Bitcoin and other major crypto tokens were edged higher on Wednesday, beating the expectations, and delivering strong gains in the month of January. Traders will be awaiting the US Fed’s rate hike announcement and India’s union budget announcement for the crypto industry.
Bitcoin regained $23,000-mark, thanks to a slight rise in its price. However, Ethereum remained below $1,600-level despite a recovery. However, a few altcoins including DyDx jumped 33 per cent, whereas Render Token and Threshold surged 26 per cent each in the early trade.
Bitcoin and Ethereum remained steady on Tuesday as traders awaited news from the US Federal Reserve’s interest rate decision and India’s Union Budget, said Edul Patel, Co-founder and CEO at Mudrex.
“Bitcoin topped $23,000 level after a minor dip. It has seen limited growth in the past week. Ethereum was trading at $1,580 and has recovered from previous lows, with its next resistance at $1,600,” he said.
Barring the a few exceptions, all top crypto tokens were trading sharply higher on Wednesday. Solana, Shiba Inu and Tron were trading lower, whereas Cardano topped the gainers with a more than 4 per cent rally. XRP and Litecoin jumped 2 per cent each.
The global cryptocurrency market cap was trading slightly higher at $1.05 trillion mark, rising about a per cent in the last 24 hours. However, the total trading volumes dropped 18 per cent close to $46.59 billion.
The BTC/USD exchange rate faces difficulties to break above the $24,000 level and may drop to $22,600 or $22,350 if it breaks below its current levels, said Sathvik Vishwanath, Co-founder CEO at Unocoin.
“Elon Musk is expected to bring cryptocurrency payments to Twitter, with Dogecoin supporters targeting $1 as the medium to long-term price for the altcoin. The price of Terra Luna dropped to $2 with a 10 per cent decrease in the last 24 hours, although it remains 58 per cent higher in the last 30 days,” he said.
Crypto updates
Digital payments firm Strike is expanding its international money transfer service that runs on Bitcoin’s Lightning Network to the Philippines, in a push to tap into the country’s $12 billion remittance market, one of the world’s largest.
Hong Kong is set to demand mandatory licensing for stablecoin issuers and won’t allow algorithmic stablecoins, its top financial regulator said on Tuesday. Entities conducting regulated activity in Hong Kong will have to obtain a license to operate stablecoin services.
Celsius Network misled its investors – and on occasion used new customer funds to pay for other customers’ withdrawals, the usual definition of a Ponzi scheme, an independent examiner for the US bankruptcy court in New York said in a filing.
Tech View by Giottus Crypto Platform
Solana (SOL), a top layer 1 platform, is trading at $24, up by 15% since the start of the year. SOL went an uptrend for the first two weeks of the year, but since then it has been trading in a tight range between the support at $27 and the resistance at $23.
The $27 mark has been an important milestone for SOL, having acted as a strong resistance and support multiple times in the past. With this strong confluence at $27, which also includes SOL’s 200-day moving average (MA), investors should be careful to make a move until the $27 mark is claimed. Its 50-day MA at $16 is the strong support zone.
Major levels
Resistance: $27, $28, $30
Support: $23, $16, $10
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
Also read: Crypto Price Today: Bitcoin slips below $23,000; Solana, Polygon tank up to 6%; Dogecoin rally 4%
Also read: 100% return in a weak month! Here are the 20 little warriors of January
