The global crypto market cap jumped as much as 5 per cent to hit the $1.95 trillion mark. Furthermore, the total crypto market volume rallied about 16 per cent to $72.23 billion.
What’s Cooking in India
Finance Minister Nirmala Sitharaman said discussions with regard to private cryptocurrencies and central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations.
Sitharaman, in her Budget speech on February 1, had announced that Digital Rupee or Central Bank Digital Currency (CBDC) would be issued by the RBI in the coming fiscal year.
Meanwhile, Reserve Bank of India (RBI) deputy governor T Rabi Sankar on Monday said that banning private cryptocurrencies is the best option for the country, reiterating its tough stand on the asset class.
Sankar, speaking at the IBA Banking Technology Awards, told bankers that even the notorious early-20th century Ponzi schemes were better as the Ponzi plans invested in income-earning assets while cryptos are just gambling instruments.
The global crypto market cap and trading volume rose in the past 24 hours, said Edul Patel, Co-founder and CEO, Mudrex.
“Bitcoin and Ethereum are trading higher. According to the market cap, the top alternative coins are also running in the green. The ongoing tensions between Russia and Ukraine is affecting the market sentiment, causing highs and lows in the crypto market,” he added.
- Coinbase Global, the largest US crypto exchange by trading volume, will hire up to 2,000 people in 2022 as it seeks to take advantage of opportunities in the development of Web 3, and others, the company announced in a blog post.
- Singapore’s state investment fund Temasek, one of the largest investors in the world, has sold off its modest position in crypto exchange Coinbase (COIN), according to its latest US Securities and Exchange Commission filings.
- Crypto funds attracted $75 million of fresh investment last week, the fourth straight week of net inflows, showing continued confidence in bitcoin and other digital assets as prices recovered from January’s swoon.
- In other news, almost three-quarters of revenue from ransomware attacks last year, or $400 million, went to addresses that are ‘highly likely’ to be affiliated with Russia, according to a report from crypto analytics firm Chainalysis.
Tech view by Giottus Crypto Exchange
Algorand is a permissionless and open-source blockchain network that gained significant popularity after its adoption from El Salvador as the official platform to build its blockchain infrastructure. Algorand is focused on solving blockchain’s scaling, security, and transaction speed challenges.
Its token ALGO had a rough January as it corrected from highs of near $1.85 to a low of $0.8. After a brief bounce and consolidation, it is now back testing a breakout from a resistance trendline and is sitting at a confluence level with another local .236 retracement resistance.
On the macro level, ALGO has formed a series of lower highs, and until that structure is broken, traders may continue to avoid large positions. On the longer timeframe, ALGO remains a promising buy at these levels as it continues to generate interest both amongst institutional and retail investors.
Support: $0.9, $0.87
Resistance: $0.96, $0.98