Crypto Price Today: Bitcoin nears $27,000; Ethereum below $1,750; Solana gains 4%

Majority of the top crypto tokens rose on Tuesday, while others dropped slightly. The crypto market remains optimistic that BlackRock will be successful with its application for a bitcoin spot exchange-traded fund. The recent downturns are expected to be in a correction phase.   Following the profit booking, Bitcoin was back in green as the largest crypto token gained more than 2 per cent and was just shy of $27,000 mark. Its largest peer, Ethereum, was also up as it jumped about half-a-per cent but remained below $1,750-level. However, Price action in the altcoins was mixed. Crypto markets have seen some positive price action in the last 24 hours.The crypto fear and greed index has also improved by 2 points and continues to be in the neutral zone with a score of 49. BlackRock’s development seems to have provided buoyancy to the markets, lifting up investor sentiment and activity, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures. "A UK bill promoting crypto regulations has been approved by the parliament. The bill—Financial Services and Markets Bill (FSMB)—is now entering the final stages before it is pushed as a law. The bill treats all crypto as regulated activity, considers stablecoins under UK’s payment rules, and proposes measures to supervise crypto promotions," he added. Top crypto tokens were trading mixed on Tuesday, with positive bias majorly. Solana surged about 4 per cent, while Polygon gained 2 per cent. Shiba Inu and Dogecoin added a per cent each. Among the losers, Polkadot and Tron declined more than a per cent each. The global cryptocurrency market cap was trading higher, rising to $1.08 trillion-mark as it rose more than a per cent in the last 24 hours. However, the total trading volumes surged about 34 per cent to $27.69 billion. The price of bitcoin has been on a downward trend in recent weeks, as investors keep an eye about regulatory issues surrounding the crypto markets. The SEC's lawsuit against Ripple Labs has cast a shadow over the entire space, said CoinDCX Research Team. "The SEC has also taken action against Binance, one of the world's largest crypto exchanges. These regulatory concerns have been compounded by expectations of interest rate hikes from the Federal Reserve. The Fed is expected to raise interest rates this year in an effort to combat inflation," it said.  

Tech View by WazirX Trade Desk Band Protocol(BAND) is a platform for cross-chain data oracles that can retrieve real-world data and deliver it to on-chain applications. Additionally, it establishes a connection between APIs and smart contracts to enable the seamless exchange of information between on-chain and off-chain data sources.  

The weekly trend for BAND had been on the decline since May of 2022. The past few days have seen a steady rise in the price with the chart on the verge of a breakout from the descending trendline. The weekly RSI has nearly touched the 50-level indicating a buy signal. The next resistance is expected at $1.55 and an immediate support is expected at the $0.855 mark. Major Levels: Support: $0.55, $0.50 Resistance: $0.72, $0.90, $1.15(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)