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A sharp fall in Nasdaq stocks dragged the digital token market down. On the other hand, rising energy prices and global supply chain issues also dented the sentiments.
Barring the US dollar-pegged stablecoin, USD Coin, all the other major crypto were bleeding during early hours. Dogecoin tumbled 12 per cent, whereas Avalanche, Solana, Cardano and Shiba Inu plunged 7-8 per cent each.
The global cryptocurrency market cap dwindled to $1.99 trillion mark and is down more than 5 per cent in the last 24 hours. However, total cryptocurrency trading volume advanced as much as 9 per cent to $121.16 billion.
Global updates
HSBC, one of the world’s largest banks, is starting a discretionary managed portfolio investing in the virtual world for private banking clients in Asia.
Near Protocol raised $350 million in a funding round led by hedge fund Tiger Global in a bid to accelerate the decentralization of the NEAR ecosystem. Less than three months earlier, Near announced a $150 million funding round.
Luna Foundation Guard, a non-profit organization mandated to build reserves supporting smart contract blockchain Terra’s dollar-pegged stablecoin UST, returned to the crypto market, snapping up bitcoin worth $227 million.
Tech View by Giottus Crypto Exchange
After showing promise for several weeks, Bitcoin got rejected from the $47,000 level and dipped by more than 4% today. This dip is being attributed to the breakout in the dollar index (DXY), indicative of market funds moving out of other assets and into the US Dollar.
Bitcoin has closed on the daily time frame below the $44,000 support level, indicating that this price drop may be here to stay for some time. Now, bulls and bears are battling it out to determine the next direction for the crypto.
ET CONTRIBUTORSSuch levels are often no trade zones. As the daily charts have lost the $44,000 level, bulls will either want a quick reclamation of this level or wait for lower at $42,200 or beyond. A quick wick beyond $44,000 is also possible in a fake breakout, as BTC may retest a long term trendline for rejection and continuation of the downtrend.
Should the $42,000 level fail to hold, we may see a revisit of the 0.5 retracement at $41,200, or the September lows at $39,500. However, chances of further downside should slim significantly by this point (as this range is also in confluence with the golden pocket of BTC’s March rally), offering lucrative opportunities to open long positions.
Major levels
Support: $43,000, $42,200, $39,500
Resistance: $44,000, $45,000
(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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