Bitcoin price: Top cryptocurrency prices today: Bitcoin moves higher; altcoins continue to bleed

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New Delhi: The crypto cart was struggling to move higher and follow Bitcoin ahead of the start of the Federal Reserve meeting on Tuesday. However, the rise in trading volumes came as a relief for the industry.

Barring Bitcoin, all other nine out of the top-10 digital tokens were trading lower during the early trade on Tuesday. Bitcoin jumped about 3 per cent to the $36,000 level.

The global crypto market cap remained flat at $1.63 trillion. However, total crypto market volume zoomed more than 53 per cent to $128.01 billion.



On Monday, Bitcoin tumbled and tested $33,000 levels, eroding 50 per cent of value from its peak as fears of a Russian attack on Ukraine dimmed appetite for riskier assets.

The selloff in altcoins has been more intense as major digital tokens, barring the US pegged stablecoins, have lost up to 20-40 per cent of their value in the last one week.

What’s cooking in India
The RBI has called for a complete ban on crypto as it believes partial restrictions won’t work. But, at the same time, it is considering issuing its own digital currency by leveraging the technology that powers crypto.

RBI defines a CBDC as a legal tender issued by a central bank in a digital form. The RBI is working towards a phased implementation strategy.

Global updates
China’s government has begun rejecting trademark applications related to metaverse projects, according to numerous local media reports. These reports highlight China’s crackdown on digital assets.

In other news, Blockchain Founders Fund raised $75 million for its BFF II fund from a range of investors, including NEO Global Capital, AppWorks and Sebastien Borget, chief operating officer of The Sandbox, a metaverse app, the company said.

A US central bank digital currency (CBDC) would differ from the digital money currently available to the public because it would be a liability of the US Federal Reserve, not a commercial bank, and so would have no credit or liquidity risk, Bank of America said in a report.

The Biden administration is readying an executive order for release next month that will outline a comprehensive strategy on cryptocurrencies and ask federal agencies to determine their risks and opportunities, Bloomberg reported, citing unnamed sources.

Expert Take
Bitcoin bounced to $37,000 in the past 24 hours. Watching BTC rise, buyers gained some confidence. If BTC falls below the support of $30,000, it may extend fall to the point where it started, said Edul Patel, CEO and Co-founder of Mudrex.

“The other cryptos also slumped, ending in the red. This downward trend in the crypto market is because people are pulling back their assets to stay safe. Buying in Bitcoin today may push the market little up,” he added.

Tech view by Giottus Crypto Exchange
As a Layer-2 blockchain, Polygon (MATIC) enjoys considerable support in the Indian crypto community thanks to its efficient and cheap transaction processing capabilities for the Ethereum blockchain, and that it’s originally a homegrown company.

The token MATIC has also been a quick mover. It rallied in an ascending parallel channel to a new all-time high of $2.8 recently, before correcting steeply; this time in a parallel descending channel for nearly a month, hitting $1.30 in the ongoing crypto market dip.

ET CONTRIBUTORS

A Fibonacci pull from the high gives us high-time frame resistances located at $1.68 and $1.92, while $1.51 is one to contend with on shorter time frames. However, volume on MATIC’s bounce from $1.3 has been declining, indicating a lack of fuel for sustaining levels.

MATIC also happens to have significant liquidity located at around the $1.22 support level, which may be visited should Bitcoin continue a downward trend. For a resumption of bullish trajectory, reclaiming $2.3 level is crucial.

Major levels:
Support: $1.3, $1.22

Resistance: $1.51, $1.68, $1.92

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