Bitcoin price Today: Crypto Price Today: Bitcoin, Ethereum, Shiba Inu, BNB zoom up to 9%

Synopsis

The global cryptocurrency market cap was trading higher at the $909.69 billion mark, zooming more than 6 per cent in the last 24 hours. However, the total cryptocurrency trading volume jumped almost 38 per cent to $55.27 billion.

New Delhi: Crypto market rebounded sharply on Tuesday as major crypto tokens were trading higher. However, the crypto Fear & Greed index remained wedged in the extreme fear territory. Analysts remain downcast about prices for at least the near term.

Barring the dollar-pegged USD Coin and Unus Sed Leo, all other crypto tokens were in the green on Tuesday. Bitcoin rallied about 6 per cent, whereas Ethereum surged 9 per cent. Shiba Inu was also up by 7 per cent.

The global cryptocurrency market cap was trading higher at the $909.69 billion mark, zooming more than 6 per cent in the last 24 hours. However, the total cryptocurrency trading volume jumped almost 38 per cent to $55.27 billion.
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Did you Know?

In the wake of the crypto market crash, the prices of hardware used to support the mining of crypto assets are also falling dramatically. For example, a high-end graphic card is now almost 45% cheaper compared to its price a few months ago.

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What’s cooking in India
Singapore-based crypto lending and trading platform Vauld said it would suspend withdrawals and trading and seek new investors, the latest sign of stress in the embattled crypto industry.

Vauld CEO Darshan Bathija said in a blog post that it was facing financial challenges. He said, “The volatile market conditions, the financial difficulties of our key business partners inevitably affect us.”

Expert take
Edul Patel, co-Founder & CEO of Mudrex said Bitcoin rose benefiting from the US holiday after a false breakout at $19,000. “The largest crypto is down by nearly 44 per cent since the last US Independence Day,” he added. “We may likely see Bitcoin trading sideways for the next few days.”

Global updates
The epic collapse of the once-mighty crypto hedge fund Three Arrows Capital has roiled the digital-asset industry and contributed to a record first-half tumble in bitcoin’s price.

American-Israeli crypto lender Celsius laid off some 150 employees as it battles a financial crisis that saw it halt customer withdrawals last month, Calcalist reported over the weekend.

Tech View by Giottus Crypto Platform
Cosmos is a Web 3.0 focused proof-of-stake blockchain providing interoperability and scalability solutions to existing blockchains. ATOM, Cosmos’s native token, is currently one of the few cryptocurrencies witnessing a weekly uptrend.

ATOM has registered weekly and daily gains to the tune of 13% and 11%, respectively and is trading at $8.8. However, the coin is still 80% down from its January high of $44.

ATOM has been in a downtrend since January. After creating a series of lower highs, it flipped the long-term trendline support into resistance at $13.7.

It made several attempts to break through the resistance trendline in May and June and created a bottom at $5.6. After another failed attempt, ATOM finally broke above the trendline resistance and is now nearing its .236 Fib retracement at $9.12.

Despite adverse market conditions, ATOM has been in an uptrend since June 18. The daily RSI of 55 indicates the strength of the uptrend and the growing trading volumes might confirm a bullish reversal for the coin.

The coin is trading above its 50-day SMA of $8.7 – another good sign. ATOM needs to break above the $10 psychological resistance (also the 50-day EMA) to restore market confidence. The trendline is acting as immediate support at $7.6. Any further downside movement may bring in the $5.6 bottom as a support zone.

Major Levels
Resistance: $9.12, $10, $11.3
Support: $7.6, $5.6

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.) Presented By

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Updated: 07/05/2022 — 06:00