Cryptocurrency News: Bitcoin and Other Tokens Trade Higher but Gains Trimmed after False Report
Bitcoin and other crypto tokens experienced a surge in trading on Tuesday in Asia. Bitcoin specifically saw a 4% surge, bringing it back above the 28,000-level. Ethereum also gained about 2% but remained below the $1600-level. Altcoins were trading with decent gains as well.
Yesterday was an eventful day for trading as Bitcoin reached a 70-day high in price. This surge was accompanied by a massive $65 million worth of liquidation in close to 15 minutes. CoinTelegraph reported a false claim that the Blackrock Bitcoin ETF had been approved by the SEC, causing the surge. However, it was soon clarified by Blackrock that the approval is still under review. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, stated that a real spot Bitcoin ETF approval is likely to lead to an unprecedented rally.
Most top crypto tokens experienced big gains on Tuesday. Solana surged about 9%, while Polygon was trading 3% higher. Tron, Litecoin, and BNB added 2% each. Only Polkadot and USD Coin were seen in the red.
The global cryptocurrency market cap reached $1.09 trillion, with a surge of as much as 3% in the last 24 hours. The total trading volumes also increased significantly to $62.5 billion, an increase of more than 220%.
Tech View by WazirX Trade Desk
Solana, an open-source project offering decentralised finance (DeFi) solutions, saw a single day jump of nearly 7%, reclaiming its position above the $24 level. The SOL/USDT chart has just broken above the triangle pattern, with daily buying volumes almost doubling. The next resistance is expected at 27.5 USDT, with immediate support at 20.2 USDT.
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Overall, the false report of a spot ETF approval caused an initial surge in trading, but as clarity emerged, the gains were trimmed. The cryptocurrency market continues to be volatile, with significant gains and losses occurring on a daily basis.
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