Crypto Price Today: Bitcoin regains $27,000; XRP, Cardano, Ethereum jump up to 11%

Bitcoin and other crypto tokens were trading higher on Wednesday but the gains in the largest crypto assets were capped at the traders digested binance suit and awaited the key economic data later in the day. The ongoing week has been a tumultuous one for news for the cryptos.

Commodity Futures Trading Commission (CFTC) reiterated before Congress that it believes ether is a commodity, which pushed the Ethereum higher and other crypto tokens in its orbit to the moon.

Bitcoin was back in the rising trajectory as the largest crypto asset advanced more than a per cent to regain the $27,000 mark. Its largest peer, Ethereum, jumped as much as 4 per cent to hover close to the $1,800-level. Altcoins outperformed the headline peers and posted strong gains.

In the last 24 hours, most cryptocurrencies experienced an increase in value due to the rise in US Consumer Confidence in March. Bitcoin's value increased and reclaimed its position above $27,000. it has the potential to reach the $30,000 level it lost during the June 2022 bear market, said Edul Patel, Co-founder and CEO at Mudrex.

"Meanwhile, Ethereum outperformed BTC, with a gain of almost 4 per cent. The chairman of the CFTC recently reiterated his view that Ether is a commodity, not a security which is why Ether's value might be on the rise," he said.

All the top crypto tokens were trading in green during the early trading hours on Wednesday. XRP rallied more than 11 per cent, while Cardano was up 9 per cent. Polygoin, Solana and Polkadot jumped 5 per cent each, whereas Litecoin was up by 3 per cent.

The global cryptocurrency market cap was trading significantly higher at $1.16 trillion, rising more than 2 per cent in the last 24 hours. However, the total trading volumes declined sharply and fell over 4 per cent to $40.28 billion.

The crypto market fell after the CFTC filed legal action against Binance and its CEO for operating an illegal exchange and a bogus compliance program. However, MicroStrategy's purchase of $150 million worth of bitcoin signals an increase in institutional confidence in the market, said Sathvik Vishwanath, Co-Founder and CEO at Unocoin.

"Governments around the world are beginning to regulate the cryptocurrency market, which may lead to increased acceptance and adoption, but could also cause a temporary drop in the value of the cryptocurrency," he said.

Tech View By Giottus Crypto Platform
AUDIO, of decentralised streaming platform Audius, has taken quite a beating from its all-time-high of $4 in 2021. Today, it trades at nearly $0.29 - barely above its 50-day moving average of $0.28.

It is still struggling to maintain its recent uptrend from December, having risen by more than 100% from its low of $0.12. On its way though, it has failed a breakout from a parallel channel it has occupied over the last few months. It also failed to reclaim a higher level which acted as support on multiple occasions in 2022.

Having said that, traders may be inclined to believe that an uptrend is around the corner, since none of AUDIO’s recent attempts to break out are its first. With multiple attempts to go bullish, it is becoming increasingly likely that should Bitcoin continue to play ball, AUDIO may soon generate the volumes necessary to repeat a rally to the top of its parallel channel at $0.41.

Major levels
Resistance: $0.32, $0.33, $0.41
Support: $0.25, $0.21, $0.19


(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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