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Crypto market is consolidating, Bitcoin continues to move sideways

China’s crackdown on crypto trading continues as directed by the State Council and the party’s Central Committee

Market sentiment was lifted today with global cryptocurrency market capitalization rising 2.4 percent to close at $ 1.46 trillion at 9:00 a.m. IST. The total trading volume increased significantly by 15 percent compared to the previous day, which indicates an optimistic mood among buyers.

But it was another troubled day for Bitcoin (BTC) as it continued to trade near the $ 34,000 region, posting a slight 1.5 percent gain from the previous day. At noon, BTC was negotiating the first resistance level of $ 34,900 to break above $ 35,000 before closing again at $ 34,300. Data from CryptoQuant, an on-chain market research firm, showed that HODLing tendencies (popular acronym for “hold on for dear life”) are increasing among investors in response to BTC’s current bearish period. This was evident in the 9.5 percent increase in daily trading volume of BTC, which traded well above critical support levels and continues to dominate the market with a 44.25 percent share.

Ethereum (ETH) retook the $ 2,300 mark, up 4.7 percent, testing its first short-term resistance level at $ 2,350. Strategists expect the ETH-BTC pair to cross the 0.06 mark to kickstart the ETH price rally. In order for ETH to break out, BTC would have to get above its 20-week SMA (Simple Moving Average) and closer to its ATH (All Time High) value. BTC is currently trading below its 20 week SMA.

Large altcoins like Chainlink (LINK), Binance Coin (BNB) and Polkadot (DOT) were among the top winners today, growing 6-9 percent while some other cryptocurrencies lost marginally early in the morning.

BTC will have to hit the $ 36,000 level again in the coming days to reverse its bearish phase and add momentum to the broader crypto market.

Top winners today:

  1. Decentralized land (MANA): 27.8%
  2. KuCoin token (KCS): 20.3%
  3. Harmony (ONE): 19.9%

Top Losers Today:

  1. Compound (COMP): -4.1%
  2. Elrond (EGLD): -3.5%
  3. coin (CRO): -2.6%

The analysis does not include the top 100 coins until 9:00 a.m. IST

Source: CoinMarketCap

Crypto news at a glance:

  1. China continues to suspend cryptocurrency trading activities in the country after the recent ban on Bitcoin mining facilities. This action against companies that offer crypto-related services that enable crypto trading is in line with the guideline of the State Council and the Party’s Central Committee.
  2. Binance, a global cryptocurrency exchange, has announced that it will temporarily suspend payments in euros from the EU’s SEPA (Single Euro Payments Area) network.
  3. The leading Ukrainian e-bank Monobank is preparing to launch Bitcoin trading for its customers by July. This will allow monobank users to buy and sell bitcoin using a debit card.
  4. Allied Payment Network, a leading provider of emerging payment technologies, has announced a partnership with NYDIG, a major financial services company, to enable Bitcoin-based digital payments.
  5., a trading platform for consumers, has integrated the SHIB token as a means of payment on its platform.

DISCLAIMER: The views expressed are the author’s own views and Outlook Money does not necessarily subscribe to them. Outlook Money is not liable for any damage caused directly or indirectly to any person / organization.

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