Crypto Price Today: Bitcoin holds $25,500; Ethereum at $1,650; Polkadot & Polygon fall 5% each

Bitcoin and other crypto tokens were nursing their wounds on Friday as the digital asset market spurted briefly during the early Asian trading session on Friday. The ongoing scrutiny by the US Securities and Exchange Commission (SEC) is hurting the investors' sentiments.
 
After a severe correction, Bitcoin was back in green as the largest crypto token gained more than 2 per cent and moved above $25,500-mark. Its largest peer, Ethereum, traded higher as it gained about a per cent but remained below $1,700-levels. On the other hand, action in the altcoins was mixed.

Despite regulatory challenges in the US crypto industry, Bitcoin has managed to hold above a significant support level of $25,200-$25,400. Despite the recent actions taken by the Securities and Exchange Commission (SEC) against major players in the industry, Bitcoin has shown resilience, said CoinDCX Research Team.

"Interestingly, amidst the ongoing bear market and regulatory challenges in the US, Tether has achieved a new milestone by reaching an all-time high supply of 83.36 billion USDT, indicating a sustained demand for stablecoin despite the prevailing market conditions," it added.

Bitcoin experienced a dip below the $25,000 mark for the first time in three months. The downward trend came shortly after the Federal Reserve's announcement of a pause in interest, said CoinDCX Research Team.

"While the decision to halt interest rate increases was anticipated by the market, the Federal Open Markets Committee's statement hinted at future rate hikes, dampening investor enthusiasm. The Federal Reserve's move to pause interest rates follows a 15-month-long campaign of rate increases aimed at combating rising inflation," it added.

Top crypto tokens were trading mixed on Friday. Polygon and Polkadot dropped more than 5 per cent each, while Toncoin and Tron dropped over a per cent each. Among the gainers, Litecoin and Dogecoin rose 3 per cent each, while Shiba Inu was up 2 per cent during the day.

The global cryptocurrency market cap was trading significantly higher, rising to $1.04 trillion-mark as it gained about 2 per cent in the last 24 hours. However, the total trading volumes rose about 6 per cent to $36.12 billion.

Crypto markets have picked up slightly in the last 24 hours. The crypto fear and greed index has re-entered the neutral zone with a score of 47, after a 6-point jump. Despite a short respite in the market, it still seems to be edgy, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.

"Simultaneously, in its effort to make Hong Kong a global crypto hub, the Hong Kong Monetary Authority seems to be ‘putting pressure’ on HSBC, Standard Chartered and Bank of China to take on crypto exchanges as clients," he said.

Image: Crypto-chart-price

Tech View by Giottus Crypto Platform
BNB has broken the decliningchannelit was trading since mid-April.The asset is currently trading below its 200-day and 20-day moving average, which points towards a bearish outlook in the mid-term.BNB/USD pair is currently attempting a rebound to break the $240 resistance level.

Image: Chart-BNB

Its RSI is currently at 26.2, which indicates that the asset is in the oversold territory.If BNB is unable to break through the $250 barrier, the price may continue to fall. The most recent low (about $221) serves as an early support level, with the $210zone providing the next line of defence.

Major Levels:
Support: $221, $210
Resistance: $250, $280


(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.)