Bitcoin and other major crypto tokens were trading lower on Monday after giving up all the gains over weekend and trading flat on a weekly basis. Traders keenly await US Fed Chairman's speech, scheduled Tuesday, for the inflation and monetary tightening cues. Investor seem to be in no hurry.
Bitcoin dropped about 2 per cent and slipped below $23,000-mark for the early Asian hours. However, Ethereum, its largest peer, held above $1,600-level, despite dropping over 2 per cent. Majority of the altcoins were trading lower, but the losses were capped.
Over the weekend, most cryptocurrencies experienced a decline following the drop in US stocks caused by Friday's strong job growth numbers, which sparked concerns about potential interest rate hikes to regulate the economy and curb inflation, said Edul Patel, Co-Founder and CEO at Mudrex.
"Bitcoin was seen fluctuating within a narrow range between $22,900 and $23,100. Over the past 24 hours, Bitcoin has declined over the past week, with support at $22,800 and resistance at $23,150. Although Ethereum was also down by 2% in the last day, it remained above $1,600. The low volume suggests a lack of bullish activity in the market," he said.
Barring the US dollar pegged stablecoins, all top crypto tokens were trading lower on Monday. Avalanche and Polygon tanked 4 per cent each, whereas Solana, XRP, Dogecoin and Litecoin were down 3 per cent each. Cardano and Tron were mildly lower.
The global cryptocurrency market cap was trading lower at $1.06 trillion mark, dropping almost two per cent in the last 24 hours. However, the total trading volumes rose about 25 per cent close to $48.01 billion.
The crypto market is seeing mixed results, with meme coins like BONE, BabyDoge, Tamadoge, and Shiba Inu seeing significant growth, while Dogecoin showed a modest change, said Sathvik Vishwanath, co-founder & CEO of crypto exchange, Unocoin.
"Shiba Inu, with a market cap of $8.2 billion, sees an increase in value if it crosses $0.000014, supported by the 50 per cent Fibonacci retracement. The Shiba Inu community has successfully reduced the availability of SHIB tokens by 502 per cent, leading to an increase in value," he said.
For the first time since taking over the G-20 presidency, India has officially revealed details of the ongoing work around how to regulate crypto. IMF is working on a paper in consultation with India that will focus on "aspects of the monetary policy and the policy approach to crypto assets," said Ajay Seth, secretary, Department of Economic Affairs, reported CoinDesk.
Damus, a Twitter alternative backed by Jack Dorsey that integrates the Bitcoin Lightning Network, has been banned from Apple’s China App Store, according to a tweet by Damus.
Binance has acquired a majority stake in South Korean crypto exchange GOPAX, re-entering the country's crypto market having withdrawn from it two years ago. The world's largest crypto exchange by trading volume closed its affiliate in South Korea in December 2020 due to low usage. Terms for the deal were not disclosed.
Indonesia has delayed the rollout of a stock exchange for digital asset companies to later this year, CoinDesk Indonesia reported on Friday.
Tech View By Giottus Crypto Platform
Dogecoin (DOGE) has been trading in a close range for the last three weeks, offering very little to either of the bulls or the bears. It is currently priced at $0.091. DOGE has many support levels below - along with fundamental bullish sentiment (Elon Musk is expecting to introduce payments on Twitter, possibly DOGE).
DOGE’s 50 and 200-day moving averages (at $0.080 and $0.076, respectively), along with an ascending trendline and a fib support at $0.088 can ensure that bears will have a hard time trying to pull DOGE down. Resistance at $0.101 for DOGE followed by $0.127 are the key ones to break above.
Resistance: $0.101, $0.127, $0.159
Support: $0.088, $0.080, $0.766
(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.)
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