Bitcoin and other major crypto tokens were trading mixed on during the early business hours in Asia. Traders will be awaiting the US Fed chair's speech later in the day as they will follow Powell's words for the inflation and monetary tightening cues.
Bitcoin remained below $23,000-mark for the early Asian hours after a marginal decline. However, Ethereum, its largest peer, was in green to hold above $1,600-level. Altcoin were mixed but a few tokens jumped up to 40 per cent in the last 24 hours.
Market participants will be on the lookout for thoughts on future rate hikes when Federal Reserve Chair Jerome Powell addresses the Economic Club of Washington. Meanwhile, Bitcoin's 43 per cent rebound in January boosted retail investor confidence, said ZebPay Trade Desk.
"When sentiment turns positive, traders generally buy dips as they expect the uptrend to continue. However, some analysts believe the dip buyers will be trapped and Bitcoin could fall into the $19,000-$21,000 support zone, witnessing capitulation in the coming weeks. But the future does look promising," it said.
Top crypto tokens were trading mixed on Monday, with mostly negative bias. Among the gainers, Litecoin jumped 3 per cent, whereas Polygon jumped 2 per cent. On the contrary, Solana and Cardano dropped 2 per cent each.
The global cryptocurrency market cap was trading flat at $1.06 trillion mark, marginally changed in the last 24 hours. However, the total trading volumes rose about 3 per cent close to $49.69 billion.
StarkWare, a creator of layer 2 blockchain scaling systems, said it will partner with blockchain data provider Chainlink Labs to help accelerate app development and general growth for the StarkNet ecosystem.
Crypto conglomerate Digital Currency Group (DCG) and its bankrupt Genesis subsidiaries reached an in-principle agreement on terms of a restructuring plan with a group of the firm’s main creditors, according to a person familiar with the situation, reported Coindesk.
Tech View By WazirX Trade Desk
Optimism (OP) is a layer-two blockchain on top of Ethereum. Optimism benefits from the security of the Ethereum mainnet and helps scale the Ethereum ecosystem by using optimistic rollups. That means transactions are recorded on Optimism but ultimately secured on Ethereum.
Optimism is a smallcap crypto project trading at 69th rank with $677 million marketcap as per coinmarketcap. The OP coin gained more than 30 per cent in the last 7 days compared to Bitcoin, which corrected by 1.5 per cent in the same period.
As per the chart OP has broken out of a flat consolidation with good volumes on a weekly timeframe. It has surpassed its previous all-time high of Aug 2022 of 2.1 USDT. Currently it is trading 10% below its new all-time high, it is showing good strength compared to the rest of the crypto market.
(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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