The global crypto market closed the weekend at $2.08 trillion, a 0.4 per cent daily drop as of 9 am IST. On a weekly timeframe, this represents a 3 per cent decline from the previous week. The market registered lower activity today as Bitcoin (BTC) failed to hold $49,000 levels intra-day. Total trade volumes across exchanges dipped by 3 per cent to $90 billion.
BTC hit $49,400 early morning today before breaking down to $48,400 levels at the close with an overall 0.4 per cent decline today. BTC has struggled to break resistance levels above $49,000 this week as the market sentiment turns bearish in the short term. BTC trade volumes were down nearly 5 per cent, with buyers anticipating a drop in prices this week. BTC dominance remained stable at 43.7 per cent.
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Ethereum (ETH) traded below $3,200 at day’s close, a 1 per cent decline, after an intra-day high of $3,260. ETH enjoys local support at $3,150 and needs to break the resistance at $3,290 to rally further. BTC and ETH remain volatile within individual ranges, with long-term investors waiting to confirm a breakout on either side before hedging their bets.
Key altcoins were in the red today as a result of BTC inaction. Bitcoin Cash (BCH), Litecoin (LTC), Chainlink (LINK), Polygon (MATIC), and Polkadot (DOT) registered up to 6 per cent losses. Solana (SOL), which hit an all-time high of $100 today, was the only outlier with a strong 6 per cent gain, while Cardano (ADA) and Terra (LUNA) had less than 1 per cent gain.
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Analysts expect BTC to go lower this week and test $45,000 before an eventual breakout happens towards $51,000, with indications of a strong rally happening from mid-September. The altcoin market will follow BTC’s price actions.
Top Gainers today:
- The Sandbox (SAND): 45.3%
- Revain (REV): 27.3%
- Flow (FLOW): 27.2%
Top Losers today:
- Bitcoin Gold (BTG): -15.1%
- Arweave (AR): -9.1%
- Near Protocol (NEAR): -6.9%
The analysis includes the top 100 coins only as of 9 am IST
Source: CoinMarketCap
Crypto News at a Glance:
- Miller Opportunity Trust, US asset fund manager, has bought 1.5 million shares of Grayscale's Bitcoin Trust (GBTC) valued at $45 million, representing about 1.5 per cent of the fund’s net assets.
- The US Air Force is partnering with Constellation's Hypergraph Network to develop an end-to-end data security solution using blockchain encryption and distributed data management to securely exchange data with commercial partners on missions.
- XinFin Network (XDC) becomes the first blockchain company to join the Global Trade Finance Distribution (TFD) initiative to bridge the $19 trillion trade finance asset class with any type of funding through tokenization and digital assets.
- A recent whitepaper by Visa, a top payments company, describes non-fungible tokens (NFTs) as a promising medium for fan engagement with a strong underlying technology. Visa recently bought an NFT worth $150,000. NFTs registered $2.5 billion in sales in the first half of 2021.
- EA Sports, a part of video game giant Electronic Arts, is looking to hire a cryptocurrency-savvy senior director of brand for its competitive gaming division.
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