New Delhi: Caution not only penetrated the equity markets, the cryptocurrency market was also hit on Wednesday. Major cryptocurrencies traded flat or with a negative bias and a sharp drop in volume.
Among the top 10 names, Cardano was the biggest loser, down almost 4 percent. Polkadot and XRP fell over 2 percent. Others also refused. Solana and Binance Coin gained slightly.
“It was another troubled day for the crypto spectrum. Markets remained tied to the range and total volumes traded fell sharply. Traders are careful before placing aggressive trades. The next 24 hours could likely remain another phase of consolidation for the cryptocurrencies, ”said Edul Patel, CEO and co-founder of Mudrex.
The global crypto market cap of $ 1.86 trillion fell 1.22 percent on the last day. The total crypto market volume for the past 24 hours was $ 92.81 billion, down 4.55 percent.
The total volume in DeFi is currently $ 15.97 billion, 17.21 percent of the total 24-hour volume of the crypto market. The volume of all stable coins is now $ 76.47 billion, which is 82.40 percent of the total 24-hour volume of the crypto market.
Sentiment was also dampened after reports that the Biden administration was stuck in controversial negotiations over the US debt ceiling, which could lead to a government shutdown and possible default on its obligations to creditors.
As a result, 10-year US benchmark rates rose 25 basis points in five sessions, most recently at 1.5513 percent after hitting their high since mid-June the previous day, while the dollar index stood at 93.752.
Meanwhile, a cross-border experiment on digital currency, supported by the Bank for International Settlements and four central banks, shows that e-cash can lead to faster and cheaper global money transfers.
The multi-central bank digital currency bridge project (mBridge), in which the monetary authorities in Hong Kong, Thailand, China and the United Arab Emirates participated, has reached a prototype that reduces the time of international transfers from days to seconds when using the traditional correspondent Banks, according to a BIS report on Tuesday.
Tech View from ZebPay Trade Desk
PancakeSwap (CAKE), by far the most popular decentralized exchange (DEX) on Binance Smart Chain (BSC), has grown in importance in the blockchain area in recent months. CAKE, the native PancakeSwap utility token, is used for multiple purposes in the platform’s growing landscape. Its main functions are staking, yield farming, participating in the PancakeSwap lottery and processing and voting on governance proposals via the platform and community governance portal.
CAKE, after rising nearly 145 percent from $ 10.85 to $ 26.6, encountered strong resistance at higher levels and experienced a sharp correction, almost 36 percent to a low of $ 16.89. Although Cake has been trading in a downtrend for over a month, the asset has found support at a very crucial $ 16.87 level (61.8 percent Fibonacci retracement level) and has started to consolidate. Currently prices are trading in a range of $ 20-17 and breakouts on either side with good volume will continue to set the trend for the asset.
(The time is in UTC and the daily time frame is 12:00 p.m. – 12:00 p.m. UTC)
(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)
source https://www.bisayanews.com/2021/09/29/top-cryptocurrency-prices-today-tokens-consolidate-in-a-range-cardano-down-4/
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