Crypto Price Today Live: Bitcoin Holds $20,000; altcoins drop up to 4%
Crypto It is currently bearish, and there is very little hope of any sudden revival. HoweverAll eyes are now on the long-awaited software update Ethereum named ‘The Merge’,’ will be completed by this month’s end.
Barring Polygone The US dollar-pegged stablecoins and all other tokens were trading lower Thursday. BNB lost 4 percent, Ethereum, Solana, Dogecoin Shiba Inu Each declined by 3%
The The global cryptocurrency market cap dropped more than 1% to $980.54 Billion, with the price dropping by over a percent in the last 24hrs. HoweverThe trading volume total plummeted by about 10% close to $67.92 Billion.
Expert Take
Global Economic indicators include the US Federal Reserve chief’s statement on an interest rate hike dented the sentiments, said Prashant Kumar Founder weTrade CEO
“The much awaited Ethereum Merge is scheduled to be rolled out next week,” He concluded. “As major changes take place in the crypto market and outside, investors are urged to continue having patience.”
Global Up-to-date
- More In the months ahead, bitcoin will likely experience volatility as the biggest cryptocurrency by market capitalization will face decoupling from traditional financial markets and declining forward guidance from the US. Federal Reserve.
- The On average, 9 percent more difficulty was required to mine a bitcoin block. WednesdayIt was the second-largest increase in this year’s total, which will likely result in a smaller industry profit margin.
- NonThe licensing issue for -fungible tokens is a serious problem. Andreessen Horowitz’s (a16z), Crypto arm believes it has the answer.
- The The combined market capitalizations of the two biggest stablecoins, USD coin and tether, have begun to fall again. This is a sign that the quantitative tightening has resumed in the crypto financial sector. Morgan Stanley These are the findings of a research report.
- South Korean port city Busan To develop blockchain-based businesses, a deal was signed with crypto exchange FTX.
Tech View By Giottus Crypto Exchange
Avalanche It is a layer-1 Blockchain that hosts decentralized applications through the deployment of smart contract functionalities. AVAX has experienced a dramatic correction over the past two week due to accusations that the team illegally paid legal professionals to harm competitors and manipulate regulatory system. The After this rally, token traded at $19.4, but is still down 16% for the week.
AVAX rose to $30.9 at mid-day, a new local record.AugustAfter that, it entered correction mode. It The market attempted a quick recovery when it dropped below its descending trendline supports and reached $17.3. The The rally was short-lived. It failed to break the resistance at $20.4.
AVAX appears to have lost its momentum with its RSI of 33 showing oversold signals. All Other technical signals, such as the moving averages, continue to indicate a sell signal. AVAX must break through the psychological resistance at $23.5 before it can attempt a trend reverse and restore market confidence. The The previous support level of $17.3 is being used. In In the event of a further fall, July Lows as low as $16.4 could be possible.
Major Niveaux
Resistance: $20.45, $21.0, $23.5
Support: $17.3, $16.4
(Disclaimer: RecommendationsThe opinions, suggestions, and views of the experts are entirely theirs. These These views do not reflect the views of Economic Times)