Crypto Market Sees Modest Dip

The weekend brought no exciting news to the crypto market as Bitcoin (BTC) continues to trade in a tight wrap between $33,000 and $34,000. BTC retained its lackluster run, losing slightly by 0.3 per cent from the previous day. It initiated a leg-up and brushed past the first resistance level at $34,000 later in the day to be pulled down by market bears again. It closed at $33,560 steering clear of the support levels at $32,650 and $31,790. BTC trading volume dipped by 5 per cent in line with the trend over the weekends.

The broader market reflected BTC’s dull mood to register a decrease of 0.6 per cent from the previous day. The global crypto market cap stood at $1.39 trillion as of 10 am IST. The total crypto trade volume over the last 24 hours dipped considerably by 23 per cent reflecting a lack of confidence among the buyers.

Ethereum (ETH) continued to slide with 1.9 per cent fall and closing slightly below the $2,100 mark. It failed to break the first resistance level at $2,195. Experts find a silver lining in ETH’s downward trend. As per a report from IntoTheBlock, the addresses that hold ETH have been rising consistently over the past few months. This development points to its weakening correlation with BTC which augurs well for the future. ETH has been registering a faster recovery rate than BTC despite suffering a 50 per cent decline in its value from its peak.

All the major altcoins reflected a bearish mood in line with the market’s mood. Coins such as Binance Coin (BNB), Bitcoin Cash (BCH) registered minor gains.  BTC continued to dominate the market with a 45 per cent market share.

Top Gainers

1. Stacks (STX): 16.3%
2. Cosmos (ATOM): 8.5%
3. The Graph (GRT): 6.9%

Top Losers

1. Telcoin (TEL): -17.9%
2. Revain (REV): -9.7%
3. Axie Infinity (AXS): -7.1%

[Analysis includes top 100 coins only as of 10am IST]

Source: CoinMarketCap

Crypto News at a Glance

1. The VeChain Foundation has announced its partnership with the crypto-based e-commerce platform Shopping.io. Consumers will now be able to make purchases at Walmart, eBay, Amazon and Etsy using VET tokens.
2. Tiktok, a popular global video-sharing and social media app, has banned all promotions related to cryptocurrencies on its platform. 
3. Data on Bitcoin futures shows that post the massive sell-off in the middle of May, Bitcoin futures funding rates have witnessed the longest consistent period of negative funding since March-April 2020.
4. Financial services company Capital International invested more $600 million into business intelligence firm MicroStrategy stock. MicroStrategy is a strong institutional investor in Bitcoin with more than $3.5 billion worth holdings of BTC.

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