Crypto Price Today: Bitcoin below $26,000; Ethereum breaches $1,600; Altcoins trade lower

Bitcoin and other crypto tokens were struggling on Tuesday morning as traders got spooked by the potential selling pressure from bankrupt exchange FTX.  The downward action happened as market participants were digesting the possibility of FTX securing approval from bankruptcy court to sell assets from its $3.4 billion of cryptocurrency holdings.

A joint policy paper on crypto published by the IMF and FSB warned jurisdictions against implementing blanket bans to mitigate risks associated with the sector, and recommended targeted restrictions and sound monetary policy instead. Targeted restrictions might come in handy for emerging economies in particular, it said.

Bitcoin was struggling to hold gains as the largest crypto token inched up marginally but remained below $26,000-levels. Its largest peer, Ethereum, dropped about 2 per cent to fall below $1,600-mark. Price action in the altcoins remained on the negative side in the morning.

In the last 24 hours, Bitcoin briefly lost its crucial support at $25,000 for the first time in almost three months. Ethereum too, slid past its support at $1,600 and is currently trading around $1,550, said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk

"While a major catalyst for Soalana's sell-off still remains the Wednesday expectation of FTX unlocking, it is already down around 50 per cent from its recent high in July. A few events that investors are expected to closely monitor include the US CPI Data slated for tomorrow, alongside the US Producer Price Index (PPI) data and US retail sales data a day later," he said.

Barring a few exceptions, all top crypto tokens were trading lower on Tuesday. XRP dropped more than 3 per cent, while Polkadot declined over 2 per cent. Polygon, Litecoin, Shiba Inu and BNB were among the other key laggards. Among the gainers, Dogecoin added about a per cent.

The global cryptocurrency market cap was trading significantly lower, falling to $1.03 trillion-mark, as it dropped almost a per cent in the last 24 hours. However, the total trading volumes surged as much as 65 per cent to $35.17 billion.

Image: Crypto-chart-price

Tech View by WazirX Trade Desk
Metal Dao (MTL) serves as a utility token, presently overseeing the stablecoin known as Metal Dollar (XMD). Moreover, it offers graduated trading discounts to MTL holders when they utilise the Metal Pay cash and cryptocurrency application.

Image: Chart-MetalDAO

The MTL/USDT trend has been on an uptrend since the start of this month while forming a distinctive cup pattern on the 4-hourly time-frame. The MTL trading volumes have seen a huge surge during this period. The next resistance is expected at 1.46 USDT and an immediate support is expected at 1.19 USDT.

Major Levels:
Support: $1,625,$1,585
Resistance: $1,670, $1,700, $1,735


(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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