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Barring Polkadot, which lost as much as 10 per cent, nine out of the top 10 cryptocurrencies were trading lower at 9.30 hours IST. Solana tanked 13 per cent, whereas Cardano gave up more than 6 per cent.
The global crypto market cap shed more than a per cent to $2.05 trillion compared to the last day. However, the total crypto market volume has remained almost flat to $110.56 billion.
“The market saw a slight dip if we look at the last week but we see Polkadot doing well. That said, we are hopeful of a recovery,” said Sharan Nair, Chief Business Officer of CoinSwitch Kuber.
Eminent economist and former RBI governor Raghuram Rajan has said cryptocurrencies are a speculative asset right now, and will remain so until there are developments, and regulations emerge.
To tap into the festive season that began with Ganesh Chaturthi on Friday, Indian crypto exchanges are ramping up hiring, and planning product launches and large-scale advertising campaigns to add new retail investors.
The past 24 hours were more of a consolidation phase across the crypto spectrum. Both Bitcoin and Ether revolved around their support levels, said Edul Patel, CEO and Co-founder of Mudrex. The bears would be closely tracking the $45,000 level in BTC. If it breaks, we can expect a selloff picking pace.
“However, for some of the top altcoins, the past 24 hours were a good session. Polkadot and Chainlink made some good moves driven by huge volumes,” he added.
US officials are discussing launching a formal review into whether Tether and other stablecoins threaten financial stability, scrutiny that could lead to dramatically ramped-up oversight for a fast-growing corner of the crypto market.
Tech View by Siddharth Menon, COO WazirX
The overall crypto market cap recently touched $2.4 trillion since its upward trend from the 3rd week of July in a likely rising channel pattern.
Accordingly, we saw a trend reversal in the last couple of days which could be attributed to the recent market volatility due to Bitcoin adoption in El Salvador coupled with a 2% dip in the US markets. The recent correction saw some selling in high volumes.
Bitcoin, meanwhile, is trading below its 200-day moving average. BTC is likely to continue its downward trend towards support levels of $41,000.
We may potentially see some panic selling in the short-term. However, keeping an eye on the future long-term potential of the crypto market, an astute investor would want to HODL or see this as an opportunity to buy.
Major Levels
Support: $2,950, $2,650
Resistance: $3,700, $4,000
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.)
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