Crypto Price Today LIVE: Bitcoin Holds Above $23,000; BNB and Uniswap add up to 8%
Markets digested US House Speaker Nancy Pelosi’s visit to Taiwan on August 2, 2022, prompting many investors to steer clear of risky assets amid potential US-China tensions.
Apart from Bitcoin, Dogecoin and Shiba Inu, all other top crypto tokens traded with decent gains on Thursday. BNB zoomed over six percent, while Uniswap increased by three percent. Other tokens were also mildly up.
The global cryptocurrency market capitalization traded higher at $1.07 trillion, rising marginally over the past 24 hours. However, total trading volume fell more than five percent, close to $66.69 billion.
The expert’s assessment
Shivam Thakral, CEO, BuyUcoin said that the crypto market seems to be unaffected by the latest Solana hack as most crypto assets ended the day trading in the green zone.
“Ethereum has delivered healthy returns in the last month due to the merged news. Tokens like XRP, Polkadot and Polygon have witnessed double-digit growth if we look at the 7-day average,” he added.
Global updates
Crypto miners have shown increasing interest in Ethereum Classic because the Ethereum blockchain is transitioning from an energy-intensive proof-of-work system to proof-of-stake, which removes miner incentives.
Bitcoin (BTC) is still well below its highs, and reasons for optimism seem scarce. But not for some of the biggest traders, who have kept a rosy outlook.
The CEO of Robinhood Markets, the brokerage whose shares have lost three-quarters of their value since debuting last year, tried to shut down speculation that his firm could become a takeover target for crypto giant FTX.
Riot Blockchain, one of the world’s largest bitcoin miners, said it produced 318 bitcoins in July, 28 percent less than last July, when it shut down some operations to accommodate high energy demand during a Texas heat wave.
Cryptocurrency exchange Binance has appointed co-founder Yi He to oversee its venture capital arm, Binance Labs, two months after it raised $500 million for a new fund focused on Web3 and blockchain investments.
Blockchains and the applications that run on them have intrinsic value, Bank of America noted in a research report.
Galoy, the company behind the open source banking platform that powers El Salvador’s Bitcoin Beach Wallet, began offering its Stacksats product.
Paystand, a US-based company that uses the Ethereum blockchain to enable business-to-business payments, has acquired Yaydoo, a Mexico-based delivery company.
Tech View of Giotto’s Crypto Platform
Solana, an open-source smart contract layer-1 blockchain for dApps, has been in the news for both wrong and right reasons, the latest being the $6 million exploit that has seen over 8,000 Solana wallets compromised so far.
The exploit has caused the SOL token to lose the 20 percent gain it bought during the week and return to its previous levels. On the macro timeframe, SOL is down 85% since its November 2021 high. SOL has been trying to reverse the trend since early July and has been rejected at the same level twice.
ETMarkets.comIt forms an ascending triangle formation that signals a bullish reversal. However, recent developments have pushed SOL’s prices into the lower territory of the formation. SOL appears to be losing momentum, with the RSI at a neutral 48.
SOL faces near-term resistance at the 0.382 Fib retracement level of $42. It would need to overcome the long-term resistance at $46-$47 to gather momentum and break out of the ascending triangle pattern. There is less hope for a revival in the near term, as SOL has failed to stay above all key indicators. If SOL continues its descent, $37 will act as the first support. Further downward momentum will bring the previous low of $34 into play.
Great levels
Resistance: $42, $45, $47
Support: $37, $34
(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.)
