Today’s price of cryptocurrencies, bitcoin, ethereum, polkadot broken back by 9%

Today's-price-of-cryptocurrencies-bitcoin-ethereum-polkadot-broken-back-by-9

Cryptocurrency markets extended their losses ahead of the much-anticipated US Fed meeting on Tuesday as investors looked for signs of tapering and rate hikes.

While six out of 10 digital tokens were trading at 9.30 IST on Tuesday, Terra and Polkadot were up marginally, while Cardano lost 6 percent on Tuesday. which is the biggest drop ever.

The global crypto market cap fell more than 5% to $2.13 trillion compared to the previous day. However, the total crypto market volume increased by 38% to $97.03 billion.

Cryptocurrency products and funds posted net income of $88 million last week, while data from digital asset manager CoinShares showed on Monday that prices fell in a week amid a picture of mixed investment flows.

Edul Patel, CEO, and Co-Founder of Murex said that the crypto market has seen a major decline in the last 24 hours following the profit booking session. He added, “The overall volume of traders jumped over 40% as traders raced for crypto cover. In the coming 24 hours, we can expect the market to remain volatile.

What’s trending about cryptocurrency in India at the moment?

Indian crypto investors are turning to stablecoins against the increasing volatility in bitcoin and other altcoins like Ethereum, Solano, Polkadot, and it has been pegged to real-world currencies like the US dollar, even. That now the Indian government seems to be moving forward to regulate. or ban crypto assets.

what is the global update?

Bank of England Governor Andrew Bailey warned banks and other regulated financial firms on Monday that they should be “particularly cautious” about holding volatile crypto assets. Until new rules are made by the regulator.

In addition, Abu Dhabi state fund Mubadala has invested in the ecosystem surrounding cryptocurrencies, such as blockchain technology, given the rise in the market cap of digital currency, its CEO Khaldoon Al-Mubarak told CNBC. Is.

The Singapore affiliate of Binance, one of the world’s largest cryptocurrency exchanges, said on Monday that it would withdraw its local license application. and will spin off its digital payment token business in the massively crypto-friendly city-state.

Today's-price-of-cryptocurrencies-bitcoin-ethereum-polkadot-broken-back-by-9

Tech View by Giottus Cryptocurrency Exchange

Bitcoin has a limit on the number of transactions per block in its blockchain. It has faced several scalability issues – in terms of transaction times and fees. In extreme network congestion, users had to wait days (and pay fees of $60) for their transactions.

Bitcoin Cash, a fork of Bitcoin with a higher block size to enable cheaper transactions, was born in August 2017 due to the failure to reach some consensus to correct these issues. Bitcoin Cash (BCH) started off well into 2021, rising from $1,500 to below $300 by May.

It has corrected heavily and is now trading near $400-450. It has produced several bear flags since November. and is currently at the bottom of a parallel channel where it has found support. If another bear flag runs out, BCH could drop towards the $300 low. However, it should find some support at $380 and $340.

On the upside, BCH would need to struggle with the Fibonacci retracement level of its recent rise above the $440 and $464 levels. However, these are minor resistances, and BCH could move quickly to recover the vector candle (high volume candles) of its recent crash. Such a move should take it to $490 and potentially $515, with more hope being raised for bitcoin.

(Note-  The views and recommendations in this section are those of the analysts, and do not represent those of webhelps247.com Please consult your financial advisor before taking any position in the mentioned property)

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