bitcoin price today: Crypto Price Today: Bitcoin slides to near $16,000; Uniswap, Polygon, Polkadot shed up to 6%

Synopsis

The global cryptocurrency market cap was trading lower around $831.90 billion, gaining about half a per cent in the last 24 hours. However, the total trading volume dropped more than 3% to $60.09 billion.

New Delhi: Crypto markets were down in the red amid more negative news flow.

The lending arm of crypto investment bank Genesis Global Trading suspended customer withdrawals. This turned out to be the latest stab for the crypto markets after the FTX fallout, adding more fuel to the fire.

Bitcoin was again limping around the $16,000 level, whereas altcoins suffered more wrath.

Top crypto tokens were trading mostly lower on Thursday. Uniswap plunged 6%, whereas Polygone and Polkadot tanked 5% each. Cardano and Ethereum were down 4% each.

Did you Know?

S has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of S ’s offerings and reimagine processes for improved business outcomes.

View Details »The global cryptocurrency market cap was trading lower around $831.90 billion, gaining about half a per cent in the last 24 hours. However, the total trading volume dropped more than 3% to $60.09 billion.


What’s cooking in India
Tezos India, an Indian blockchain adoption studio, has announced that Liminal, a leading digital wallet operations infrastructure platform, has successfully completed integration with the Tezos blockchain.

The prime objective behind this integration is to allow investors a highly secure and efficient DeFi service experience on Tezos.

Expert take
The global crypto market cap slowly started to stabilize after the events from last week.

Key coins including Ethereum and Bitcoin continued to hold their support levels of $1,200 and $16,000 respectively, after the FTX crash, said Prashant Kumar, Founder and CEO at weTrade

“While the crash may have taken the crypto market back, they have also brought forth an urgent need for regulations in the market. A healthy set of regulations go a long way in protecting consumer interests,” he added.

Global Updates
Decentralized-finance protocol MakerDAO said it can now handle ‘near-instant’ transactions and faster withdrawals across the Ethereum blockchain and layer 2 networks for its $6 billion stablecoin, DAI.

StarkWare, the creator of a layer 2 scalability product, has deployed its new StarkNet Token (STRK) on the Ethereum mainnet. The tokens are not yet available for sale.

Ethereum development firm Matter Labs has raised a monster $200 million to support the launch of its zkSync V2 rollup network, one of the major platforms vying for dominance in a crowded competition.

Digital asset manager Grayscale Investments is seeking to reassure investors they will not be affected by Genesis Global Capital suspending withdrawals in the wake of FTX’s collapse.

Tech View by Giottus Crypto Platform
Polygon (MATIC) is increasingly considered one of the projects that are likely to survive the bear market and remain a strong performer in the next bull run. The Layer 2 protocol has scores of integrations with large brands, widespread adoption, and a loyal fan following. But analysts are suggesting a much lower bottom for the token this year.

With Bitcoin failing to reclaim the psychological level of $18,000 so far this week and in fact, moving to the lower end of its new range, many speculate that a selloff in alts is very likely to follow, which may push MATIC support to $0.7.

Chart-MATIC (5)ET CONTRIBUTORS
MATIC has lost a macro-resistance level of $0.93, making the downside more likely (however, there is intermediate support at $0.88). Its daily RSI seems to be on a downtrend, and while the market structure has changed on the daily time frame, it has failed to exceed its March high.

If $0.7 is lost, MATIC can even revisit the $0.52 level, last tested in July 2022. It is a reasonable price to buy for the long term. For MATIC to invalidate this bearish outlook, it would need to reclaim $0.93 on the weekly time frame. This will set it up to retake the $1 psychological level, followed by $1.2 and $1.3.

Major Levels
Support: $0.88, $0.7, $0.52
Resistance: $0.93, $1.0, $1.2

(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.)
Print EditionPrint EditionThursday, 17 Nov, 2022Experience Your Economic Times Newspaper, The Digital Way!Read Complete Print Edition »

  • Front Page
  • Pure Politics
  • Companies
  • ET Markets
  • More
    • RBI Puts Onus on EU Banks to Break ESMA StalemateRBI Puts Onus on EU Banks to Break ESMA Stalemate

      This was conveyed at a meeting between senior officials of the MNC banks and RBI deputy governor T Rabi Sankar on November 11, multiple sources told ET.

      Opt in for Hard Work or Leave, Musk tells Twitter EmployeesOpt in for Hard Work or Leave, Musk tells Twitter Employees

      Elon Musk sent a message to Twitter staff telling them that they had until Thursday to consider whether they wanted to stay on for “working long hours at high intensity” or take a severance package of three months’ pay.

      Night Bookings in India Up 80% in Q3, 2022 vs 2019 PeriodNight Bookings in India Up 80% in Q3, 2022 vs 2019 Period

      Vacation rentals company Airbnb saw overall night bookings by Indians grow by almost 50% in the third quarter, and domestic night bookings rise by about 80% compared to the same pre-Covid-19 period.

    Source

    Updated: 11/17/2022 — 05:00