The crypto market had a reversal of fortunes in the last 24 hours as Bitcoin (BTC) bounced off a crucial support level near the $44,000 region. Global crypto market cap closed at $2.03 trillion as of 9 am IST, with a substantial 6.8 per cent gain from the previous day. Meanwhile, trade volumes across exchanges rose by 5 per cent.
BTC had a confluence of support at $44,000 as both the channel support and 20-day exponential moving average (EMA) came together to drive BTC out of the woods. BTC trade volumes soared by 22 per cent as investors jumped in to ride the momentum. BTC’s support levels are forming at $47,000 and $45,500, while $48,000 will act as its next major resistance. BTC is currently trading at $47,100, up by 6 per cent from the previous day.
Ethereum (ETH), the second-largest crypto by market cap, mimicked BTC’s price action after having a perfect bounce from its 20-day EMA at $2,950. ETH is currently trading near $3,200, up by 7 per cent today. Its short-term support levels are at $3,050.
Key altcoins rallied strongly today, with Cardano (ADA) leading the charts with a 15 per cent gain in anticipation of its Alonzo purple upgrade next month. Polygon (MATIC) and Polkadot (DOT) registered over 12 per cent gains. The rest of the top-20 saw gains between 4-9 per cent in the past 24 hours.
BTC needs to stay above the 200-day moving average at $45,500 going into the weekend as traders look to close their positions given a $600 million options expiry today. Altcoins will continue to rally depending on BTC’s price actions.
Top Gainers today:
- Voyager Token (VGX): 33.2%
- SwissBorg (CHSB): 28.0%
- Fantom (FTM): 24.0%
Top Losers today:
- Near Protocol (NEAR): -3.8%
- Terra (LUNA): -3.2%
- Quant (QNT): -2.4%
The analysis includes the top 100 coins only as of 9 am IST
Crypto News at a Glance:
- Global crypto exchange Coinbase has launched its trading services in Japan through a partnership with one of the largest banks in the country, Mitsubishi UFJ (MUFG) Financial Group that will allow 40 million MUFG account holders to quickly access and begin buying Bitcoin on Coinbase.
- Japanese crypto exchange Liquid has reported a security breach with about $90 million worth of digital assets siphoned off the platform. The exchange noted that only hot wallets have been compromised and remaining assets are being moved into cold storage.
- Online brokerage Robinhood revealed in its earnings report that 62 per cent of Robinhood’s cryptocurrency transaction-based revenue came from Dogecoin (DOGE) in the second quarter, compared to 34 per cent in the preceding first quarter.
- United Wholesale Mortgage (UWM), an US based mortgage lender, is reportedly planning to accept cryptocurrency payments later this year starting with Bitcoin.
- US Biotech company Spinesmith Holdings, which generates over $15 million in revenue, has decided to convert its balance sheet to Bitcoin as a hedge against inflation.
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