Crypto Market Mixed as Sentiments Remain Jittery
Bitcoin and other cryptocurrencies saw mixed trading on Thursday as rising interest rates and macroeconomic factors made market sentiments jittery. Meanwhile, US Securities and Exchange Commission (SEC) Chair Gary Gensler continued his combative stance against crypto in congressional testimony on Wednesday.
Bitcoin and Ethereum Performance
Bitcoin managed to post some gains, adding about half-a-per cent and hovering around $26,500-levels. Ethereum also inched up about a per cent to once again top the $1,600-mark. However, the price action in the altcoins remained on the mixed side.
Currently, Bitcoin is priced above the $26,300 mark, coinciding with the US dollar index achieving a new 10-month high at 106.48. Additionally, Ethereum has been hovering around the $1,600 threshold and has reached a milestone by surpassing $10 billion in revenue within seven years.
Market Performance
All top crypto tokens were trading mixed on Thursday. Toncoin and Solana were among the gainers, jumping more than 2 per cent each. On the contrary, Litecoin, XRP, and Polygon shed about a per cent each, while BNB and Dogecoin were down half-a-per cent each. The global cryptocurrency market cap was trading slightly higher, falling to $1.05 trillion-mark, as it rose about a half-a-per cent in the last 24 hours. However, the total trading volumes rallied more than 48 per cent to $28.87 billion.
Bitcoin Outlook
Bitcoin showed a small pump in the last 24-hours for a brief period before facing resistance at its 50-DEMA. Analysts are calling for a $30,000 level for BTC soon, but a support level at $26,000 has to be maintained to expect an upside movement in the short term.
Terra’s LUNA
Terra’s LUNA has experienced a pump, attributed to its community passing a proposal that makes them move away from the minting of new USTC stablecoins. This is happening in the wake of its founder Do Kwon’s lawyers having replied to his extradition request from the US authorities.
Tech View by WazirX Trade Desk
Bitcoin Cash (BCH) is a decentralized cryptocurrency designed as a peer-to-peer electronic cash system. On the daily time-frame, the BCH/USDT trend has come out of its consolidation phase, breaking out of a long-formed triangle pattern with significant buying volumes. The daily price momentum indicator or the RSI has crossed 65 for the first time in nearly 3 months. The next resistance is expected at 250 USDT and an immediate support is expected at 207 USDT.
The crypto market remains under the influence of various macroeconomic factors and regulatory concerns, contributing to mixed trading sentiments and fluctuations in prices across different crypto tokens. As the market continues to adapt to changing conditions, investors and traders are closely monitoring the performance of key crypto assets and the impact of regulatory developments on the market.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin