cryptocurrency prices today: Top cryptocurrency prices today: Bitcoin, Shiba Inu, Solana, Dogecoin, Ethereum fall up to 9%

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New Del­hi: The prices of major cryp­tocur­ren­cies con­tin­ued to remain under pres­sure amid ris­ing infla­tion and geopo­lit­i­cal worries.

The cor­rec­tion in alt­coins was steep­er and sharp­er com­pared to the larg­er tokens. The ris­ing cost of ener­gy and dis­rup­tion in the sup­ply chain is hurt­ing the sen­ti­ments further. 

All of the major cryp­to tokens were in the red on Tues­day. Solana and Shi­ba Inu dived about 9 per cent each, where­as Car­dano and Doge­coin shed 8 per cent each. Ter­ra fell 7 per cent, fol­lowed by Ethereum which declined 6 per cent.



The glob­al cryp­tocur­ren­cy mar­ket cap tum­bled to $1.83 tril­lion, drop­ping as much as 6 per cent in the last 24 hours. How­ev­er, total cryp­tocur­ren­cy trad­ing vol­ume increased by almost 58 per cent to $101.03 billion.

What’s cook­ing in India
Cryp­to trad­ing vol­umes of India’s major exchanges have nose­dived since April 1, the day a new tax on cryp­to prof­its came into effect, accord­ing to data col­lect­ed by Cre­ba­co, a cryp­tocur­ren­cy research firm. 

In oth­er news, mul­ti­ple Indi­an polit­i­cal and gov­ern­men­tal enti­ties had their Twit­ter accounts com­pro­mised over the past three days, with non-fun­gi­ble token-relat­ed con­tent post­ed on their feeds.

Expert take
Edul Patel, CEO and Co-founder of Mudrex said that Bit­coin and Ethereum have lost near­ly 6 per cent to trade below $40,000 and $3,000, respectively. 

“Most cryp­tocur­ren­cies also sank sig­nif­i­cant­ly over the past day. The sit­u­a­tion could be attrib­uted to the ris­ing infla­tion lev­els and eco­nom­ic declines across the world,” he added. 

Bit­coin has fall­en below $40,000, its first sup­port. Now, its next sup­port lev­el is at $37,500. It is approach­ing the over­sold lev­els, which may lead to a brief pause in the price cor­rec­tion, said Kunal Jag­dale, Founder, Bit­sAir Exchange. 

“On the upside, Bit­coin faced a stiff resis­tance at $48,000 lev­els and now $50,000 lev­els will be more chal­leng­ing due to the pes­simism that has emerged late­ly,” he added. 

Glob­al updates
The pol­i­cy arm of US Sen­ate Repub­li­cans has issued a pol­i­cy paper on cryp­to, sig­nal­ing the GOP is mak­ing its way toward a more uni­fied approach to cryp­to regulation. 

Also, Ethereum’s first main­net shad­ow fork went live today, as the devel­op­ers of the world’s sec­ond-largest cryp­tocur­ren­cy by mar­ket cap con­tin­ue tran­si­tion­ing the back­ing net­work to a proof-of-stake (PoS) model. 

The Luna Foun­da­tion Guard (LFG), a Sin­ga­pore­an enti­ty that is estab­lish­ing a reserve pro­to­col for the algo­rith­mic sta­ble­coin UST, added $173 mil­lion in bit­coin (BTC) to its wal­let over the week­end via a series of buys. 

Tech View by Giot­tus Cryp­to Exchange
Solana, a blockchain much like Ethereum, is a plat­form to run dApps, NFTs and a whole bunch of cryp­to ideas. Its token — SOL — has per­formed well since 2021. Today though, it trades at near­ly 60% below its all-time high of about $260.

After rejec­tion from resis­tance at the $147 lev­el, SOL also lost sup­port at $120 and is cur­rent­ly trad­ing around the $100 mark. A trend­line drawn from August 2021 sug­gests that some more down­side may be on the cards — per­haps to $90 — before a bounce that may help reclaim the $120 level. 

Chart-Sol (2)ET CONTRIBUTORS

If the broad­er cryp­to mar­ket expe­ri­ences a resump­tion of bull­ish sen­ti­ment, $147 and even $160 are achiev­able tar­gets for SOL. With its strong fun­da­men­tals and large com­mu­ni­ty, SOL may there­fore be a com­pelling long-term buy for many at cur­rent levels.

Major lev­els

Sup­port: $95, $90

Resis­tance: $120, $147, $168

(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.) 

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