The global cryptocurrency market cap was trading lower at $1.02 trillion mark, falling more than 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged over 5 per cent, close to $96.02 billion.
Owing to the institutionalisation of crypto and digital assets, we have noticed less exaggerated selloffs and a gradual decrease in volatility over time, said CoinDCX Research Team.
“We believe crypto is currently going through a consolidation phase and this thesis is also supported by the fact that over $10 billion worth of BTC has recently left exchanges signalling major accumulation amidst seller exhaustion trends,” it added.
Tesla sold a significant chunk of its stake in Bitcoin. “As of the end of Q2, we have converted approximately 75 per cent of its Bitcoin purchases into fiat currency,” Tesla said in a shareholder letter Wednesday during company’s earnings report.
The Zipmex cryptocurrency exchange on Wednesday blocked users from taking direct custody of their coins, citing volatile market conditions.
Publicly traded cryptocurrency exchange Coinbase had no financing exposure to crypto lender Celsius Network, hedge fund Three Arrows Capital or crypto broker Voyager Digital, according to a Coinbase blog post on Medium.
Regulators in the UK are introducing rules for using stablecoins – cryptocurrencies whose prices are pegged to another asset – as payment tools to Parliament on Wednesday.
The UK Treasury has unveiled its proposed digital asset legislation a day before members of Parliament plan to begin debate on the measures.
Metaverse gaming firm The Sandbox has hired BrandShield, an online threat detection company, to ensure the safety of crypto wallets and non-fungible tokens (NFTs) on its marketplace.
Matter Labs, the company behind the zero-knowledge rollup zkSync, on Wednesday said it plans to launch zkSync 2.0 to Ethereum’s mainnet in 100 days.
Japan’s ‘self-regulation experiment’ for its digital asset sector is unraveling as disagreements between financial regulators and the industry advocacy body deepen, according to a Financial Times report.
Seven cryptocurrency exchanges in South Korea have been raided by prosecutors probing a fraud case in connection with the collapse of algorithmic stablecoin terraUSD and LUNA, according to Yonhap News Agency.
Tech View By Giottus Crypto Platform
While the markets are heaving a sigh of relief, experts cite that the crypto winter has some more months to spread blues. Bitcoin (BTC) dropped below $23,000 today after a strong growth yesterday. From its June low of $17,500, BTC is up by 25% but still 60% below its November 2021 all-time high.
Despite all the macroeconomic headwinds and crypto market disasters, BTC has broken out of the ascending parallel channel, it had been forming since its pullback from $30,000 in June.
The recovery toward $23,000 occurred after BTC made several attempts to break past the resistance line in the channel, consequently, forming a series of higher lows. BTC is above the .236 fib resistance of $22,700, which is also acting as its immediate support. BTC has also finally broken above its 200-week moving average and 50-day SMA.
While its RSI stands at a robust 60, BTC will have to get past the psychological resistance of $25,000 to confirm a rally and gather market confidence. The next resistance will be the $28,000 level which was the yearly low in 2021 for both bears and bulls to push the coin back to $30,000. In case of a pullback, $21,700 and $20,100 will act as support.
Resistance: $25,000, $28,000
Support: $22,700, $21,700, $20,100
(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.)