Bitcoin clutched near the $17,000 mark, while Ethereum was above the $1,200 level amid jittered sentiment for the digital token market.
Top crypto tokens were trading mixed, with minor changes. Polkadot was down 1%, while Shiba Inu, Litecoin and Cardano followed. Tron and Dogecoin led the losers.
The global cryptocurrency market cap was trading flat, hovering around $810 billion. The total trading volume dropped by more than 25% to $25.57 billion.
What’s cooking in India
The next financial crisis will occur due to private cryptocurrencies, said Reserve Bank of India (RBI) Governor Shaktikanta Das, adding that he still holds the view that cryptocurrencies should be prohibited.
During his speech at the BFSI Insight Summit 2022 hosted by Business Standard, Das said that cryptocurrencies have no underlying value and pose risks for macroeconomic and financial stability.
Global updates
The native token of Popsicle Finance, a decentralized finance (DeFi) market-making and yield-earning protocol, is surging as the controversial yet prolific blockchain developer Daniele Sestagalli said he was returning to the project.
Ethereum’s “censorship” problem has grown over the past few months, with some validators in charge of maintaining the blockchain’s ledger ignoring certain transactions to comply with regulations.
Revenue is nice, but integrity trumps all, said Ray Youssef, announcing ether’s (ETH) removal from the marketplace he founded and runs.
Lamina1, the metaverse-focused layer 1 blockchain dreamed up by science-fiction author Neal Stephenson and blockchain expert Peter Vessenes, is launching the Lamina1 Ecosystem Fund (L1EF).
Tech View by Giottus Crypto Platform
Cardano is a decentralized blockchain focused on providing a secure and scalable platform for the smart contracts and decentralized applications (dApps). Its native token, ADA, is used to facilitate transactions on the Cardano network and as a means of payment for goods and services.
ADA is trading at a little above $0.25 today, down by more than 40% since November and at a low last seen in January 2021. ADA has been in a continuous downtrend ever since it broke the $0.37 support in early November and hasn’t been able to flip it back ever since.
ETMarkets.comIn fact, ADA now has multiple resistances including the $0.32 level which remains a strong level. Fortunately, bulls may have some reason to cheer as ADA continues to hold on to support at $0.25. Its current price is also fairly stretched from its 50-day and 200-day moving averages (at $0.32 and $0.43, respectively).
ADA may have to first claim $0.29 before heading to the all-important $0.32 level. Given its good fundamentals and strong community support, ADA is currently undervalued from a long-term perspective.
Major levels
Resistance: $0.32, $0.43, $0.37
Support: $0.24
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
