Global cryptocurrency market is slowly and steadily showing signs of recovery with top two coins—Bitcoin and Ethereum — starting to trade in green on Friday afternoon. Both of these coins tanking by 3 to 5 per cent respectively during Thursday’s trade. The overall global cryptocurrency market has been under tremendous pressure due to China’s aggressive crackdown in the recent past, however, the experts cited ‘Death Cross’ on technical chart as the major reason behind recent correction. It is a technical chart pattern indicating the potential for a major sell-off.
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Meanwhile, Friday saw majority of cryptocurrencies trading in positive zone with global crypto market up by 3.10 per cent at 12:30 pm, showed CoinSwitch Kuber data, the exchange that facilitates crypto trading in Indian.
Top gainers among the popular coins was Dogecoin, which was trading above 16.42 per cent at Rs 21.189302. Tesla CEO Elon Musk-backed meme coin made massive comeback after recovering from day’s low of Rs 17.950492 and attaining Rs 22.519837 mark during filing of this report.
Bitcoin and Ethereum gained 4.31% and nearly 2 per cent respectively during the afternoon trade today. The number one cryptocurrency was trading at Rs 26,64,177, with day’s high of Rs 27,46499, while next in the rank, Ethereum was up 1.83 per cent at Rs 1,52,577.
Tether, number 3 coin, was down 0.02%, while Binance coin, which holds number 4th position in global ranking, was trading at Rs 23,397.65, up 2.78 per cent on Friday.
Another very popular meme coin Shiba Inu was also trading in green. Shiba was trading at Rs 0.000547, up 4.99 per cent, showed Wazirx exchange.
In India, apprehensions related to trading in cryptocurrencies continues with the RBI maintaining its 2018 position despite the Supreme Court structing down its order that advised banking and NBFCs against dealing in crypto business. “There is no change in RBI’s position as far as trading in cryptocurrencies are concerned. We have major concerns around cryptocurrency, which we have conveyed to the government, “RBI Governor Shaktikanta Das had said.