Bitcoin breached $20,000 level whereas Ethereum held above $1,000. The major cryptos have wiped off the gains they incurred in the last five years.
Barring the stablecoins, all of the crypto tokens were trading with gains on Monday. Dogecoin zoomed about 13 per cent, whereas Ethereum was trading 12 per cent up. Bitcoin, Solana, Avavalance and Shiba Inu gained 6-8 per cent each.
The global cryptocurrency market cap moved up to the $885.71 billion mark, rising more than 7 per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged about 11 per cent to $79.09 billion.
What’s cooking in India
Indian crypto investors continued to be under stress, anticipating that the worst may not be over for the crypto market, which recorded one of the worst crashes in the history of digital assets in the past week and wiped off a few hundred crores from the Indian crypto market.
Prices of major cryptocurrencies picked up slightly over the weekend following a week of uncertainty, said CoinDCX Research Team. “Analysts have pointed out that there are catalysts in the near future that will help stabilise crypto prices.”
Despite market turmoil, a recent Bank of America survey of more than 1,000 digital asset users indicated that investors are still optimistic about the future of crypto, with 91 per cent of those surveyed saying they will continue buying crypto in the next six months, it added.
- Bitcoin sank below $20,000 for the first time since December 2020, losing sharply. At time of publication, the largest cryptocurrency by market cap was changing hands around $18,984.1 after trading at a low of $18,739.50.
- The collapse of Terra’s terraUSD made some investors think twice about buying stablecoins. The algorithmic stablecoin, pegged to the US dollar, turned out to be less than stable, and investors in stablecoins as a whole were spooked about being left with nothing.
- An Illinois resident sued Terraform Labs, its founder Do Kwon and several VC firms that make up the Luna Foundation Guard on claims that the defendants violated federal securities laws and misled investors.
- The development of an official digital version of the U.S. dollar could help safeguard its global dominance as other countries issue their own, Fed Chair Jerome Powell said, weighing in with generally positive remarks on a hot-button topic at the central bank that has left policymakers divided.
Tech View by Proassetz Exchange
After making a high of $0.1800 on 12th April 21, TRX went sideways and is currently trading inside a symmetrical triangle. Trx has a support level of $0.045 though it has a resistance of $0.0825 but if a volume breakout is seen then an upward movement to $0.12 is possible.
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