crypto price today: Crypto Price Today: Bitcoin breaches $17k; Solana, Litecoin, Dogecoin drop up to 4%

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New Del­hi: Cryp­to mar­kets con­tin­ued to strug­gle on Thurs­day with minor cor­rec­tions ahead of the US cen­tral bank’s strat­e­gy to tame infla­tion in the com­ing week.

Bit­coin dropped below the $17,000 mark, where­as Ethereum was trad­ing below $1,250 mark. Cryp­to mar­ket is yet to recov­er from the jit­ters and bad news flow of the FTX collapse. 

All oth­er top cryp­to tokens were trad­ing low­er on Thurs­day. Sol­nana tum­bled more than 4% while Lite­coin, Doge­coin and Polka­dot dropped 3% each. Etherem and Car­dano were also down 2% each. 

The glob­al cryp­tocur­ren­cy mar­ket cap was trad­ing low­er around $842 bil­lion, drop­ping as much as 2% in the last 24 hours. The total trad­ing vol­ume jumped as much as 4% to $37.05 billion. 

What’s cook­ing in India
Indi­a’s Finan­cial Intel­li­gence Unit (FIU) tracked 3,300 cryp­to accounts in the last eight months that it sus­pect­ed were being used for mon­ey laun­der­ing, drug traf­fick­ing and oth­er ille­gal activ­i­ties, includ­ing fund­ing social unrest.

The agency has shared the infor­ma­tion with oth­er enforce­ment agen­cies and cryp­to exchanges, both in India and over­seas. FIU has rec­om­mend­ed clo­sure of these accounts and has also reached out to inter­na­tion­al agencies.

Expert take
“Most active chains like Ethereum and Bit­coin, the dai­ly active address over the last bull run topped in May of 2021,” said WazirX Trade Desk. “How­ev­er, we saw a new all-time high in dai­ly active users in July 2022, on the Ethereum blockchain,” it added. 

There are sub­stan­tial­ly more peo­ple using cryp­to now than before since the last bull run. The trend seems to indi­cate that each mar­ket cycle is bring­ing in more users who decide not to leave once the bull mar­ket price fren­zy dies down, it added. 

Glob­al updates
Cryp­tocur­ren­cy exchange Binance gen­er­ates 90% of its rev­enue from trans­ac­tion fees, CEO Chang­peng “CZ” Zhao said in a recent TechCrunch interview. 

In a let­ter to cus­tomers on Wednes­day morn­ing, Gen­e­sis inter­im CEO Der­ar Islim said res­o­lu­tion of his company’s lend­ing unit’s with­draw­al freeze is like­ly to be a mat­ter of ‘weeks’ rather than days. 

The US sen­a­tor behind one of the more impor­tant pieces of bipar­ti­san cryp­to leg­is­la­tion in the works said bit­coin is the only cryp­tocur­ren­cy that can be con­sid­ered a com­mod­i­ty because ether is now a secu­ri­ty thanks to Sep­tem­ber’s Ethereum Merge.


Tech View by Giot­tus Cryp­to Plat­form
Bit­coin (BTC) is cur­rent­ly trad­ing range bound – the third such phase in the last 6 months. It has been reject­ed by the range sub­se­quent­ly in the pre­vi­ous two occa­sions and reg­is­tered a new macro low each time. 

It con­tin­ued to con­sol­i­date today, after get­ting reject­ed around its key resis­tance at $17,200. Its RSI is now at 41, lean­ing towards an over­sold territory. 

Chart-btc (10)ETMarkets.com

A small bounce can be expect­ed at these lev­els though the macro uncer­tain­ties con­tin­ue to impede a big­ger ral­ly. $16,800 lev­el con­tin­ues to pro­vide strong sup­port in small­er time frames.

BTC.D (Bit­coin Dom­i­nance) con­tin­ues to be low below 40% indi­cat­ing that alt­coins have much to shed in case there is a drop in BTC from the cur­rent trad­ing range in the mid-term. Ana­lysts expect BTC.D to go beyond 45% by the end of the bear market.


(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.)

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