New Delhi: The cryptocurrency cart rose Thursday despite investors selling the largest digital token, Bitcoin. Meanwhile, investors remained cautious about key economic data.
With the exception of Bitcoin and Polkadot, all of the other eight of the top 10 digital tokens traded higher at 9.30 IST. Terra has zoomed 11 percent while Binance Coin is up 5 percent.
Global crypto market cap rose marginally less than one percent to $ 2.36 trillion from last day. However, the total volume of the crypto market rose over 6 percent to $ 102.17 billion.
What is cooked in India?
The proposed Cryptocurrency Bill is expected to impose a blanket ban on Exchange-to-Exchange transfers in the country and restrict certain types of wallets that mask identities.
This will completely stop trading cryptocurrencies via Google Chrome extensions that allow users to engage in more than 4,000 cryptocurrencies. The legislation would also give New Delhi the power to monitor an exchange’s ledger for foreign exchange transfers.
As the market continues to recover from the week’s sell-off, whales continue to accumulate, with the number of addresses hitting a 4-month high of 148,736 addresses at 10 BTC, the CoinDCX research team said.
“It will be a quiet day for crypto with minimal price movement as the market watched Circle, FTX, Bitfury, Paxos, Stellar and Coinbase meet with US regulators in a broad hearing on digital assets and stablecoins,” she added .
Australia will establish a licensing framework for exchanging cryptocurrencies and will consider adopting central bank digital currency for retail customers as part of the largest overhaul of its $ 463 billion payments industry in a quarter of a century.
In many ways, 2021 was the year cryptocurrencies were finally adopted by institutions. Now the same money managers are saying the asset class is ripe for a big sell-off next year.
Polygon has partnered with technology management company Lumos Labs to bring the PolygonLEAP 2021 Accelerator to market. This partnership will support Indian startups embarking on their Web3 journey, building innovative token economies, and gaining access to mentoring, ecosystem, and marketing support.
Some new NFT collections have seen 4-5x price growth over the past week, suggesting new money is pouring into the market and we will see a bigger rally in the market soon, said Hitesh Malviya, itsblockchain founder, said Hitesh Malviya .
“NFT-based tokens are currently consolidating following the recent correction, some of them may start a new rally this week,” he added.
Tech view of Giottus Cryptocurrency Exchange
Polkadot is another take on an intelligent blockchain network that fills a critical need in the market. It connects independent blockchains to form a coherent network that can share and exchange data.
Polkadot was launched in 2017 and uses a proof-of-stake algorithm to secure a multi-chain architecture that already supports multiple live blockchains, decentralized autonomous organizations (DAOs) and security token platforms. Its token – DOT – has seen a nearly 400% increase since its low in July this year.
We watched an ascending channel form and expected a decline to the support line at around USD 26 following the hype surrounding parachain auctions on the network. That analysis came about when the DOT rose to $ 24, followed by a rebound of $ 25. Since then, it has quickly flipped some resistance ($ 27.2 and $ 29) in support.
However, the movements of Bitcoin (BTC) are critical to ensuring the success of DOT in the short term. DOT could retest support at $ 27.2 and $ 26.7 if BTC fails to crack $ 53,000 anytime soon. The long-term outlook remains extremely optimistic for DOT at potentially $ 50 and beyond.
Support: $ 27.2, $ 26.7, $ 25
Resistance: $ 30.5, $ 32, $ 32.5
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.)
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