The global crypto market cap jumped to $1.45 trillion, a 4.26 per cent increase over the last day. However, the total crypto market volume gained 26 per cent to $113.12 billion.
The euphoria over a major push by Elon Musk and speculation over Amazon’s involvement in the crypto industry fizzled out and investors decided to take some profit off the table.
Chartists see the overall outlook as still bearish. The next few days remain very crucial, they said.
“Bitcoin broke free after months, skyrocketed to $39,400 mark, before investors booked some profits. Buyers were quite active over the weekend and it is trending towards the $40,000 mark,” said ZebPay Trade Desk.
“BTC has had a spillover effect on some altcoins too, as Aave, Bitcoin Cash and Chainlink have also witnessed significant double-digit growth in the last two days. Ethereum, too, has seen a decent appreciation, which can fuel a rally in other assets too,” it added.
South Korea will look to tighten a crackdown on tax evasion by cryptocurrency investors and high-income earners as it seeks fresh revenue to cover rising welfare costs, its finance ministry said. The regulation may come next year.
Tech View by Giottus Cryptocurrency Exchange
Ethereum Classic (ETC) is the soft fork of the Ethereum network. Its prices have multiplied throughout its lifecycle and is currently among top 20 cryptocurrencies by market capitalization. Many investors are bullish on
with considerable buying during the consolidation phase in recent weeks.
ETC enjoys high volumes right now as it trades in the $46-$50 range. ETC has been in an ascending channel for more than a week now. An ascending channel is a temporary bullish pattern, but the price action in the ascending channel usually breaks down.
Hence, investors can probably find better entries than current prices. Grayscale Investments has recently offloaded more than 28,000 ETC from its portfolio, signaling a bearish sentiment.
On the longer timeframe, ETC is making a wedge and should follow pivot support and resistance.
Support: $38, $41
Resistance: $55.8, $61
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(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.)