Crypto Price Today: Bitcoin nears $23,500; Ethereum hovers around $1,650; Shiba Inu down 2%

Bitcoin and other top crypto tokens were trading mixed during the early trading hours in Asia on Thursday, amid the subdued cues across the world. However, market analysts believe that any major shift in the crypto market in the near-future is unlikely.

Along with it, ongoing inflation and economy related buzz is likely to keep the traders hooked amid the sluggish move. However, stubborn inflation is likely to keep the interest rate elevated for time-being.

Bitcoin continued to hover around $23,500-mark as the largest crypto token rose a little more than half-a-per cent. Its largest peer, Ethereum, jumped near $1,650-level after rising 2 per cent in the last 24 hours. However, overall sentiment remained subdued majorly.

Popular crypto tokens were trading mixed during the early Asian hours on Thursday. Ethereum and Litecoin jumped 2 per cent each, whereas Shiba Inu posted similar cuts. BNB and Polkadot dropped a per cent each, whereas XRP and Avalanche gained about a per cent.

The global cryptocurrency market cap was trading slightly higher to $1.07 trillion mark, rising about a per cent in the last 24 hours. Similarly, the total trading volumes jumped more than 11 per cent to $48.79 billion.

Ethereum has come closer to its highly anticipated Shanghai Upgrade, with a second Ethereum testnet, known as Sepolia, after it successfully replicated withdrawals of staked ether. The Shanghai upgrade will be marking the complete transition to a fully functional PoS (Proof of Stake) network, said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch.

Crypto updates
The Reserve Bank of Australia has revealed a set of projects that will develop use cases for a digital dollar, the eAUD, during its testing phase, currently underway.

Polygon said it launched a new Polygon ID product based on Zero-Knowledge (ZK) technology that will allow users to verify their identities or credentials without revealing sensitive information.

Coinbase CEO Brian Armstrong said the exchange decided to suspend trading of Binance USD (BUSD) because the company had concerns about its liquidity.

Tech View By WazirX Trade Desk
Synthetix (SNX) is building a decentralised liquidity provisioning protocol that any protocol can tap into for various purposes. Its deep liquidity and low fees serve as a backend for many exciting protocols on both Optimism and Ethereum.

The current price of SNX token is 2.9USDT. The price chart has broken out of a descending trendline on a weekly time frame, moreover it is trading above 20-week exponential moving average and has recently formed a Pin Candle which indicates the dip has been bought.

It is up by more than 29 per cent for the day in comparison to BTC which is up by 1.27 per cent in a day. The immediate support could be expected around 1.7USDT and the next resistance is expected around 4.3USDT

(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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