bank of India (RBI) on Friday released the Central Bank Digital Currency (CBDC) concept note, which was announced by Finance Minister Nirmal Sitharaman in Parliament during her budget speech in February.

The RBI clarified that the concept note aims to create awareness about the CBDC and the functions of the digital rupee (e₹). It explains the objectives, choices, benefits and risks of CBDCs in India.

Expert take

Shivam Thakral, CEO, BuyUcoin said the total crypto market capitalization is hovering around $945 billion, a marginal jump of less than one percent in the last 24 hours. Bitcoin sat at the $20,000 level but later lost it.

“Ongoing economic pressures, geopolitical uncertainty and the hawkish stance of central banks around the world will keep investors on their toes in the coming weeks,” he added.

Global updates
Crypto mining companies have struggled extremely in 2022 so far. One shred of evidence came from Barclays, which initiated equity research coverage on Core Scientific last week, issuing an “overweight” rating.

Crypto exchange Huobi Global, one of the largest token trading outposts in Asian markets, said it has agreed to be acquired by Hong Kong-based investment firm About Capital Management’s M&A fund.

Ziya Sadr, an Iranian Bitcoin advocate, was arrested by Iranian security forces last month, according to multiple sources. The arrest came amid widespread protests against the authorities over the state’s murder of 22-year-old Mahsa Amini.

Tech View by Proastez Exchange
Bitcoin still has a strong support level at $19,000 and key support level at $17,000. Currently, a little momentum is building to reach $20,400. If it crosses $22,000, it could touch the $25,000 levels.

(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.)