Crypto Price Today: Crypto Price Today: Bitcoin Breaks $20K; XRP, Polygon and Polkadot get up to 4%
Both monetary hawkishness and recession fears are likely to hurt riskier assets, including crypto. Even the analysts do not expect any good news for the cryptos.
Apart from US dollar-pegged stablecoins, all crypto tokens traded sharply lower on Tuesday. Shiba Inu was down over 8 percent, while XRP and Cardano each fell 7 percent. Dogecoin lost 6 percent during the early hours in Asia.
The global cryptocurrency market capitalization traded lower at $918.56 billion, falling nearly 3 percent in the last 24 hours. However, total trading volume rose as much as 65 percent to $54.92 billion.
What is cooking in India
After a steep layoff due to falling trading volumes, Indian crypto exchange WazirX has launched its first ever crypto guide, a one-stop guide consisting of videos and text where anyone can learn the basics of crypto.
This guide is designed to clarify crypto concepts and make them accessible to everyone. It covers everything from how to commonly use crypto jargon to how to interpret complex trading charts.
STAN has announced the rollout of a first-of-its-kind official collection of Non-Fungible Tokens (NFT) and Limited Digital Collectibles (LDCs) in collaboration with more than 50 well-known game creators and e-sports players in India.
With this move, STAN has now become India’s first platform (app) to launch the NFTs for content creators and players in the gaming and esports industry.
Expert take
Bitcoin and Ethereum traded slightly lower on Monday as markets await US inflation data, due on Thursday, said Edul Patel, CEO and co-founder, Mudrex. Bitcoin and Ethereum fell up to 3 percent, he added.
“The sellers are trying to strengthen their positions by pulling the price below the uptrend line,” he said. “Ethereum is down over 65 percent so far this year, and the selloff could intensify,” he added.
Tech View of Giotto’s Crypto Platform
DYDX is a combination of a spot trade and derivatives trade, offering trading for over 30 cryptoassets. Its token – DYDX – was once a hot altcoin in 2021, listed at $3 and heading to $28 soon after. It is currently trading at $1.25 per token.
After being in a downtrend since July and consistently trading below its 50-day moving average since August, DYDX was among the top gainers yesterday. It increased its value by almost 5 percent in the last 2 days, meeting a resistance trend line that sent it dumping.
ETMarkets.comClearing this barrier – which is around $1.37 – may not be sufficient as it will struggle with its 50-day moving average, which is at $1.42. With its 4-hour RSI maximization and correction, there may be some consolidation at these levels.
If this is followed by an eventual break of the trendline and a higher top of $1.4, bullish targets of $1.47 (also the .618 retracement of the September low) and $1.6 would be in play. There is plenty of support below in the event of a drop – at $1.2, $1.17 and beyond – where buyers might want to scoop up some DYDX.
Global updates
For the first time in a single month, more than 12,000 Brazilian companies made crypto purchases in August, the South American country’s tax authority, Receita Federal, reported.
EU lawmakers voted 28 to 1 in favor of landmark new crypto laws, virtually ensuring passage of legislation signed by the bloc’s national governments last week.
Polygon said on Monday that its zero-knowledge EVM public test network went live, which the company described as “the next step for Ethereum”. Polygon is a scaling tool that aims to facilitate transactions with lower costs.
The latest difficulty adjustment is in, and it now takes 35.6 trillion hashes to mine one bitcoin (BTC), up a whopping 13.55 percent from the previous goal, according to data from btc.com.
Circle’s dollar-pegged stablecoin USD coin (USDC) has returned to Earth after seeing impressive growth following the collapse of Terra in May.
