Barring the US dollar-pegged stablecoin, USD Coin, all other major crypto were up during early hours. Solana and Avalanche rallied 7 per cent each, whereas Dogecoin and BNB advanced 4 per cent each.
The global cryptocurrency market cap dwindled to $2.02 trillion mark, advancing more than 2 per cent in the last 24 hours. However, total cryptocurrency trading volume dropped sharply as much as 32 per cent to $82.83 billion.
What’s cooking in India?
– A nuanced and calibrated approach is essential for the launch of India’s maiden digital currency as it would have various implications for the economy and monetary policy, Reserve Bank deputy governor T Rabi Sankar said.
– RBI is planning to come out with a digital currency using blockchain technology in 2022-23 as announced by the finance minister in the Union Budget 2022-23.
– Cryptocurrency exchanges are hoping to rope in large institutional investors and trying to get college students to explore blockchain deals on the other to stem the drastic drop in daily trading volumes after India introduced tax on cryptos.
Expert Comment
Bitcoin and Ethereum traded flat in the past 24 hours. BTC and ETH have gained small amounts as investors started to digest the hawkish remarks of the US Federal Reserve, said Edul Patel, CEO and Co-founder of Mudrex.
“Bitcoin is now stabilizing. A decisive action above $45,000 can reverse the current trend,” he added. “According to the market cap, most cryptocurrencies have gained decent amounts over the past day.”
Global updates
– A special economic zone on a tourist-centric island on Honduras’ Caribbean coast has adopted bitcoin and other cryptocurrencies as legal tender, officials of the zone said.
– Blockchain-exposed stocks have on average underperformed the S&P 500 by 8% year to date, falling 13% versus a 5% decline for the index, Goldman Sachs (GS) said in a note.
– Hedera Hashgraph is eyeing the metaverse with its latest venture fund, saying that it will put $250 million in HBAR tokens toward its development.
– ESPN and Autograph, the non-fungible token (NFT) company founded by Tom Brady, announced a multi-year deal to mint the sports network’s first NFT collection.
Tech View by Sahicoin
BTC broke out at the high of Rs 45,600 level after 80 days of consolidation. However, it did not sustain there and entered the consolidation zone again. Volumes are average and we are not seeing any increasing movement.
Market made a small bull move but no volume to support it on any of the charts, meaning possible fake-out and a following bear run (short term).
For traders, it is ideal to wait for breakout and retest Rs 48,100 level. Long term HODLERS can look at accumulating more units as BTC has entered the consolidation zone again. Investors should do their own research.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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