-crypto price today: Crypto price today: Bitcoin firm over $20k; Dogecoin tanks 10%, polygon zoom 14%

New Delhi: The crypto market traded flat on Friday amid macroeconomic uncertainty. However, Bitcoin held above the $20,000 level while Ethereum was firmly above the $1,500 mark.

The global economy was gloomy as the United States announced a small drop in weekly jobless claims just hours after the Bank of England raised interest rates by 75 basis points on par with recent hikes by the Fed.

Top crypto tokens traded mixed. After an amazing rally, Dogecoin fell 10% and Shiba Inu fell 3%. While Polygon rose 14% and BNB gained 4%.

The global cryptocurrency market capitalization traded flat at $1.01 trillion, falling marginally, less than one percent over the past 24 hours. However, total trading volume fell by more than 22% to $79.80 billion.

Expert take

Edul Patel, CEO and co-founder of Mudrex, said that most cryptocurrencies traded sideways in the last 24 hours after the Federal Reserve decided to raise interest rates. “In recent days, Bitcoin has changed hands above the $20,000 level. If the bulls lose this important support level, we could see a bearish trend by the weekend,” he added.

What is cooking in India

India’s crypto industry has formed a new legal body nearly four months after the previous one was disbanded under cloudy circumstances, according to an announcement on Thursday.

The body will be called the Bharat Web3 Association (BWA), a shift in branding towards Web3 from the former Blockchain and Crypto Assets Council (BACC).

Binance Holdings CEO Zhao “CZ” Changpeng said India’s burdensome taxes on cryptocurrency transactions are likely to “kill the industry” there.

“India has high taxes that are probably going to kill the industry,” Zhao said in live-streamed remarks during a panel at a fintech conference in Singapore.

The Play-To-Earn NFT Metaverse project, Trace raised over USD 3 million in a closed seed investment round through private investment from HNI investors. Trace also raised an additional $500,000 through NFT sales.

Global updates

US Financial Accounting Standards Board (FASB) member Frederick Cannon said on Thursday that he supports recording companies’ crypto gains and losses as part of their net income, according to a Bloomberg report.

Japan’s digital ministry is to create a decentralized autonomous organization (DAO) to promote its exploration of Web3 technology.

The financial giant Fidelity Investments has opened the waiting list for Fidelity Crypto, its crypto product aimed at private customers. Technical view of BuyUcoin cryptocurrency exchange

MATIC, the original symbol of the Polygon Network, has been on an upward trajectory since the news that Meta chose Polygon as a partner for their NFT offering.

Meta’s NFT offering will enable platform users to display and sell their digital collectibles. Top brands such as Disney and Starbucks have already partnered with Polygon.

The MATIC price has risen by 20% in the last 7 days and the trend is expected to continue in the coming months. MATIC has strong fundamentals with a highly competent team that will ensure healthy growth of the token in the future, experts suggested.