New Delhi: The cryptocurrency market was back in the green on Thursday as appetite for riskier assets improved following comments from the Federal Reserve.
Aside from the dollar-pegged stablecoins, all eight of the top 10 digital tokens traded higher by 9.30 IST. Avalanche zoomed 16 percent to hold its own in the top 10 tokens, while Solana is up 11 percent.
Global crypto market cap rose more than 3 percent from last day to $ 2.37 trillion. However, the total volume of the crypto market rose more than 25 percent to $ 131 trillion.
What is cooked in India?
Cryptocurrency exchanges will see consolidation in the face of concerns and confusion over government attempts to regulate crypto assets. Some exchanges have opened exploratory talks with other Indian exchanges and overseas actors, several people involved in the discussions said ET.
Expert opinion
After the Federal Reserve cut its coronavirus pandemic stimulus in response to rising inflation, the price of Bitcoin has increased in the past 24 hours, the CoinDCX research team said.
Believing that bitcoin and other digital assets can hedge against a potential devaluation of the greenback, investors have turned to crypto amid uncertainty.
“Other cryptocurrencies have also responded positively to recent developments. With the US inflation rate rising to near 40-year highs and coupled with the withdrawal of stimulus, there could be more headwinds for the crypto market, “she added.
Global updates
Emerging economies should regulate cryptocurrencies instead of banning them, said Gita Gopinath, chief economist at the International Monetary Fund (IMF). She called for an urgent global policy on the matter.
The prices of cryptocurrencies listed on Coinbase Global Inc. and popular data provider CoinMarketCap.com briefly got a jumble on Tuesday, with many tokens showing astronomical gains, users raving about huge wins and others wondering what happened.
NFT update
NFT-based tokens are undergoing a correction as the entire crypto market goes through a sell-off. Investors should keep an eye on the further development of price action before jumping into NFT-based cryptocurrencies at this point, said Hitesh Malviya, founder of Itsblockchain.
Tech View of Giottus Cryptocurrency Exchange
As the DeFi ecosystem continues to grow, we are seeing an explosion in the number of tokens created on blockchain platforms. This demand calls for a tool that enables liquidity to be transferred between platforms, including centralized and decentralized exchanges.
Reef wants to achieve this with its REEF token as a “cross-chain crypto operating system”. With its relatively small market cap of under $ 300 million, it hasn’t kept its promise amid troubled markets of late.
Bloomberg
REEF fell from its October high of $ 0.038 to a low of $ 0.015 in December – a decline of nearly 60%. Such a large dip creates resistance at the top with proportionally large gaps, which gives the REEF room to consolidate as the upward journey becomes longer. REEF has to deal with the 0.236 retracement resistance at $ 0.02, followed by $ 0.024.
REEF’s market structure also has to contend with trendline resistance that it must turn into support before moving up any further. On the lower end, it previously rose above a major daily level of $ 0.01675 and has the wick of the most recent drop at $ 0.015 which could offer a quick rebound on a test for those looking too long.
Main stages
Support: $ 0.01675, $ 0.015
Resistance: $ 0.02, $ 0.024
(The time is in UTC and the daily time frame is 12:00 p.m. – 12:00 p.m. 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 on any of the assets.)
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