The global crypto market cap hovered near the $2.15 trillion mark, declining marginally compared to the last day. However, the total crypto market volume jumped more than 14 per cent higher to $114.92 billion.
ZebPay Trade Desk said that despite witnessing lower volumes over the past few days, Bitcoin has managed to hold onto high price levels successfully. However, how long these levels will sustain remains to be seen.
“More importantly, new fundamental macro developments this week from the US Fed may impact the asset. Namely, the annual Jackson Hole summit promises to deliver some pragmatic changes to the economic policy, stemming from the coronavirus pandemic,” it added.
Cryptocurrency platform Poly Network said that almost all of the $610 million stolen this month in one of the biggest crypto heists had now been returned by the unknown person or persons behind the attack.
A wave of young investors from non-metro cities are increasingly trading in stocks and buying cryptocurrency online, industry executives said, a development that coincided with the Covid-19 outbreak and subsequent national lockdown last year.
As the Indian government formulates the new Cryptocurrency Bill amid its growing adoption, Nischal Shetty who is the CEO of leading cryptocurrency exchange WazirX said that proper rules and regulations must be put in place to let digital coins reach more investors in the country, especially smaller towns.
Tech View by Giottus Cryptocurrency Exchange
SafePal is a crypto wallet company that offers both hardware and software wallets to customers. Hardware wallets add a security layer to cryptocurrencies and gives investors the ability to store cryptocurrencies in a physical drive that can be secured inside a locker. SafePal is backed by Binance and is integrated into the BSB ecosystem.
Issued in early 2021, SFP is the utility token for the SafePal ecosystem. It is ranked among the top 300 cryptocurrencies and reached all-time-high (ATH) of $3.85 in March. Currently, it is trading near $1.5 with a bullish outlook supported by a growing volume.
In the short term, SFP is testing the trendline resistance of an ascending wedge which is a bearish pattern and hence can lead to a pullback later. SFP, however, enjoys strong support at $1.2-$1.3 levels.
A good entry point for SFP is trendline support of its ascending channel in daily timeframe.
Support: $1.49, $1.39, $1.29
Resistance: $1.62, $2.62, $3.26
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.)