Crypto market was able to hold its gains on Tuesday as the volumes rose sharply in the last 24 hours. Bitcoin briefly topped the $24,000 mark, supporting the notion that investors have a risk appetite for the riskier asset class.
Crypto market has been rallying over the past four days amid hopeful signs that inflation will soon be under control without triggering a steep recession. Inflation holds center stage on this week’s investor.
Only BNB, Avalanche and Shiba Inu were marginally down, whereas all other tokens were trading in green. Polkadot jumped about 5 per cent, whereas Ethereum rose 4 per cent. Bitcoin gained over 2 per cent during the early hours.
The global cryptocurrency market cap was trading higher at $1.13 trillion mark, rising higher by 2 per cent in the last 24 hours. However, the total trading volume soared as much as 80 per cent, close to $76.14 billion.
What’s cooking in India
Global crypto exchange Binance said it would remove off-chain fund transfers with WazirX, three days after the Directorate of Enforcement (ED) raised concerns about such transactions.
The ED said it had recently conducted searches on one of the directors of Zanmai Labs and issued a freezing order on its bank accounts, which contain Rs 64.67 crore.
Nischal Shetty, the co-founder of WazirX, rebuffed a number of claims made by Binance CEO Changpeng Zhao over Twitter.
Expert’s take
“There has been a 10 per cent increase on a year to date basis in the number of bitcoin wallets holding more than one bitcoin, reaching an all-time high of 892,100 wallet addresses,” said Edul Patel, CEO and co-founder, Mudrex.
Investors have bought the dip in Bitcoin which dropped about 60 per cent from its peak, he added. 90 per cent of Bitcoin’s are already in circulation and remaining will be out by the year 2140 but a number of Bitcoins have been lost due to loss of Keys.
Global updates
Zipmex will release Ethereum and Bitcoin tokens this week, according to a spokeswoman, allowing 60% of its customers to collect their digital assets after a withdrawal suspension from its Z Wallet product.
The Treasury Department has banned all Americans from using decentralized crypto-mixing service Tornado Cash. Tornado Cash has been a key tool for the Lazarus Group, a North Korean hacking group tied to the $625 million March hack of Axie Infinity’s Ronin Network.
Ether’s (ETH) futures market showed “backwardation”, with three-month contracts trading at the widest discount to the spot price since the coronavirus-induced crash of March 2020.
JPMorgan analyst Ken Worthington said anticipation of the Ethereum Merge was a sizable force behind the big July move higher in ether (ETH) specifically, and crypto in general.
Crypto Cart: Quick
(Source:
coinmarketcap.com, data as of 9.30 hours, IST on August 09, 2022)
Bitcoin $23,834. 2.28%
Ethereum $1,777.38 3.81%
Tether $1 0.01%
USD Coin $1 0.01%
BNB $324.14 -0.84%
XRP $0.3772 1.03%
Cardano $0.5328 0.01%
Solana $42.40 1.12%
Polkadot $9.20 4.61%
Dogecoin $0.07061 0.93%
Avalanche $28.03 -0.55%
Polygon $0.9275 0.89%
Shiba Inu $0.000001235 -0.43%
Uniswap $8.82 0.54%
Tron $0.07028 0.69%
Note: Price change in last 24 hours
Tech View by Giottus Crypto Platform
Similar to Ethereum-based Uniswap (UNI), PancakeSwap (CAKE) is a popular decentralized exchange for facilitating BEP-20 token swaps, buying and selling on the Binance Smart Chain. It is ranked 71 in the top cryptocurrency lists and is trading at $4.44, by 19% during the last seven days.
While UNI has been moving in a stiff consolidation phase since late June, CAKE broke above a consolidation channel and has shot up by 42% in value ever since. However, the Defi token seems to be forming a rising wedge pattern, indicating a bearish momentum building up in the coming days.
Chart-CAKE
Also, the CAKE token has touched the overbought zone, with its RSI over 73, due to profit booking without significant buying during July. While CAKE has been successful in keeping above the 100-day SMA, it still needs to move above its 200-day SMA of $5.8.
A move above the psychological resistance of $5 may help CAKE gather momentum and restore market confidence. In case of a pullback, $4.2 may act as immediate support.
Major levels
Resistance: $4.68, $5
Support: $4.2, $3.9, $3.5
(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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