Crypto price today: Bitcoin at $19,500; Polygon & Ethereum rise up to 5%

Synopsis

Fall in bond yields, recovery in equity markets and signals of waning inflation sent the crypto markets higher. However, the tokens did not go soaring as fears over the worst are not yet over.

ETMarkets.comMonths after withholding withdrawals of digital assets in its staking programme, CryptoBiz has resumed the same in its popular staking programme.After a muted Monday, crypto markets earned some favour on Tuesday, with all major crypto tokens moving higher, digesting all the pessimism over the macro-economic news.

Fall in bond yields, recovery in equity markets and signals of waning inflation sent the crypto markets higher. However, the tokens did not go soaring as fears over the worst are not yet over.

All the top crypto tokens were trading higher on Tuesday. Polygon rallied over 5 per cent, whereas Avalanche and Ethereum jumped about 3 per cent each. Bitcoin, Solana and Polkadot were up by 2 per cent each.

The global cryptocurrency market cap was trading quite higher at $941.55 billion, rising as much as 2 per cent in the last 24 hours. However, the total trading volume jumped more than 14 per cent to $51.89 billion.

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View Details » What’s cooking in India
Months after withholding withdrawals of digital assets in its staking programme, CryptoBiz has resumed the same in its popular staking programme.

The halt was incurred due to certain compliance and operational issues owing to which the company had to stop all its withdrawals and deposits in Indian currency. Government agencies were investigating the matters with CryptoBiz.

Expert take
Bitcoin and Ethereum rose in line with equities as market participants opened their risk appetite to start a new quarter, said Edul Patel, CEO and co-founder of Mudrex. Etheruem has slowed down a bit with several factors affecting the market.

“The volatility has broadly increased in recent weeks as the market participants reacted to the rising inflation and fluctuations in the US dollar,” he added.

Mahin Gupta, founder of Liminal, said the Bitcoin trading numbers in India currently vary from its global counterparts. Most risk asset prices and volumes are driven mainly by global macro- liquidity events.

“Bitcoin has emerged very strong, with prominent investment giants like Fidelity considering offering Bitcoin to retain investors and Microstrategy continuing with its bullish approach toward the world’s oldest cryptocurrency,” he added.

Global Updates
Didier Drogba, a former Chelsea footballer who turned social and environmental activist, has joined hands with 5ire, the 5th-generation blockchain network, as a business advisor to work towards a shared vision of pushing the boundaries of sustainability and making this planet a better place.

Kim Kardashian has agreed to pay $1.26 million to settle the US Securities and Exchange Commission charges that she promoted a cryptocurrency on Instagram without disclosing that she had been paid $250,000 to do so.

Sales of non-fungible tokens dropped sharply in the third quarter, according to blockchain tracker DappRadar, as crypto investors hunker down for a ‘crypto winter’ and demand for the highly speculative digital assets shows signs of returning.

Coinbase has fixed a technical problem that caused it to temporarily halt payments and withdrawals involving US bank accounts.

Decentralized cryptocurrency exchanges (DEXs) have grown faster than centralised exchanges (CEXs) over the past two years, Citigroup said in a research report.


Tech view by Giottus Crypto Platform
Solana, the layer one blockchain platform often described as an “Ethereum killer”, has been in the news for several wrong reasons lately – the latest being yet another system shutdown. While such incidents call into question its concept of decentralisation, its market value did not swing much this time.

Its native token, SOL, continues to trade in the low $30s, the same price as its June 2022 and early 2021. This also puts SOL at an interesting position, as it is poised to break out of a large 50-day resistance trendline that may send it surging for local highs at $36 and $40, where the local golden ratio of its drop is located.

Chart-SOLETMarkets.com
However, it is also precariously close to an important support at the $30-level. In the case of a breakdown, it could test lows of $27 or below. With SOL’s 4H RSI situated at the mid-level of 50, both a breakout and breakdown are sufficiently plausible.

There may even be a ‘fakeout’ – a break to either side followed by a reversal all the way in the other direction. Investors would want to wait for confirmation – by way of multiple closes and retests, before taking positions.

Major levels:
Support: $30, $27
Resistance: $34, $36, $40

(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.)

Source

Updated: 10/04/2022 — 06:00