Crypto Price Today Live: Bitcoin tops $19K; XRP, Solana & Ethereum zoom up to 10%

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New Del­hi: The cryp­to mar­ket moved back in to the green on Tues­day, with Bit­coin again top­ping the $19,000 mark, where­as Alt­coins zoomed up to 10 per cent.

Riski­er asset class was back in flavour ahead of the US Fed­er­al Reserve’s mon­e­tary pol­i­cy meet­ing lat­er in the day. Investors are brac­ing up for anoth­er 75 basis point rate hike. 

All the top cryp­to tokens are trad­ing high­er. XRP ral­lied more than 10 per cent, where­as Solana and Ethereum jumped 5 per cent each. Bit­coin and Avalanche added 4 per cent each. 

The glob­al cryp­tocur­ren­cy mar­ket cap was trad­ing sig­nif­i­cant­ly high­er at $939.86 bil­lion, jump­ing more than 3 per cent in the last 24 hours. How­ev­er, the total trad­ing vol­ume zoomed over 8 per cent, close to $75.5 billion. 

Updates from India
Cryp­to exchanged WazirX has launched anoth­er ‘Learn & Earn’ cam­paign in asso­ci­a­tion with the Ethereum-based play-to-earn meta­verse game, The Sandbox.
The cam­paign includes a two-lev­el con­test where the top five win­ners will receive free Alpha pass­es for The Sandbox’s recent­ly launched Alpha Sea­son 3. The cam­paign com­mences on Sep­tem­ber 19, 2022.

In anoth­er news, Heru Finance, a glob­al plat­form pro­vid­ing oppor­tu­ni­ty to invest in Web 3.0 was launched on Mon­day, in India and SEA markets. 

Glob­al Updates

  • The US infla­tion-indexed bond yield has surged by 100 basis points since ear­ly August, caus­ing renewed jit­ters in risky assets, includ­ing cryp­tos. And to the dis­may of bit­coin bulls, the so-called real yield is like­ly to rise even further.

  • Cryp­tocur­ren­cy exchange FTX is not autho­rized to pro­vide ser­vices to cus­tomers in the UK, accord­ing to the coun­try’s finan­cial watchdog.

  • Aus­tralian politi­cian Andrew Bragg wants to pre­pare the coun­try for the wide­spread use of Chi­na’s cen­tral bank dig­i­tal cur­ren­cy, the dig­i­tal yuan, accord­ing to a draft dig­i­tal assets bill intro­duced on Monday.

  • The Finan­cial Times is report­ing that author­i­ties in South Korea are said to be ask­ing Inter­pol to issue a ‘red notice’ for Do Kwon, the co-founder of the now-defunct sta­ble­coin issuer Ter­raform Labs, as his cur­rent loca­tion is unknown.

Expert take
Edul Patel, CEO and co-founder of Mudrex said that Ethereum made a false break­out, indi­cat­ing the buy­er’s pres­sure. ETH has not yet acquired the strength to make a sharp move, so there are chances that ETH might trade side­ways, he said.

“Not only are cryp­tocur­ren­cies expe­ri­enc­ing a down­ward trend, but stocks and equi­ties are also going through a sim­i­lar trend as investors wor­ry over reces­sion and inter­est rate hikes,” he said. 

Tech View by Giot­tus Cryp­to Plat­form
Bit­coin (BTC) has been in a down­trend for months with inter­mit­tent relief ral­lies. The macro tail­winds have been a strong deter­min­er for BTC move­ments with an increased cor­re­la­tion to stocks and an inverse cor­re­la­tion to the dol­lar index DXY. Uncer­tain­ties around the inter­est rate hike after the release of US CPI infla­tion data has clear­ly impact­ed investor sen­ti­ment. BTC is cur­rent­ly trad­ing at $19,450 with a 12 per cent week­ly decline. 

BTC has been form­ing a series of bear­ish flags since its decline from $25,000 in mid-August. After trad­ing for weeks below its descend­ing trend­line resis­tance, it made a fresh attempt for revival. BTC flipped the resis­tance line into sup­port and rose to $22,000 before fac­ing a steep cor­rec­tion. How­ev­er, with the excep­tion of a recent plunge to $18,400, the descend­ing trend­line con­tin­ues to act as the sup­port line for BTC. 

BTC is cur­rent­ly trad­ing above the .236 fib retrace­ment, act­ing as its imme­di­ate sup­port. Anoth­er stint upwards would require BTC to get through the $20,500 psy­cho­log­i­cal resis­tance. In case bulls are suc­cess­ful in push­ing the price up towards $25,000, a trend change could be con­firmed. If macro head­winds con­tin­ue to pre­vail, the price may move down­wards bring­ing the pre­vi­ous lows of $17,600 into play with BTC test­ing new year­ly lows. 

Major Lev­els

Resis­tance: $20,000, $20,500, $21,000

Sup­port: $19,300, $18,400

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