The global crypto market cap declined to $1.84 trillion, about 5 per cent lower compared to the last day. Also, the total crypto market volume gained 6 per cent to $108.84 billion.
Bitcoin investment products and funds registered outflows for the fifth consecutive week as investor sentiment remained cautious in the midst of increased global regulatory scrutiny, data from digital asset manager CoinShares showed.
Outflows from the world’s most popular cryptocurrency totaled $33 million in the week ended Aug. 6, compared with $19.7 million the previous week. But so far this year, Bitcoin inflows remained a robust $4.2 billion.
Bitcoin has rallied over 20% over the past week, as it crossed the $46,000 mark, and topped off at $46,450. This is the highest level the asset has been at since the mid-May sell-off that took place. The rally was supported by good volumes and momentum, said ZebPay Trade Desk.
“On-chain metrics are also good, with new BTC entities participating in the rally. Despite the surge, investors remain cautious, especially after the proposal submitted to the US Treasury Services which suggests that digital asset transactions worth more than $10,000 should be reported to the Internal Revenue Service (IRS), including validators, miners, and protocol developers,” it added.
Homegrown cryptocurrency exchange CoinDCX has raised $90 million (about Rs 668 crore) in its Series C round, led by Facebook co-founder Eduardo Saverin’s B Capital. The funding values the company at $1.1 billion, making it the latest entrant to the unicorn club.
Tech View by Giottus Cryptocurrency Exchange
Dogecoin (DOGE) has been making headlines in 2021 with a growing fan base including Tesla CEO Elon Musk. DOGE has seen some great rallies this year with a whopping 12,000% gain by May when it hit an all time high (ATH) of 70 cents, making the meme coin a top 5 cryptocurrency by market cap.
Post the May crash, DOGE is currently trading at one-thirds of its ATH but continues to enjoy strong support from investors. Given Elon Musk’s promise of renewed focus on its development plus a potential partnership with Ethereum (ETH), DOGE investors foresee a brighter future.
In the four-hour time frame, DOGE is in an ascending channel which is usually a bearish price trend. DOGE is trying to break out on the upside with the trendline acting as a strong resistance. DOGE will be a strong buy once there is a confirmation of the breakout.
On the weekly time frame, DOGE broke out of a long channel but it could be a fake breakout because of its volatile nature and recent price decline. Bitcoin’s (BTC) price actions remain vital for DOGE to have a great rally.
Support: $0.227, $0.193
Resistance: $0.281, $0.351
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.)