Cryptocurrency Prices: Top Cryptocurrency Prices Today: Terra, Polkadot lost up to 10%; Ethereum shines

New Delhi: The cryptocurrency market licked its wounds after a heavy sell-off on Saturday. However, the recovery from lower levels stalled as investors decided to take further gains.

Apart from the dollar-pegged stable coins and Ethereum, all seven of the top 10 digital tokens were trading in the red at 9.30 a.m. Terra, which established itself in the top digital tokens, gave up profits and slipped over 10 percent.

Global crypto market capitalization was down over one percent from last day to the $ 2.29 trillion mark. Meanwhile, the total crypto market volume has dropped over 40 percent to 121.49 billion.

Crypto ended the weekend in a sharp decline, triggered by a combination of Evergrande’s debt problems, excessive debt in the markets, uncertainty in the Fed’s economic policy, and the continued proliferation of the Omicron variant, the CoinDCX research team said.

“Altcoins carried the brunt of the sales. While there has been some gradual dip buying, it has done little to limit the damage done. Next week is expected to be another volatile session for the markets as traders return to the office, ”she added.

What is cooked in India?

The Union cabinet could discuss a legal framework for cryptocurrencies later this week in which it could propose a complete ban on private digital currencies.

Leaders of global crypto exchanges have said India’s cryptocurrency news has been mixed so far, the proposed bill likely to be unveiled in the winter session of Parliament but giving New Delhi the chance to put in place a progressive regulatory framework that will bring the country to the Top of the blockchain technology.

Amid the growing perception that cryptocurrencies could be “regulated” rather than banned in India, Kotak has emerged as the first major bank to open its doors to the crypto community.

Expert opinion

Greed and the fear index are currently at the level of “extreme fear” in India. The new variant of Covid was one of the reasons for the decline, but the long liquidations created a cascading effect, said WazirX Trade Desk.

“The crypto room also suffered several hacks. A Bitmart crypto exchange lost more than 200 million in crypto assets, while a defibrillator BadgerDao lost about 120 million in crypto assets, “she added.

NFT update
As the crypto market is currently going through a correction, we can also expect further downtrends in NFT and metaverse-related cryptocurrencies, said Hitesh Malviya, founder of Itsblockchain.com.

“NFT-based assets have been showing positive consolidation for the past few days and we can expect a possible rally in the coming weeks due to the launch of the Coinbase NFT marketplace,” he added.

Tech View from Proaasetz Exchange
The intermittent downtrend continues unabated in the crypto universe and there was a serious sell-off last Saturday that brought BTC to regions below $ 43,000. It has since bounced back a bit and is currently trading at a level of $ 49,000.

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It trades below the major moving averages of the 50 and 100 day denominations. The same timeframe’s momentum oscillator ROC has also fallen into negative territory, suggesting further continuation of the weakness.

The regions of USD 52,000 and USD 54,000 will now represent resistance and can be used as a stop loss for sell-on-rise. The mean downtrend will only reverse above the $ 56,000 level.

Main stages
Support: $ 1.8, $ 1.4

Resistance: $ 2.22, $ 2.82

The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC

(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the assets.)