The global crypto market lost 2 per cent today to close at $1.9 trillion as of 9 am IST as Bitcoin (BTC) and key altcoins shed some gains from earlier in the week. The trade volumes across exchanges saw a significant dip of 31 per cent in the last 24 hours as investors turned cautious.
BTC lost its momentum and slid by 2 per cent to close at $45,220. Having started the day above the $46,000 mark, BTC slipped below the $44,000 level intra-day but bounced back early today to its short-term support at $45,000. BTC trade volumes also had a strong decline of 19 per cent.
Advertisement
Ethereum (ETH) retraced some of its gains to close at $3,120, registering an overall dip of 3.4 per cent in the last 24 hours. ETH briefly breached $3,000 intra-day but pulled back up shortly. According to data agency Bybt, interest in Ethereum options has reached $4 billion, highest since May, pointing to overheated conditions in the ETH market signifying a possible pullback.
Most altcoins were in the red today with Internet Computer (ICP), Ripple (XRP), Polygon (MATIC) and Litecoin (LTC) losing around 4 to 7 per cent, reflecting the mood of the broader market. Cardano (ADA) remained the only cryptocurrency in the Top-20 to register gains driven by an expected announcement of smart contracts on the blockchain today.
Advertisement
BTC price actions are expected to remain range-bound for a few days. Any movement downwards may bring in $42,000 support levels into play. If the bulls are able to pull BTC through the $46,000-mark, momentum could push BTC towards $50,000 and beyond.
Top Gainers today:
- The Graph (GRT): 10.6%
- Chiliz (CHZ): 9.6%
- Ravencoin (RVN): 6.5%
Top Losers today:
- IoTeX (IOTX): -25.9%
- Telcoin (TEL): -10.1%
- Horizon (ZEN): -7.3%
The analysis includes the top 100 coins only as of 9 am IST
Source: CoinMarketCap
Crypto News at a Glance:
- Lionel Messi, the football star who recently signed a two-year contract with the Paris Saint-Germain (PSG) club, has received PSG tokens as part of his financial package. PSG tokens are blockchain-based digital assets powered by crypto startup Socios and are currently trading at $42 per token.
- Singapore’s largest bank, DBS, has received regulatory approval in the country for crypto payment services that will allow institutional investors to use the bank’s crypto exchange to trade Bitcoin.
- According to a filing with the US Securities and Exchange Commission, Neuberger Berman, an US investment firm, has planned to offer Bitcoin futures to clients.
- TaxBit, a crypto tax software company, has raised $130 million in a Series B funding round led by IVP and Insight Partners, valuing the company at $1.33 billion.
DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.