Crypto Market in Green as Bitcoin Recovers With 4% Gain

After a sharp dip on Friday, Bitcoin made a strong comeback over the last two days, to trade at $34.5K, gaining 4 per cent over the last 24 hours ending at 9 am IST. This came as a sign of relief amid market uncertainties like China’s mining crackdown and South African Cajee brothers pulling off the biggest Bitcoin heist to date last week.

All top 20 cryptocurrencies (excluding US pegged stablecoins) have grown, with Ethereum (ETH) and Chainlink (LINK) gaining 5 per cent each. The breakout story of the day belongs to 19^th ranked Internet Computer (ICP), which rallied 50 per cent in a single day to $46.6 a token. This is still 93 per cent lower than its initial launch pricing of $630 in early May.

The global crypto market cap today is $1.37T, a 3.1 per cent increase over the previous day. The total crypto trade volume has decreased by 15 per cent in this period, however. Lower volumes may suggest price growth may weaken in coming days.

However, if BTC continues to trade above $35K, there is a good possibility of its breakout to $40K.

News of Binance, one of the world’s top cryptocurrency exchanges, stopping operations in Ontario (Canada) following its ban in Japan and China, hasn’t yet affected the price of its titular coin Binance Coin (BNB). However, traders may not see disproportionate growth in BNB as and when BTC recovers.

This week has the potential to determine if BTC breaks out from its current range ($32-35k), though possibilities exist for both a bullish run or a strong bearish correction. BTC’s price movements will continue to determine the overall shape of the market in the medium term.

Top Gainers today:

• Internet Computer (ICP):             50.6%
• XinFin Network (XDC):     19.9%
• Celsius (CEL):                       12.5%

Top Losers today:

• Celo (CELO):             -13.9%
• Quant (QNT):          -4.0%
• Neo (NEO):               -3.0%

Source: CoinMarketCap

Note: Analysis of top 100 coins only

Other Crypto News at a Glance

• Mexican billionaire Ricardo Salinas, the founder and chairman of Grupo Salinas, has commented that Bitcoin should be part of everyone’s portfolio. He also said he is working to make his bank the first in Mexico to accept Bitcoin.
• In what can be considered the biggest scam in Bitcoin history, South African brothers who ran Africrypt, a cryptocurrency investment firm, vanished with more than $3.6B worth Bitcoins last week.
• Prices of mining rigs, which are used to mine cryptocurrencies, have tanked by over 75 per cent in China. As per reports, the mining machine is currently selling at 700 yuans, significantly down from its price of 4,000 yuans in April 2021.

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