Crypto market was trading sharply higher on Wednesday, after a mediocre start for the week. Dovish comments from Jerome Powell, the chairman of US Federal Reserve, boosted the morale of investors. Powell suggested that the Fed was winning its fight to tame inflation.
Bitcoin regained $23,000-mark for the early Asian hours after a rising about 3 per cent. However, its largest peer, Ethereum, was also firm marching towards $1,700-level, jumping over 3 per cent. The Graph, Sandbox and Chiliz rose 30-45 per cent for the day.
Bitcoin is above $23,200 due to Jerome Powell's comments on declining inflation and positive investor sentiment from a deal between Digital Currency Group and Genesis. The deal includes selling Genesis' bankrupt entities and refinancing loans, said Edul Patel, Co-founder and CEO at Mudrex.
"Bitcoin's immediate support lies at the $23,000 level, while the resistance lies at the $23,400 level. Meanwhile, Ethereum has remained stable above $1,600 and is showing signs of growth. If this continues, ETH may reach $1,700 soon," he said.
All the top crypto tokens were trading with strong gains on Wednesday. Polkadot jumped more than 5 per cent, whereas Polygon, Avalanche, Solana and Tron were trading 4 per cent up each. Litecoin and Cardano jumped 3 per cent each in the early trade.
The global cryptocurrency market cap was trading higher at $1.09 trillion mark, rising more than 2 per cent in the last 24 hours. However, the total trading volumes rose about 24 per cent close to $61.69 billion.
CoinDCX, a crypto platform, has appointed Sridhar Govardhan as the Chief Information Security Officer to further strengthen its cyber security capabilities. Sridhar brings with him over two decades of rich experience and was most recently the VP and Head of Information Security at Flipkart.
There will be 'zero representation' of crypto companies in the advertising lineup for this year's Super Bowl championship game on Sunday, according to broadcaster Fox Sports.
An Ethereum test network (testnet) successfully simulated withdrawals of staked ether for the first time, bringing the second-biggest blockchain yet another step closer to its historic transition to a fully featured proof-of-stake network.
UK citizens could be limited to holding 10,000 British pounds each in a new digital pound, as the Bank of England seeks to avoid a new central bank digital currency undermining the banking system.
Tech View By Giottus Crypto Platform
Binance Coin (BNB) is currently trading around the $330-340 range, up by about 35 per cent year-to-date. Like all major crypto assets, BNB began this year with a promising uptrend, going up by almost 30% in a matter of 10 days. Since then, it's trading right around the golden pocket of its November fall, supported by an ascending support line.
Should this resistance be reclaimed, it would suggest a bullish momentum for BNB. BNB would then be poised to test the next resistance at $360. BNB’s 50 and 200-day moving averages - at $281 and $285, respectively - indicate that it might be overbought. We could see them being tested in the coming days.
Resistance: $360, $398
Support: $288, $262, $250
(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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