Barring the dollar pegged USD Coin, all other nine out of the top 10 digital tokens were trading higher at 9.30 IST. Binance Coin led the gainers with a 8 per cent rally, followed by Ethereum and Cardano which gained 5 per cent each.
The global crypto market cap jumped about 5 per cent to $2.37 trillion compared to the last day. Meanwhile, the total crypto market volume advanced 14 per cent to $137.77 billion.
What’s cooking in India
The new Cryptocurrency bill is set to empower regulators and government agencies including the Securities and Exchange Board of India (Sebi), Reserve Bank of India (RBI) and the tax department to scrutinise Know Your Customer (KYC) data of investors that crypto exchanges have collected from clients.
India could see apps like Robinhood emerge in the next few years if cryptocurrencies are classified as an asset class. Nasdaq-listed Robinhood is a mobile app that allows users to conduct commission-free trades of stocks, exchange-traded funds and cryptocurrencies. While there are similar ‘discount brokers’ in India, none of them currently allows trading in crypto.
Since kicking off the week on a weak start, Bitcoin’s price recovered slightly, pulling up other top cryptocurrencies like Ethereum and Binance Coin, said CoinDCX Research Team.
“Especially with the global spread of Omicron, the International Monetary Fund (IMF) expects that the evolving pandemic will further dent global economic growth and recovery,” it added. “With the bleak outlook of the pandemic and the economy, gold prices are gaining as investors hedge in the traditional safe-haven metal.”
A Bitcoin mining operation is opening northeast of Niagara Falls this month on the site of the last working coal plant in the state of New York.
Across the state, a former aluminum plant in Massena, already one of the biggest cryptocurrency sites in the United States, is expanding.
Tech View by Giottus Cryptocurrency Exchange
Arguably the most popular Layer-2 blockchain in the crypto market, Polygon (MATIC) has been on quite a run lately. It is already supporting other major crypto projects such as Aave (thanks to its inexpensive fees and rapid settlement times) and has surged in value post its implementation of Miden, a zero knowledge (ZK) rollup solution that helps scale the Polygon Network.
Despite the crypto market crash over the weekend, it continues to trade above $2.2, indicating further strength and signs of more upside.
While MATIC did correct to $1.57 during the brief crash, its bullish structure remained intact, enabling a quick bounce. It now faces the same resistances it had recently flipped to support – at $2.31 and $2.4. Its BTC ratio is at a new local high, however, some consolidation can be expected – either by way of a BTC move up or a correction from MATIC.
Should a correction arrive, its previously well-tested support levels of $1.97 and $1.88, both based off the fibonacci pulls of its recent drop, should come to the rescue once again. Over the mid-term, MATIC looks exceedingly bullish and has the potential to set new highs soon.
Support: $1.97, $1.88, $1.73
Resistance: $2.31, $2.4
Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC
(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.)