Cryptocurrency Price Today: Top cryptocurrency prices today: Cardano, Solana, Bitcoin, Shiba Inu drop up to 5%

Synopsis

Barring the US dollar-pegged stablecoins, all the tokens were trading lower on Tuesday. Cardano and Polkadot tumbled 5 per cent each, whereas Avalanche, Solana and Shiba Inu dropped 3 per cent each.

New Delhi: The recovery was short-lived for the crypto market as a majority of tokens slipped back into the red on Tuesday. The major crypto tokens fell in tandem with global tech stocks, registering a decline for the seventh straight week.

Investors have been cautious following the Terra-Luna and UST fiasco, which wiped out more than $30 billion from investors’ pockets. Further, investors are waiting on the sidelines, eyeing an end to the rate hike cycle before lapping up assets from the digital market.

Barring the US dollar-pegged stablecoins, all the tokens were trading lower on Tuesday. Cardano and Polkadot tumbled 5 per cent each, whereas Avalanche, Solana and Shiba Inu dropped 3 per cent each.
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The global cryptocurrency market cap was trading lower at the $1.29 trillion mark, falling more than a per cent in the last 24 hours. However, the total cryptocurrency trading volume rose more than 9 per cent to $85.80 billion.


What’s cooking in India
Cryptocurrencies can lead to the ‘dollarization’ of a part of the economy, which could be against the country’s sovereign interest, top officials of the Reserve Bank of India, the country’s central bank, told a parliamentary committee on finance.

One of the world’s top global cryptocurrency exchanges, Bitmex, is launching spot trading in India on Tuesday, despite the bloodbath in the crypto market and an unfavourable regulatory environment, a top executive told ET.

Expert take
Edul Patel, co-founder & CEO of Mudrex said even though Bitcoin stabilized a bit over the weekend, it again dipped below the $30,000 level.

“Since Bitcoin does not appear to be oversold, it could keep short-term buyers active in the market. Cryptos are struggling amid a rising inflation environment. The coming two weeks will be critical for the entire spectrum,” Patel added.

Further, regulators race to bolster regulatory guardrails around digital assets following the Terra network collapse as South Korean authorities look to launch the Digital Asset Basic Act which is anticipated to be geared to protect investors, said CoinDCX Research Team.

While regulators are tightening their reins over the crypto sector, regulatory frameworks will serve to strengthen confidence in digital assets at a time where mistrust has cast doubt over the industry, the exchange added in its note.

Global updates

  • Cryptocurrency assets are highly speculative and investors in them need more protection or they could lose trust in the markets, Gary Gensler, chair of the US Securities and Exchange Commission, said.

  • Terraform Labs CEO Do Kwon is out with a new ‘Revival Plan’ to save the Terra ecosystem in the wake of last week’s stablecoin meltdown. His new slogan: “Terra is more than UST.”

  • The Luna Foundation Guard (LFG), official stewards of Terra’s bitcoin reserves, released a statement documenting how it disbursed millions of dollars worth of crypto in its failed attempt to maintain the peg of stablecoin terraUSD (UST).

  • Japanese investment bank Nomura is launching a subsidiary to give institutions access to digital assets, according to a report in the Financial Times.

  • A digital asset is a token that represents assets such as a debt or equity claim on the issuer, and thus by default is under the purview of the Securities and Exchange Commission of Nigeria, the regulator said in a new rulebook.

Tech view by Giottus Crypto Exchange
Avalanche is an active, well-adopted blockchain ecosystem, with several applications for both consumers and enterprises. Its token AVAX had a stellar 2021 with 40x returns, going from $3 to $135. Today, it trades at around $33.

Having bounced well from the recent bottom where it hit $24, it is now nearly 50% up. If AVAX holds the key level of $33, it can make a run for $50. It has already moved past a resistance trendline and backtested as support.

AVAXET CONTRIBUTORSNow, on its path to $50, it will need to flip several crucial resistances into support, the most important being the .618 retracement around $40.

Overcoming $50 will signal a market structure change on the higher time frames, which should follow with targets of $57 and $69 to continue that trend. On the downside, if $33 is lost, it should enjoy support around $29.

Major levels:
Support: $29, $28
Resistance: $40, $50, $57

(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: 05/17/2022 — 18:00