Market Drops 4%; Bitcoin Bearish at $33K

Bitcoin (BTC) resonated with the bearish market sentiment to close the day around $33,000 noting a 3.8 per cent decline in the last 24 hours. Having touched the $35,000 mark briefly early this week, BTC is struggling to avoid the sub $33,000 levels. However, daily BTC trading volume saw a rise of over 4 per cent indicating an increase in buyer interest. An extended rally could push BTC to test resistance at $37,000 in the coming week. On the lower side, BTC has support at the $32,450 and $31,500 levels.

The global crypto market cap is now at $1.35T after registering a notable drop of 4 per cent in the 24 hours ending at 9 am IST. The total crypto market volume marked an 8 per cent decrease. BTC continues to dominate the market cap with a 45.5 per cent share.

Ethereum (ETH) broke its relief rally to record a 6.3 per cent decline while plunging below $2,100. On the upside, ETH is not far from breaking its resistance level of $2,250 to explore upward movements as it nears its EIP-1559 July blockchain update. On the downside, ETH will see support close to $2,090 and $2,040 pivot point levels.

Other top cryptocurrencies such as Cardano (ADA), Ripple (XRP), Binance Coin (BNB), Polkadot (DOT) and Chainlink (LINK) continued to show a downward trend with up to 6 per cent drop today. As the weekend arrives, selling pressure is expected to persist and possibly drive crypto prices down further.

Top Gainers Today -

NEAR Protocol (NEAR): 6.0%

XinFin Network (XDC): 5.7%

Hedera Hashgraph (HBAR): 5.6% 

Top Losers Today –

Theta Fuel (TFUEL): -10.5%

UMA (UMA): -10.4%

Telcoin (TEL): -9.8% 

Analysis includes top 100 coins only as of 9am IST

Source: CoinMarketCap.

Crypto news at glance: 

1. Japanese banking giant SoftBank has made an investment of $200 million in Mercado Bitcoin, the largest cryptocurrency exchange in Brazil in a freshly concluded series B round in Latin America. 

2. Steven A Cohen’s multi-billion American investment hedge fund Point72 is on the lookout for a ‘head of crypto’. This move is being seen by experts as a clear sign that the firm is gearing up to enter the crypto market.  

3. Elon Musk’s latest Twitter engagements caused BABYDOGE’s prices to skyrocket by 90 per cent within minutes of the tweet. However, DOGE didn’t quite rally indicating a declining influence.

4. In a positive move towards the mass adoption of NFTs, Twitter has released 140 NFTs unexpectedly, some showcasing the evolution of Twitter’s logo, while others paying tribute to Jack Dorsey’s first-ever tweet.

5. The well-known DeFi project Balancer Protocol has announced that it will soon launch its network on Polygon, a Layer-2 solution, in order to reduce gas fees. 

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