New Delhi: The prices of major cryptocurrencies continued to remain under pressure amid rising inflation and geopolitical worries.
The correction in altcoins was steeper and sharper compared to the larger tokens. The rising cost of energy and disruption in the supply chain is hurting the sentiments further.
All of the major crypto tokens were in the red on Tuesday. Solana and Shiba Inu dived about per cent each, whereas Cardano and Dogecoin shed per cent each. Terra fell per cent, followed by which declined per cent.
The global cryptocurrency market cap tumbled to $. trillion, dropping as much as per cent in the last hours. However, total cryptocurrency trading volume increased by almost per cent to $. billion.
What s cooking in IndiaCrypto trading volumes of India’s major exchanges have nosedived since April , the day a new tax on crypto profits came into effect, according to data collected by Crebaco, a cryptocurrency research firm.
In other news, multiple Indian political and governmental entities had their Twitter accounts compromised over the past three days, with non-fungible token-related content posted on their feeds.
Expert takeEdul Patel, CEO and Co-founder of Mudrex said that Bitcoin and have lost nearly per cent to trade below $, and $,, respectively.
Most cryptocurrencies also sank significantly over the past day. The situation could be attributed to the rising inflation levels and economic declines across the world, he added.
Bitcoin has fallen below $,, its first support. Now, its next support level is at $,. It is approaching the oversold levels, which may lead to a brief pause in the price correction, said Kunal Jagdale, Founder, BitsAir Exchange.
On the upside, Bitcoin faced a stiff resistance at $, levels and now $, levels will be more challenging due to the pessimism that has emerged lately, he added.
Global updatesThe policy arm of US Senate Republicans has issued a policy paper on crypto, signaling the GOP is making its way toward a more unified approach to crypto regulation.
Also, s first mainnet shadow fork went live today, as the developers of the world s second-largest cryptocurrency by market cap continue transitioning the backing network to a proof-of-stake PoS model.
The Luna Foundation Guard LFG, a Singaporean entity that is establishing a reserve protocol for the algorithmic stablecoin UST, added $ million in bitcoin BTC to its wallet over the weekend via a series of buys.
Tech View by Giottus Crypto ExchangeSolana, a blockchain much like , is a platform to run dApps, NFTs and a whole bunch of crypto ideas. Its token – SOL – has performed well since . Today though, it trades at nearly % below its all-time high of about $.
After rejection from resistance at the $ level, SOL also lost support at $ and is currently trading around the $ mark. A trendline drawn from August suggests that some more downside may be on the cards – perhaps to $ – before a bounce that may help reclaim the $ level.
If the broader crypto market experiences a resumption of bullish sentiment, $ and even $ are achievable targets for SOL. With its strong fundamentals and large community, SOL may therefore be a compelling long-term buy for many at current levels.
