Barring Avalanche and meme tokens – Dogecoin and Shiba Inu – all of the major crypto tokens were trading with minor gains on Thursday. Bitcoin jumped 3 per cent, followed by a 2 per cent rise in Ethereum, Terra and Solana.
The global cryptocurrency market cap was trading higher at the $1.81 trillion mark, with a rise close to 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about 13 per cent to $83.49 billion.
What’s cooking in India:
India will not rush into any decision on cryptocurrencies and will take a well-considered view, finance minister Nirmala Sitharaman has said during an interaction with students and faculty at Stanford University in California.
“It has to take its time for all of us to be sure that at least, with the given available information, we are making a discernible decision. It can’t be rushed,” Sitharaman said.
Expert’s Take
Bitcoin has dipped below $40,000 and stayed there for a long time amid the rising pessimistic sentiments including poor growth outlook and rising inflation, which may lead to monetary tightening, said Sumit Khare, Co-Founder, BitsAir Exchange.
“The continued receptivity from regulators around the world is evidence of its likely long-term stronghold and the bright outlook for the wider crypto industry,” he added.
The Central African Republic has now legally adopted the biggest cryptocurrency, Bitcoin, as its legal tender—becoming the second nation in the world to do so, said CoinDCX Research Team.
“This comes as the Central Bank of Cuba is set to issue licences for virtual asset service providers both within the nation and to foreign companies and individuals,” it added.
Global updates
Meta Platforms (FB) posted a first-quarter loss of $2.96 billion in its recently created Facebook Reality Labs (FRL) division, which comprises its augmented and virtual reality operations, according to its earnings report released Wednesday.
New European Union proposals to monitor crypto transactions with unhosted wallets could breach the risk-based approach set out by international money laundering regulators, an official from the bloc’s own banking authority has said.
Edward Snowden, the former U.S. defense contractor whose leaks ignited a worldwide debate about internet surveillance, played a secret role in the creation of the privacy-enhancing cryptocurrency zcash (ZEC).
The supply of LUNA, the native token of the Terra blockchain, fell to an all-time low level, a price-boosting dynamic that’s seen by crypto analysts as an indicator of how popular the project remains despite nagging concerns about its sustainability.
Tech View by Giottus Crypto Exchange
Binance Coin (BNB) is the native token for the Binance Smart Chain, the layer 1 project of Binance exchange. It derives value by being the currency facilitating dApps, smart contracts and other utilities on the platform. BNB performed admirably in 2021 thanks to its low fees and quick transactions compared to Ethereum.
After a double top rejection in the $650+ range in late 2021, it now trades a tad below $400. BNB seems to be coming up on a support trendline all the way back from July 2021 and should see a bounce around the $380 level.
AgenciesIn case of sufficient demand, it may beat a confluence of resistances at $407 (the fibonacci .236 retracement and a long-term trendline). Should it succeed, bulls will be targeting $430 as the first sign of market structure changing with a higher high. $450-$460 should then follow.
Should the market get bearish, $360 and $330 will act as key support levels that have held BNB well in the past.
Major levels
Support: $380, $360, $330
Resistance; $407, $430, $458
(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.)
