Bitcoin Price | Ethereum Price: Top cryptocurrency prices today: Bitcoin, Ethereum, Solana, Avalanche gain up to 5%

Please fol­low and like us:
Pin Share

New Del­hi: After a thin trad­ing ses­sion over the week­end, major cryp­to tokens were back in the green on Mon­day but gains were limited. 

Despite the recov­ery, major cryp­to tokens failed to break past the key psy­cho­log­i­cal lev­els. The cryp­to mar­ket is still in the bear phase, with no end in sight, said experts. 

All the tokens were trad­ing with decent gains. Avalanche surged 5 per cent, where­as Solana ral­lied 4 per cent. Ethereum and Bit­coin gained 3 per cent and 2 per cent, respectively.



The glob­al cryp­tocur­ren­cy mar­ket cap was trad­ing high­er at the $1.29 tril­lion mark, jump­ing more than 2 per cent in the last 24 hours. How­ev­er, the total cryp­tocur­ren­cy trad­ing vol­ume ral­lied more than 28 per cent to $62.13 billion.

Expert take
The Chi­nese govt had banned all cryp­to oper­a­tions in Chi­na in mid of 2021. This result­ed in a 50 per cent drop in hash rate, which led to min­ers migrat­ing to dif­fer­ent coun­tries such as Kaza­khstan and US, said WazirX Trade Desk. 

“Data indi­cates that some of the min­ers are still oper­a­tional which means that the oper­a­tions have gone under­ground. Min­ing hash rate in top three coun­tries is — Unit­ed States at 37.84 per cent, Chi­na at 21.11 per cent, and Kaza­khstan at 13.22 per cent.”

Accord­ing to a core devel­op­er, the tran­si­tion to proof-of-stake is sched­uled to be com­plet­ed in August. He also stat­ed that the merg­ing is com­plete and that they are cur­rent­ly in the test­ing phase. 

Glob­al updates

  • In the two weeks since Ter­ra’s US dol­lar-pegged sta­ble­coin ter­raUSD (UST) lost its peg, caus­ing mas­sive investor loss­es, bil­lions of dol­lars have been tak­en out of the ecosystem.

  • For­mer Bit­MEX CEO Arthur Hayes was sen­tenced to two years of pro­ba­tion, with home deten­tion for six months and loca­tion mon­i­tor­ing, in a fed­er­al cour­t­house in New York.

  • Hayes had plead­ed guilty in Feb­ru­ary to charges he will­ful­ly failed to imple­ment an anti-mon­ey laun­der­ing (AML) pro­gram at the exchange.

  • Any drag on aggre­gate US spend­ing from the recent decline in cryp­tocur­ren­cy mar­ket is like­ly to be very small, Gold­man Sachs said. There’s also very lim­it­ed scope for an increase in labor force par­tic­i­pa­tion because of the declines, it said.

  • Over the past week, Fred Ehrsam pur­chased more than one mil­lion shares of Coin­base worth rough­ly $75 mil­lion, step­ping in as the cryp­to exchange’s stock price plunged fol­low­ing the company’s weak earn­ings report.

Tech view by BuyU­coin cryp­tocur­ren­cy exchange:
Ethereum, after fac­ing a sharp sell-off in the inter­me­di­ary trend, has gone side­ways and is now trad­ing inside a wedge pat­tern or we can say it is trad­ing inside a range. Its cur­rent trad­ing range is $2050 — $1830.

Chart-ETHET CONTRIBUTORS

There’s good sup­port at $1580 and a break­out with vol­ume can lead to more sell­off, but cur­rent­ly, it is trad­ing above that sup­port, and a sharp bull run above $2200 can be seen if it breaks the cur­rent range.

(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.) 

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *