Crypto Price Today: Bitcoin slips below $28,000; Ethereum holds $1,900; Polygon down 3%

 Bitcoin and other top crypto tokens saw some profit booking and were trading in red on Tuesday. Post-debt ceiling deal rally of the previous day came to an end as crypto tokens were struggling with the narrative problem and confused the traders.

Bitcoin was back in the red on Tuesday after the weekend rally as the largest crypto token dropped about a per cent to slip below the $28,000 mark. However, its largest peer, Ethereum, was also in the red but was able to hold the $1,900 levels. Altcoins were trading lower, falling in tandem with blue-chip tokens.

Crypto markets have experienced a slight correction in the last 24 hours. The crypto fear and greed index remains in the neutral zone with 51 points, down 1 point. As the US debt ceiling discussions proceed, markets may experience volatility till the results of the final voting are announced, said Shubham Hudda from CoinSwitch Desk.

"Hong Kong’s Web3 industry has announced the formation of two new associations, Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour. The new associations aim to promote growth and development of the virtual asset industry and decentralized internet," he said.

Barring a few exceptions, all other top crypto tokens were trading lower on Tuesday. Polygon dropped 3 per cent, while Tron and Avalanche decline 2 per cent, each. Shiba Inu and BNB eased a per cent, each. Among the gainers, XRP gained more than 3 per cent, while Solana and Litecoin were up about a per cent, each.

The global cryptocurrency market cap was trading lower, dropping up to the $1.16 trillion mark as it declined less than a per cent in the last 24 hours. However, the total trading volumes dropped more than 10 per cent to $29.01 billion.

Tech View by WazirX Trade Desk
C.R.E.A.M Finance serves as a decentralized DeFi lending protocol that grants individuals, institutions, and protocols the ability to access various financial services. Individuals who passively hold Ether or wBTC have the opportunity to deposit their assets on C.R.E.A.M., enabling them to earn a yield comparable to a conventional savings account.

The CREAM/INR trend had formed a flat base pattern on the daily time frame, closing in green for four consecutive days. The trend has now broken above the pattern and we can expect a considerable upside in the price. Immediate support is expected at Rs 1,890 and the next resistance is expected at Rs 2,700.


(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.)