Cryptocurrencies Take A Hit As Euro Falls To Lowest Against Dollar
Cryptocurrencies stumbled on Wednesday for the third consecutive session amid mixed cues across major global markets.
Edul Patel, CEO and co-founder of Mudrex, underlined that the falling of the euro to its lowest against the US dollar, on Tuesday, impacted the crypto market.
World’s most popular and largest cryptocurrency Bitcoin was trading 2.3 percent lower at $19,511.4 at 8:47 am. Bitcoin’s market capitalisation was at $372.5 billion, while the trade volume was at $26.2 billion in the past 24 hours.
A WazirX analyst said, “On the 4-hourly time-frame, the BTC trend is traversing within the descending channel pattern.”
Second-largest virtual currency Ether was 3.4 percent down at $1,053.3 with market capitalisation of $128.4 billion. Trade volume of Ethereum was $12.8 billion in the last 24 hours.
Meme crypto Dogecoin was 3.3 percent down with a trade volume of $301 million in 24 hours. Shiba Inu was trading 3.4 percent lower at $0.000010 while Solana was 2.4 percent down at $33.1 billion.
The analyst stated, “The daily Moving Average Convergence Divergence (MACD) indicator has been bullish since the past two weeks, although the overall markets continue to remain in the bearish phase. However, the weekly MACD has been under the bearish period since the start of this year, without barely giving a buying indication. We could expect the trend to move fairly sideways in the coming weeks.”
Indian headline indices made a gap-up start on Wednesday amid mostly positive trends in other Asian equities.
