Bitcoin dropped the most in almost a month as the optimism seen across financial markets following the Federal Reserve’s meeting on Wednesday faded soon. The altcoins suffered more intense cuts.
Barring the dollar-pegged USD Coin, all major crypto tokens were bleeding sharply. Avalanche plunged 15 per cent, followed by a drop of 12 per cent each in Solana and Cardano. Dogecoin, Shiba Inu and Ethereum plunged 7 per cent each.
The global cryptocurrency market cap was trading sharply lower at the $1.67 trillion mark, falling about 8 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 14 per cent to $115.05 billion.
What’s cooking in India
India’s parliamentary finance committee met with representatives of the crypto industry in Bengaluru on Wednesday, said three people familiar with the matter, reported CoinDesk. The industry was ‘chided’, the report said.
Bitcoin dipped after a short relief rally on Thursday as investors felt the heat of higher interest rates. Bitcoin dropped nearly 10 per cent, breaking below its support levels, said Edul Patel, CEO & Co-Founder, Mudrex.
“There are chances that it may break below the current level too. Bitcoin’s selling volume rose a bit in the past 24 hours. Bitcoin’s support now lies at $32,000. A similar downward trend may persist for a few days,” he added.
There is a loss of confidence in the crypto market after a sharp rout in the technology sector. There are major doubts over global economic recovery and markets might not be ready to fight the inflation at full, said Kunal Jagdale, Founder, BitsAir Exchange.
“If the existing falls continue and crypto markets fall down further for several more days, it should not surprise investors. One should stay cautious,” he added.
- Cryptocurrency exchange Binance committed $500 million and venture capital firm Sequoia Capital $800 million to help finance Elon Musk’s $44 billion takeover of social media platform Twitter.
- Solana Pay will facilitate transaction requests between merchants and users with a feature that went live on the platform this week, according to a post by Solana developers.
- Gucci is now accepting crypto at a handful of stores in the United States (US), according to a report in Vogue Business. Gucci has rolled out the crypto payment mechanism at its flagship stores in the US.
Tech View by Coinstore Cryptocurrency Exchange
WAVES is experiencing a sharp downward trend. From an all-time high of $62.36 a month ago, the WAVES token has been on a steady decline and has fallen almost 78%. Currently, the token is trading around $14 and is expected to find a lower support level at $12.
WAVES is extensively used for standard payments for block rewards and is one of the crypto industry’s earliest ICOs. The current price drop may attract the bulls to indulge in price reversal after such a sharp decline in just one month. We can expect WAVES to recover losses to an extent but testing its all-time high looks like a distant dream as of now.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)