Bitcoin held above the $20,000 mark, whereas Ethereum was seen marching towards the $ 1,400 mark again. However, economic factors including inflation and recession are likely to guide the riskier assets in the near term.
Barring the US dollar-pegged stablecoins and Shiba Inu, all other top crypto tokens were trading higher on Thursday. XRP zoomed more than 4 per cent, whereas Ethereum, Avalanche and Polkadot gained a per cent each.
The global cryptocurrency market cap was trading marginally higher at $972.12 billion, rising less than a per cent in the last 24 hours. However, the total trading volume dropped over one per cent to $59.92 billion.
What’s cooking in India
Many wealthy Indians are paying in cryptocurrencies to buy properties in Dubai, with leading realtors in the emirate accepting the digital coins to cut deals.
Such transactions, though perfectly kosher in Dubai, which wants to position itself as the world’s crypto capital, can come back to haunt the property owners, most of whom are unmindful of the regulatory and legal pitfalls ahead
The first week of October started with some positive movement in the world of cryptocurrency, said Prashant Kumar CEO and Founder of weTrade.
“With indication of a less aggressive tightening on inflation by the Federal Reserve, the market is slowly opening up and we could have higher gains if the trend holds,” he added. “The global crypto market cap remained under $1 trillion.”
Two Sigma Securities, a quantitative hedge fund with about $60 billion in assets under management, will provide data to popular blockchain information network Chainlink, according to a press release.
The Middle East and North Africa (MENA) region was the fastest-growing market for crypto adoption during the 12-month period that ended on June 30, according to blockchain analytics firm Chainalysis.
Investment management firm Hamilton Lane will tokenize three of its funds in a partnership with digital-asset securities company Securitize.
Tech View by Giottus Crypto Platform
Bitcoin (BTC) entered the $20,000 territory again on Wednesday with a daily close that overcame a long trendline that has acted as resistance since November 2021. With another daily candle now closing above this trendline, combined with its RSI, an upward trend bouncing off its moving average, this may signal the end of new lows, temporarily at least.
However, with macroeconomic conditions not looking positive globally, BTC could also continue to go lower with the trendline acting as descending support. In such a case, it will test levels where it bounced recently – at $18,500, and $17,900 – its low of this year.
For now, a reasonable strategy may be to enter positions as BTC confirms its reclamation of the 50-day moving average at $20,300, with a stop loss below this key support and a target of about $22,000 – which is where BTC’s 100-day exponential moving average is located.
Should that be overcome, the all-important 200-day moving average, located at about $26,500, can be the level all eyes will be on.
Support: $20,000, $18,500, $17,900
Resistance: $22,100, $25,000, $26,500
(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.)