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Crypto Price Today Live: Bitcoin, Ethereum, Avalanche & Polygon jump up to 15%

New Delhi: Major crypto tokens were trading higher on Tuesday, with the largest token Bitcoin holding above the $22,000 mark. Ethereum held above $1,500 levels.

Market experts, however, believe it is very early to conclude that the worst is over for the crypto markets.

Barring the dollar-pegged USD Coin and Tron, all other crypto tokens were trading higher on Tuesday. Polygon zoomed more than 15 per cent, whereas Ethereum jumped 9 per cent. Avalanche gained about 8 per cent.



The global cryptocurrency market cap was trading higher at the $1.02 trillion mark, rising more than 4 per cent in the last 24 hours. However, total cryptocurrency trading volumes zoomed close to 80 per cent to $108.64 billion.

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Top cryptocurrency prices today: Bitcoin, Ethereum, Cardano, Avalanche zoom up to 10%

New Delhi: After showing weakness for a couple of days, crypto cart showed signs of recovery on Thursday with Bitcoin scaling $31,000 mark again. Other major tokens followed suit. The gains in crypto cart were due to the introduction of a federal cryptocurrency bill that would address a number of major regulatory questions dogging the industry.

Barring the stablecoin USD Coin, majority of the tokens were trading higher on Wednesday. Cardano rallied more than 10 per cent, whereas Avalanche jumped 6 per cent. Bitcoin, Ethereum and XRP gained 5 per cent each.

The global cryptocurrency market cap was trading sharply lower at the $1.26 trillion mark, rallying more than 4 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 4 per cent to $84.4 billion.



Expert take
Charles Tan, Chief Marketing Officer, Atato, a crypto custodian wallet, as saying that the overall sentiment in the crypto market is on the positive side, even as Bitcoin dipped below the $30,000 mark before reclaiming the $31,000 level.

“The crypto market requires some relief which may come from the inflation cooling off and the Fed relaxing the monetary policy and interest rates. It is important to note that the US will release a consumer price index on coming Friday,” he added.

MoneyGram is collaborating with Stellar Development Foundation to launch a service that will allow users to seamlessly send and convert stablecoins into fiat, said WazirX Trade Desk.

“Users with Stellar network wallets will be able to convert their crypto into Circle’s USD Coin once the service is launched (USDC). They can then withdraw the stablecoin via the MoneyGram network,” it added.

Global updates
A wide-reaching, bipartisan crypto bill emerged Tuesday from US Senators Cynthia Lummis and Kirsten Gillibrand, who are seeking to extend a comprehensive set of regulations across digital assets in the US and have given industry lobbyists something meaty to debate.

The metaverse may be in its infancy, but it could represent a revenue opportunity of as much as $13 trillion and have a major impact on not just key tech players, but also cryptocurrencies, according to a report from Citi.

The use of public blockchains results in fragmentation which means crypto could never be a suitable means of payment, economists from the Bank for International Settlements (BIS) said.

IRA Financial Trust, the crypto retirement account provider that in February lost $37 million to theft, sued Gemini – its custodian and trading partner – for allegedly sloppy security protocols that it claimed led to its customers’ accounts getting drained.

A letter detailing the utility of bitcoin and stablecoins for people facing political repression and economic hardship has been sent to the US Congress by 20 human rights activists.

Indonesian cryptocurrency exchange Pintu has raised $113 million in a Series B funding round with investments from venture capital firms Intudo Ventures, Lightspeed Venture Partners, and Pantera Capital and investment advisory firm Northstar Group.

Tech view by BuyUcoin cryptocurrency exchange
Chainlink surges on Solana integration. Chainlink (Link) has witnessed double-digit growth in the past 24 hours mainly due to Solana integration and long-term staking strategy. A link has rallied more than 11 per cent and is currently trading around the $9 level which shows heightened interest from the investor community.

Chart-LinkAgencies

The latest Solana integration is expected to bring a lot of Defi projects to Chainlink to leverage its price feeds and the fact that the Solana Defi ecosystem is a rapidly growing ecosystem, is expected to drive the growth of Link as well.

The current upward trend might gain momentum if overall macroeconomic factors surrounding the crypto market improves but investors should trade with caution as the market is currently in a corrective phase.

(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.)


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Cryptocurrency Price Today: Top cryptocurrency prices today: Solana, Cardano, Tron & Avalanche gain 4% each

New Delhi: The crypto market was trading higher on Friday but the upside remained capped as the looming prospect of recession and monetary tightening by the US Fed continued to ripple through the new-age sector.

All major tokens were trading higher on Friday. Bitcoin posted decent gains, whereas Ethereum was marginally up. Solana, Cardano, Tron and Avalanche zoomed 4 per cent each. XRP and Polkadot gained 3 per cent each.

The global cryptocurrency market cap was trading higher at the $1.26 trillion mark, rising about 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged about 29 per cent to $69.04 billion.



What’s cooking in India
Ahead of the consultation paper on cryptocurrencies, Reserve Bank Deputy Governor T Rabi Sankar said the soon-to-be-introduced central bank digital currencies (CBDCs) can “kill” whatever little case that exists for private virtual currencies.

The RBI has been vehemently opposed to cryptocurrencies like Bitcoin, saying there is no underlying value for such instruments which are essentially speculative in nature. It has gone public with the same, even as the government has yet to make its stance clear.

In other news, India’s largest crypto investing app CoinSwitch on Thursday launched the Crypto Rupee Index (CRE8), India’s first benchmark index to measure the performance of the rupee-based crypto market.

Expert take
Bitcoin retested the support level at $30,000 after the price was rejected from resistance at $32,000 on Tuesday. BTC is trading in a tight range, and it may break above or below the current level, said Edul Patel, CEO and Co-founder of Mudrex.

“As the bearish sentiment in the market continues, the growth could be limited,” he added. “A close above $32,000 could be the initial level for bulls to overcome.”

The industry is currently in a wait and watch phase as fears over inflation and recession haunt traders, said Kunal Jagdale, Founder, BitsAir Exchange.

Jagdale added that despite the recent gains in the crypto markets, the bearish sentiments persist. “Bitcoin and other altcoins will be grooving to a muted tone. It would take several weeks to recover.”

Global updates

  • Alchemy is expanding its services to the Solana ecosystem, the Web 3 developer platform said. The beta version is now live for users to sign up and will be released to the wider public in the coming weeks, according to a press release.

  • Canonical Crypto, a newly opened venture capital firm, has raised $20 million for its inaugural fund to back infrastructure projects for blockchain development, with a preference for talent making the transition from Web 2 to Web 3.

  • A German central banker has called for a bank-style international standard-setter for financial-technology innovations while dismissing decentralized finance (DeFi) as a “casino” for speculators.

  • Cryptocurrency custody and settlement technology firm Qredo has thrown its hat into the ring of compliance solutions aimed at bringing digital assets in line with anti-money laundering (AML) guidance set out by the Financial Action Task Force (FATF).

Tech View by Coinstore cryptocurrency exchange
Cardano leads the surge in altcoin space. It has added almost 20% in the past 7 days. It is one of the few cryptocurrencies which has performed well in this bearish phase as it has emerged as the most cost-efficient network for crypto transactions.

CardanoET CONTRIBUTORS

The ADA founder tweeted about the Cardano network’s efficiency and resilience which may have sparked investors’ interest. The upgrade to Vasil hard fork this month has also added to the optimism around ADA and the upward trend in its prices is expected to continue for some time.

(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.)


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Bitcoin Price | Ethereum Price: Top cryptocurrency prices today: Bitcoin, Ethereum, Avalanche, Cardano rally up to 14%

New Delhi: After nine weeks of decline, the crypto market recovered on Monday and extended its gains on Tuesday as well. Altcoins, too, posted some health gains, with some tokens rising in double digits.

However, it will be too early to conclude if the downtrend in the digital token market is over.

Barring Tron, a decentralized blockchain, all crypto tokens were trading sharply higher on Tuesday. Cardano zoomed more than 14 per cent, whereas Ethereum rose 6 per cent. Bitcoin, Avalanche and XRP gained 5 per cent each.



The global cryptocurrency market cap was trading higher at the $1.32 trillion mark, jumping as much as 5 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed over 65 per cent to $91.07 billion.

What’s cooking in India
The Centre is planning a fresh consultation paper on cryptocurrency soon, though a law on the digital assets is likely to take more time, secretary of economic affairs Ajay Seth has said.

Speaking about cryptocurrency, Seth on Monday told reporters, “Our consultation paper is fairly ready. We have gone into a deep dive into this.” He did not mention when it is likely to be put out. Sources said that it can be expected in August.

Expert’s take
Bitcoin broke its consolidation by trading above $31,000 in the past 24 hours. Bitcoin revived a bit after a long bearish trend, said Edul Patel, CEO and Co-founder of Mudrex.

“On the other hand, Ethereum’s transaction fees are at one-year low, which might help regain its price. The selling price decreases a bit as buyers return to the market,” he added.

The recent selling pressure has eased up and Bitcoin has topped the $31,000 mark with volume almost doubling in the last 24 hours. This shows the renewed interest in the digital asset market, said Kunal Jagdale, Founder, BitsAir Exchange.

“The token was merely short of $32,000 levels and if this level is sustained, $35,000 is the next major resistance for the largest token. Apparently, we have bottomed out for the time being and may make a short recovery in the meantime.”

Global updates

  • As motorists complain about gas fees being too (expletive deleted) high, crypto traders are dealing with the opposite: Ethereum’s gas fees are at a record low, Sam Reynolds reports.

  • DeFi application Mirror Protocol, which is built on Terra, is allegedly suffering another exploit, according to pseudonymous ‘Mirroruser’ who posted on the Terra Research Forum May 28, 2022.

Tech View by Giottus Crypto Exchange
AAVE is the native and governance token of the Aave platform. It is a decentralized protocol used for lending and borrowing cryptocurrencies. Lenders can earn interest on their crypto holdings by depositing them in specially created liquidity pools while borrowers can use their crypto as collateral to get a flash loan from these liquidity pools. AAVE is currently trading at $118 with an 18% daily gain though it is still 60% down from its 2022 high.

Chart-AAVE (2) (1)ET CONTRIBUTORS

AAVE has been forming a falling wedge pattern lately, signaling an impending bullish momentum. The beginning of April saw AAVE reaching its April high of $259 and facing rejection simultaneously at a long-term trendline resistance to create lower lows through April and early May.

By mid-May, AAVE had lost 72% of its April high. However, AAVE successfully tested its long-term trendline support at $70. It has now broken above the trendline resistance and the falling wedge pattern to register an upward momentum overcoming the .236 Fibonacci retracement level of $110.

For AAVE to sustain its upward momentum, it would have to overcome the psychological resistance level of $120. The next key resistance will then be $140. In case of a possible downturn, AAVE will be testing support at $85 and $68.

Major Levels
Resistance: $120, $140

Support: $110, $85, $68

(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.)


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Ethereum Price | Shiba Inu Price: https://economictimes.indiatimes.com/markets/cryptocurrency/top-cryptocurrencies-price-today-bitcoin-dogecoin-shiba-inu-27-05-2022/articleshow/91826232.cms

New Delhi: Despite a recovery in the equity markets, cryptos were ailing with altcoins hit even more badly. The negative news flow on the global stage and Terra’s massacre are still haunting crypto investors.

Bitcoin, which is considered the least risky of digital assets, held some ground, amid ongoing concerns about high inflation and economic downturn. Bitcoin’s market cap has recently spiked relative to other cryptocurrencies.

Barring the stablecoin USD Coin, all crypto tokens were trading sharply lower on Friday. Avalanche tumbled 15 per cent, whereas Solana plunged 11 per cent. Ethereum, Shiba Inu and Cardano dropped 9 per cent each.



The global cryptocurrency market cap was trading lower at $1.20 trillion, dropping more than 5 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed as much as 50 per cent to $103.25 billion.

What’s cooking in India
The Coinbase CEO sowed the seed of a Supreme Court challenge by tweeting to ask if the RBI’s “shadow ban” – in which payment processors cut off local crypto exchanges – was a violation of a 2020 Supreme Court ruling.

His tweet came following his company’s ill-fated India launch, which led to Coinbase exiting the country days later. Armstrong later pointed to “informal pressure” from the RBI as a reason for the exit.

Expert take
Bitcoin fell to the $28,000 level on Thursday as bearish pressure continued to increase, heading towards the weekend, said Edul Patel, CEO and Co-founder of Mudrex.

With Bitcoin and Ethereum falling below their support levels, selling pressure increased, creating fear among the market participants, he added. “But a drop from $28,000 level could result in Bitcoin going even lower.”

Over the past 24 hours, despite a strong rise in the equities, crypto markets have been in severe pain, particularly the altcoins. The correlation of cryptos and equities has broken for a while, apparently, said Kunal Jagdale, Founder, BitsAir Exchange.

“Terra’s debacle is still hurting the sentiments, especially in the Defi space. With macroeconomic consideration in mind, investors should stay away from the high-risk investments at the movement,” he added.

Global updates

  • A group of former executives of cryptocurrency exchange Binance have created a $100 million venture fund with a focus on the metaverse and bringing greater crypto adoption to emerging markets.

  • Circle Internet Financial is arguing the U.S. Federal Reserve should pass on launching a digital dollar, arguing that could strangle private-sector efforts such as Circle’s to manage their own dollar-based tokens.

  • European Central Bank (ECB) President Christine Lagarde urged patience as the bank looks to pare back its now 8 trillion euro balance sheet in the face of galloping inflation, and asked viewers of a Dutch talk show to imagine the damage to the economy had the central bank not intervened in such a large way during the COVID crisis.

Tech View by Coinstore cryptocurrency exchange
Ether, the most popular altcoin is under tremendous pressure due to the $1 billion options expiry this week. Adding to the pressure are various macroeconomic factors that may push Ether further towards a new lower support level.

ETHET CONTRIBUTORS

Ether slipped below the $1800 mark which may have spooked the investors resulting in a broader sell-off. The price has recovered slightly and Ether is back above the $1800 mark. It is important to note that the options expiry this month has significantly reduced the risk appetite of investors and we may see sellers dominate the market in the coming weeks.

(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.)


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Bitcoin Price | Ethereum Price: Top Cryptocurrency Prices Today: Bitcoin, BNB, Tron, Ethereum gain up to 6%

New Delhi: Crypto market showed signs of mild recovery on Wednesday. Bitcoin‘s dominance is at a one-year high but traders are looking more interested in other altcoins. However, the markets, overall, remained range bound.

Bitcoin outperformed the majority of the altcoins, holding about $30,000 mark. However, market experts said that Bitcoin is in a danger zone as the sentiment for risky assets have taken off.

Crypto tokens were trading with mixed cues on Wednesday. Tron rallied over 6 per cent, whereas Bitcoin and BNB gained 3 per cent each. Polkadot, Avalanche and Shiba Inu were among the top losers.



The global cryptocurrency market cap was trading higher at the $1.29 trillion mark, increasing more than 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about 15 per cent to $71.64 billion.


Expert’s take


Somnium Space is developing a “live forever” mode, which would allow you to have your movements and conversations stored as data, said WazirX Trade Desk.

“This data would then be transferred to an avatar that moves, talks, and sounds just like you. This avatar can then continue to exist and interface with others long after you have died. This could be a step towards immortality,” it added.

Darshan Bathija, Co-Founder and CEO said that the crypto fear and greed index registered its second lowest level in the index’s history, over the past week.

“The bearish sentiment is likely to continue as long as BTC price levels don’t register uptrends above key price levels,” he added. “Over the past few days, altcoins underperformed BTC, indicating lower risk appetite levels amongst traders.”

Global updates

South Korea’s financial authorities are looking to introduce measures to hold crypto exchanges to greater scrutiny in the wake of Terra’s collapse, according to a report by The Korea Times.

After the death spiral of UST and LUNA wiped $40 billion from the books, many conference attendees were naturally preoccupied with where the contagion could spread, and who got rekt.

The World Economic Forum’s annual meeting formally kicked off in Davos, Switzerland. Cryptocurrency advocates opened the parties up on Sunday with bitcoin pizza stalls and blockchain pavilions with flashy banners lining the famed promenade.

Bitcoin (BTC) delivered its eighth straight week of losses for investors for the first time in its history amid weak macroeconomic sentiment, inflation concerns, systemic risk from within the crypto industry, and the lack of immediate catalysts that could drive upside growth.

Flowcarbon said it raised $70 million to develop a protocol that tokenizes carbon credits, with the aim of driving investment in projects that remove carbon dioxide from the atmosphere.

BuyUcoin cryptocurrency exchange
TRON rallies on reaching close to 100 million accounts. TRON (TRX), the 14th largest cryptocurrency by market cap is one of the few cryptocurrencies which has shown a strong upward trend in the past one week after a long spell of a downward trend.

Chart-Tron (2).ETMarkets.com

The main reason behind the TRX rally is key data released by TRON DAO which indicates a healthy and growing network. TRX has witnessed impressive gains of 5.08% in the last 24 hours and almost 16.5% a week before.

The key data shared by the network showed that the total number of transactions on TRON reached $3.21 billion while the transaction volume touched $9.2 billion. Adding to the optimism, Fireblocks, a platform to build digital asset businesses, has entered a partnership with TRON supporting its blockchain.


(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.)


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Bitcoin Price | Ethereum Price: Top cryptocurrency Prices Today: Bitcoin, Ethereum, Solana, Avalanche drop up to 5%

New Delhi: Crypto market was witnessing a muted day on Tuesday, still spooked by the Terra collapse in the entire investment ecosystem. However, a brief relief bounce is expected in the market after every dip.

Cryptos dropped despite the rise in stocks in Monday trading. Markets are still spooked by the rising inflation and looming recession.

Majority of the crypto tokens were trading lower on Tuesday. BNB and Tron were the only two players rising, whereas Bitcoin and Ethereum were among the top losers. Avalanche and Solana dropped 5 per cent each.



The global cryptocurrency market cap was trading higher at the $1.26 trillion mark, dropping as much as 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume surged about 35 per cent to $83.81 billion.


What’s cooking India


Rohit Jain, the head of the recently launched CoinDCX Ventures, is swamped with pitch decks from aspiring crypto entrepreneurs even as the chorus of a long and harsh crypto winter grows stronger by the day.

Unfazed by a severe crypto market crash, the imposition of a high income tax rate by the Indian government, a massive dip in trading volumes, the collapse of a popular token and continuing global uncertainty around digital asset regulation, Indian entrepreneurs have continued launching scores of new crypto ventures supported by strong angel funding.


Expert take


Bitcoin is seeing bearish consolidation since early April, and it has been trading in a tight range for the past few weeks. It is currently trading at $29,200 which is the lowest since January 2021, Edul Patel, CEO and Co-founder, Mudrex.

“Bitcoin is likely to break below the current level testing its support once again. It seems like investors and institutions have paused after Terra’s crash and are a little hesitant to return to the market,” he added.

Markets continue to range bound, thanks to rising inflationary worries, geopolitical uncertainty, and global economic slowdown expectations, said Kunal Jagdale, founder, BitsAir Exchange.

“There is no optimism for the crypto space in near term, he added. “Cryptos have majorly been tracking equities for the movement and investors might see some relief rallies on for a brief period on periodic intervals.”


Global updates


South Korean police are moving to freeze Luna Foundation Guard’s money in the wake of this month’s TerraUSD (UST) stablecoin collapse, according to a Monday report from KBS news.

Japanese bank Sumitomo Mitsui Trust will form a new company to offer digital asset custody services to institutional investors, according to a report by Nikkei Asia.

About a dozen per cent of adults held cryptocurrency in 2021, according to a Federal Reserve study measuring the economic health of US consumers.

Tech View by Giottus Crypto Exchange

Solana (SOL) is a promising layer-1 solution and one of the top contenders of Ethereum. It has been designed to support decentralized applications (dApps).

The open-source protocol uses a Proof-of-History consensus in conjunction with the underlying Proof-of-Stake consensus mechanism to improve the scalability and speed of its network. It currently trades at $49, down from an all-time high of $260.

SOL, like all major altcoins, has been impacted by the current turmoil in the crypto market. Solana lost long-term support at $92 in April and hit a low of $37 this month before bouncing back to the $43 long-term support line. SOL is now moving sideways in a narrow range of $45-$55.

While the current phase appears to be one of consolidation, Solana will have to move above the psychological resistance of $65 to ensure a rally. Technically, a breakout above the $59 and eventually $75 is required for a clear market structure shift. Given its rejection from resistance at the .236 Fibonacci retracement level of $55, an eventual test of the lows of $37 is likely.


Major levels


Support: $48, $37

Resistance: $54, $65, $82

(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.)


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Bitcoin Price | Ethereum Price: Top cryptocurrency prices today: Bitcoin, Ethereum, Solana, Avalanche gain up to 5%

New Delhi: After a thin trading session over the weekend, major crypto tokens were back in the green on Monday but gains were limited.

Despite the recovery, major crypto tokens failed to break past the key psychological levels. The crypto market is still in the bear phase, with no end in sight, said experts.

All the tokens were trading with decent gains. Avalanche surged 5 per cent, whereas Solana rallied 4 per cent. Ethereum and Bitcoin gained 3 per cent and 2 per cent, respectively.



The global cryptocurrency market cap was trading higher at the $1.29 trillion mark, jumping more than 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume rallied more than 28 per cent to $62.13 billion.

Expert take
The Chinese govt had banned all crypto operations in China in mid of 2021. This resulted in a 50 per cent drop in hash rate, which led to miners migrating to different countries such as Kazakhstan and US, said WazirX Trade Desk.

“Data indicates that some of the miners are still operational which means that the operations have gone underground. Mining hash rate in top three countries is — United States at 37.84 per cent, China at 21.11 per cent, and Kazakhstan at 13.22 per cent.”

According to a core developer, the transition to proof-of-stake is scheduled to be completed in August. He also stated that the merging is complete and that they are currently in the testing phase.

Global updates

  • In the two weeks since Terra’s US dollar-pegged stablecoin terraUSD (UST) lost its peg, causing massive investor losses, billions of dollars have been taken out of the ecosystem.

  • Former BitMEX CEO Arthur Hayes was sentenced to two years of probation, with home detention for six months and location monitoring, in a federal courthouse in New York.

  • Hayes had pleaded guilty in February to charges he willfully failed to implement an anti-money laundering (AML) program at the exchange.

  • Any drag on aggregate US spending from the recent decline in cryptocurrency market is likely to be very small, Goldman Sachs said. There’s also very limited scope for an increase in labor force participation because of the declines, it said.

  • Over the past week, Fred Ehrsam purchased more than one million shares of Coinbase worth roughly $75 million, stepping in as the crypto exchange’s stock price plunged following the company’s weak earnings report.

Tech view by BuyUcoin cryptocurrency exchange:
Ethereum, after facing a sharp sell-off in the intermediary trend, has gone sideways and is now trading inside a wedge pattern or we can say it is trading inside a range. Its current trading range is $2050 – $1830.

Chart-ETHET CONTRIBUTORS

There’s good support at $1580 and a breakout with volume can lead to more selloff, but currently, it is trading above that support, and a sharp bull run above $2200 can be seen if it breaks the current range.

(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.)


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cryptocurrency price today: Top cryptocurrency prices today: Polkadot, Bitcoin, Cardano, Avalanche drop up to 4%

New Delhi: Major crypto tokens were trading with minor cuts on Wednesday as the market sentiments remain bearish and investors wary of the riskier asset classes. However, stablecoins were on the radar after Terra fiasco.

Cryptos tracked equity markets to log muted gains following encouraging US retail spending and industrial production reports. Barring the US Dollar pegged stablecoins, all the tokens were trading lower on Wednesday. Polkadot dropped 4 per cent, followed by a 2 per cent fall in Bitcoin, Cardano and Avalanche each.

The global cryptocurrency market cap was trading lower at the $1.29 trillion mark, dropping about a per cent in the last 24 hours. However, the total cryptocurrency trading volume tumbled more than 11 per cent to $77.72 billion.



What’s cooking in India
Celebrities should be “circumspect” while featuring in cryptocurrency-related advertising, since crypto is an unregulated product in India, the Advertising Standards Council of India (ASCI) said.

Crypto trading platform WazirX released the second edition of its semiannual ‘Transparency Report’ for October 2021 – March 2022 period, which provides an overview of initiatives and partnerships that the company took in the last 6 months to safeguard investors’ interest from its end.

Expert take
Do kwon proposes to fork into “Terra”, a new chain without algorithmic stablecoin “UST” and will primarily focus on DiFi protocols only, which was their other selling point besides the stablecoins, and the old chain would be “Terra Classic”, said WazirX Trade Desk in its morning note.

“Both chains will coexist just like how Ethereum and Ethereum classic exist. The new Luna tokens will be airdropped to Luna classic holders, stakers, and app developers of Terra Classic,” it added.

Global updates

  • Blockchain investment firm Digital Ventures is raising $100 million for a digital asset fund with an altcoin focus that aims to bridge the gap between traditional and decentralized finance (DeFi). The fund requires clients to have at least a $2.5 million net worth to invest.

  • Venture capital firm Andreessen Horowitz (a16z) has released its inaugural ‘State of Crypto’ report that includes cyclical information relevant to the current downturn, according to a CoinDesk report.

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cryptocurrency price today: Top cryptocurrency prices today: Terra crashes 80% in 48 hours; Shiba Inu, Solana rebound

New Delhi: Major crypto tokens rebounded on Wednesday following a sharp selloff in the previous session. However, the gains remained limited, suggesting weak market sentiments.

The crypto cart is still feeling the aftershocks of global economic turmoil and geopolitical worries. Rising inflation, hawkish central banks and a plunge in trading volumes are hurting the crypto space.

Barring Terra and the dollar-pegged Tether, all major crypto tokens witnessed some gains. Shiba Inu rallied 9 per cent, followed by a 4 per cent rise in Solana. Avalanche, XRP and BNB gained 3 per cent each.



The global cryptocurrency market cap was trading sharply lower at $1.43 trillion, rising a per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about 14 per cent to $156.55 billion.

What’s cooking in India
Indian investors who jumped onto the cryptocurrency bandwagon in droves in 2021 are extending their losses in the continuing meltdown in digital currencies as the bears tighten their grip on the market.

Experts say that most of the new Indian investors had only witnessed a bull run and were used to crypto prices moving northwards, but now they are in for a rude shock as their portfolios have eroded sharply in the last few days.

Expert take
“The Terra network wants to buy $10 billion in Bitcoin as a UST reserve in order to keep the stablecoin’s value stable, the only reason for backing UST with Bitcoin,” said WazirX Trade Desk.

“They have accumulated almost $3 billion worth of BTC but with the recent fall of BTC to 29K, UST had lost its peg and the price of UST went down to $0.65 but it has now recovered to $0.95” it added.

Global updates

  • The US government is continuing to cast stablecoins as a potential threat to the stability of the financial system, with both the Federal Reserve and a senior Treasury official saying Monday the tokens could experience dangerous customer runs.

  • The world’s largest cryptocurrency exchange Coinbase reported $1.17 billion in revenue during the first quarter, missing analyst estimates. Shares plummeted 15 per cent in after-hours trading.

  • Instagram’s non-fungible token (NFT) pilot is the first play in a creator monetization strategy that’s still taking shape. The Meta owned social media platform signalled its interest in turning NFTs into a revenue stream for the creators.

  • The pseudonymous founder of the popular Azuki non-fungible token (NFT) project revealed his fraught history with abandoned projects Monday night, sending NFT Twitter into a frenzy and the collection’s floor price dropping.

Tech view from BuyUcoin cryptocurrency exchange
LUNA prices crashed below $30 which is almost 75% down from its all-time high of $119.18 in April 2022. UST, the stable coin of Terra network, crashed to its all-time low of $0.6841. Since UST and LUNA are interconnected, the stablecoin losing its peg had a serious effect on LUNA prices as for every UST traded, a LUNA is burned and vice versa.

LUNAET CONTRIBUTORS

The destabilization of UST led to panic selling of the heavyweights like BTC and ETH which increased the overall market volatility. The recent UST crisis has revealed major loopholes in the algorithm-backed stablecoin system which will need to be addressed publicly to gain back the confidence of the investors.

The recovery of LUNA will depend on the corrective measures taken by the parent network/LGF which has built a large Bitcoin reserve with a series of large-scale BTC acquisitions.


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