Cryptocurrencies Slump Amidst Mixed Trends In Global Markets
Cryptocurrencies extended losses on Tuesday for second session straight amid mixed trends in global markets.
World’s most popular and largest cryptocurrency Bitcoin was trading 4.2 percent lower at $21,032 at 8:45 am. Bitcoin’s market capitalisation was at $402.7 billion, while the trade volume was at $35.8 billion in the past 24 hours.
Edul Patel, CEO and co-founder of Mudrex, said, “If BTC falls below the current level, we might BTC fall to the $19,000 level. But, if buying interest rises, we may see BTC trading at the $23,000 level soon.”
A WazirX analyst said, “The 4-hourly trend for BTC has formed an ascending channel pattern making higher lows. The next key resistance level for BTC is expected at $32,300 and an immediate support is expected at $19,000.”
Second-largest virtual currency Ether was 6.6 percent down at $1,420.3 with market capitalisation of $172.7 billion. Trade volume of Ethereum was $20.1 billion in the last 24 hours.
On Ethereum trading level, Patel said, “If buyers lose control over this level , we might see ETH at the $1,300 level in the next few days.”
Meme crypto Dogecoin was 4.7 percent down with a trade volume of $410.6 million in 24 hours. Shiba Inu was trading 7.5 percent lower at $0.00001036 while Solana was 7.24 percent down at $35.9 billion.
Indian headline indices opened flat on Tuesday tracing largely positive trends across other Asian equities.
