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Barring the US dollar pegged Tether, nine out of top 10 cryptocurrencies were trading lower at 9.30 hours IST. Solana shed more than 6 per cent, whereas Polkadot tanked 5 per cent. Ethereum declined 4 per cent.
The global crypto market cap tanked over 3 per cent to $1.84 trillion compared to the last day. Similarly, the total crypto market volume declined more than 12 per cent to $136.31 billion.
“The market has been witnessing a dip with Bitcoin and altcoins in the red area. Seasoned investors have been holding onto their investments and we are hopeful that the market would see an upward trend soon,” said Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
Cryptocurrency prices bounced off 1-1/2 month lows on Tuesday as a heavy selloff overnight linked to concerns about a possible loan default by property developer China Evergrande eased slightly, but investors braced for more volatility.
Cryptocurrency investment products and funds saw inflows for the fifth consecutive week as market sentiment on the sector continued to improve, data from digital asset manager CoinShares showed.
“The past 24 hours remained bearish for the crypto market with significant declines across the spectrum. Followed by Ether’s dip below $3,000, altcoins took a larger hit,” said Edul Patel, CEO and Co-founder of Mudrex.
“Long-term investors could possibly look at dollar cost averaging at current price point. The coming 24 hours would be crucial as the market would be in a price discovery mode,” he added.
Robinhood Markets Inc is testing new crypto wallet and cryptocurrency transfer features for its app which would allow customers to send and receive digital currencies such as Bitcoin, Bloomberg News reported.
Bitcoin mining generates as much as 30.7 metric kilotonnes of e-waste every year as of May 2021 which is comparable to small IT equipment waste produced by countries like the Netherlands, a new study revealed.
Crypto Cart: Quick Glance
Bitcoin: $42,102.57, down 1.56%
Ethereum: $2,873.02, down 4.37%
Tether: $1, up 0.01%
Cardano: $2.05, down 2.48%
Binance Coin: $353.29, down 3.02%
XRP: $0.9242, down 2.82%
Solana: $128.71, down 6.02%
USD Coin: $1, down 0.02%
Dogecoin: $0.2028, down 2.94%
Polkadot: $27.34, down 5.01%
(Note: Price change in last 24 hours)
(Source: coinmarketcap.com, data as of 09.30 hours, IST on September 22, 2021)
Tech View by ZebPay Trade Desk
Binance Coin (BNB) is the native token of the world’s largest exchange Binance. BNB has a market capitalization of $60 billion and is the 5th largest asset.
Over the past week or so, the market has been in the red, and BNB is no exception, falling by close to 20 per cent week on week. Volumes though, have held up well, and have seen a boost over the past 2 days, as at current levels, the asset looks rather attractive. BNB currently trades at $355.
BNB surged 103 per cent from $254 to $518 within 2 months. Post this move, the asset faced stiff resistance and made a ‘Double Top’ or ‘M’ pattern (Bearish Reversal Pattern) at higher levels with the neckline of $448. Once the neckline was broken, the bears took the lead and the prices witnessed a sharp fall making the low of $336.
BNB is trying to take support at the crucial level of $340. If the prices hold and sustains above $340 then we could expect some relief rally and if the support is broken on a closing basis then the asset could further slide to $300 levels.
Major Levels
Support: $340, $305
Resistance: $380, $448
(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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