Russia and Ukraine were involved in talks while the US President Joe Biden signed an executive order on cryptocurrency, which hinted towards positive movement over the new-age technology.
Barring the dollar-pegged stablecoins, all of the top digital tokens were trading higher on Thursday. Terra zoomed 6 per cent, followed by a 4 per cent rise in Bitcoin and XRP each. Solana, Ethereum, Cardano added 2 per cent each.
The global cryptocurrency market cap today jumped to the $1.80 trillion mark, adding almost 2 per cent in the last 24 hours. Total cryptocurrency trading volume zoomed more than 23 per cent to $97.07 billion.
What’s cooking in India
India Finance Minister Nirmala Sitharaman said that she expected the nation’s central bank to launch a central bank digital currency (CBDC) or digital rupee this year.
The announcement ratcheted up the competition with China which will be the first country to make a CBDC a staple of their monetary system.
- US President Joe Biden signed an executive order on Wednesday requiring the government to assess the risks and benefits of creating a central bank digital dollar, as well as other cryptocurrency issues, the White House said.
- Conservative Party candidate Yoon Suk-Yeol, a former top prosecutor who promised to deregulate the crypto industry, will become South Korea’s next president.
- Binance Holdings is in talks to obtain a license to operate in Dubai, Bloomberg reported Wednesday, citing a person familiar with the matter.
In a watershed moment, the Biden Administration issued an executive order to examine the risks and benefits of cryptocurrencies, regulating the rapidly developing industry and rooting out illicit activities in the sector, said CoinDCX Research Team.
“With positive regulatory moves, the crypto market has rallied with many top cryptocurrency prices jumping back into the green,” it added. “These positive developments continue to signal the growing regulatory acceptance of digital assets.”
Tech view by Giottus Crypto Exchange
With multiple blockchain platforms operating in the crypto space, there’s a palpable need for a solution that connects them and offers interoperability. Cosmos is one such platform that enables blockchains to communicate with each other. Its token – ATOM – rallied strongly until January to reach $44 before it pulled back to retest support levels at $32.
ATOM broke this level after a few taps and currently trades at $30. It is forming an ascending wedge now which is fundamentally a bearish pattern. While short term targets of $35 are expected, they may be followed by a drop back to $30 and even support levels at $24.
If macroeconomic implications reset to bullishness, ATOM can hold the $30 level and may target $37 in near future.
Support: $32, $30, $24
Resistance: $37, $44