Bitcoin Price Today: Crypto price today: Bitcoin tops $22,000; Solana, Avalanche zoom up to 18%

Synopsis

The global cryptocurrency market cap moved up to the $961 billion mark, rising about 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume rallied about 26 per cent to $127.41 billion.

New Delhi: Bitcoin and other major crypto tokens rebounded sharply on Thursday, marching in line with the equity markets, after the rate hike outcome of the US Federal Reserve.

The Fed on Wednesday raised interest rates by 75 basis points or three-quarters of a percentage point. It is the biggest rate hike in 28 years, part of an ongoing effort to bring down soaring inflation.

Barring the dollar-pegged USD Coin, the majority of the crypto tokens were trading with solid gains on Thursday. Solana zoomed about 18 per cent, whereas Tron rallied 15 per cent. Avalanche and Polkadot gained 10 per cent and 12 per cent, respectively.
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The global cryptocurrency market cap moved up to the $961 billion mark, rising about 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume rallied about 26 per cent to $127.41 billion.


What’s cooking in India
When it launched in India with much fanfare two months ago, US crypto exchange Coinbase said it planned to triple its workforce in the country. Instead, it has now laid off about 8 per cent of its employees in India, or about one in 12.

It isn’t surprising when you consider Coinbase’s share price is down an eye-popping 80 per cent since the start of the year, making Bitcoin’s 54 per cent drop look like a minor blip.

Expert take
In hopes of dampening inflation, the US Federal Reserve hiked benchmark interest rate, igniting fears of broader global ramifications, said CoinDCX Research Team.

Noting some recovery from the world’s largest cryptocurrency, Bitcoin eased from an 18-month low as altcoins rallied and the crypto market stabilised after a tumultuous week, it added. “Despite the bearish market, the slight recovery is evidence of continued optimism of the long-term value of digital assets.”

Global updates
– The combination of macro headwinds and over-leveraged yield strategies has resulted in the forced selling of cryptos in the last few days, wiping out more than $200 billion in value from the digital asset market, FSInsight said in a report.

– Dubai-based crypto fund Three Arrows Capital is facing possible insolvency after incurring at least $400 million in liquidations, The Block reported.

– The latest crypto market rout has led to heightened anxiety among investors, accompanied by layoffs at Coinbase and other big industry players. Fresh signs are emerging that the nervousness is hitting Tether, the issuer of the most popular stablecoin.

– A New York City office building went on sale for $29 million two weeks ago, but with a Web 3 twist: The rights to purchase the property are being sold as a non-fungible token (NFT) on OpenSea.

Tech View by Giottus Crypto Platform
After dipping to an intra-day low of $1,025 yesterday, Ethereum is trading at $1,240, up 3.5 per cent. However, it is down by 31 per cent in the last seven days. Though it has lost almost 75 per cent of its November 2021 all-time high, it is starting to show some signs of respite.

ETH successfully tested the long-term trendline support several times in the past month. It slid below the trendline support of $1,600, after several failed attempts to break past the short-term resistance around the $1,900 mark.

Chart-EThere

ETH’s current RSI stands at 20 and its correlation with Bitcoin stands at a high of 0.88. Both BTC and ETH are moving close to their 200-week moving average and might have found their cyclical bottom and seem to be preparing themselves for a rebound. Ethereum last visited these price levels in January 2021.

In order to gather further momentum, ETH needs to test psychological resistance at the $1,350 mark and reclaim .236 fib retracement at $1,600. ETH’s support level is forming at $1,009. Any movement below it may cause the coin to slide further into the three-digit territory.

Major Levels
Resistance: $1,350, $1,450, $1,600
Support: $1,000, $920, $840

(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.)
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Updated: 06/16/2022 — 18:00