New Delhi: Crypto prices remained sluggish on Wednesday as the Fed’s dovish stance and economic woes continued to spook crypto investors.
With the exception of Bitcoin, Terra and Solana, all other seven of the top 10 digital tokens traded lower during early trade. Cardano fell 6 percent thanks to the profit booking in the meter. Bitcoin held above $42,000 even as Ethereum slipped below $3,200.
The global crypto market cap fell about 1 percent from the previous day to $2 trillion. The total volume of the crypto market remained flat and stood at $77.46 billion.
As Bitcoin heads into 2022, a growing cohort of long-term investors is doubling their cryptocurrency stockpiles in hopes that a December plunge was just a blip.
What is cooking in India
Indian cryptocurrency exchanges are considering updates to their self-regulatory code of conduct to avoid clashes with regulators. IAMAI and BACC did not respond to ET’s requests for comment. The move comes amid heightened scrutiny of the sector by regulators including the Income Tax Division, the Enforcement Directorate and others.
expert opinions
BTC continues to trade sideways while other altcoins of BNB, ADA and XRP are trading in red CoinDCX research team. “Ahead of the House Energy and Trade Committee hearing on cryptocurrency and blockchain energy use, we can expect the crypto market to face major tough battles,” he added.
Global Updates
- Singapore and China’s Silicon Valley, the city of Shenzhen, is building what is likely the world’s first blockchain-based network for cross-border trade data exchange between two major economies.
- Animoca Brands, an investor in non-fungible tokens (NFT) and Metaverse projects, raised nearly $360 million at a $5.5 billion valuation.
- Bahrain-based cryptocurrency exchange Rain Financial has raised $110 million in a Series B funding round co-led by Paradigm and Kleiner Perkins, CoinDesk reported.
Rationalization of NFTs
OpenSea, a non-fungible token (NFT) marketplace, set a new daily record of $261 million on Sunday. This month has seen an average of $169 million in trading volume per day so far.
Monthly Ether (ETH) trading volume surpassed $3.5 billion for the first time ever, two weeks before the end of January.
New competitors are quickly gaining ground on OpenSea, and a major competitor is LooksRare, a new NFT marketplace that launched earlier this month and is already surpassing OpenSea in terms of trading volume, according to Dune Analytics.
The lack of major competition was one of the main reasons for its success. That could change in 2022 as numerous platforms look to capitalize on the potential, WazirX Trade Desk said.
“The market is still buzzing with activity which could easily attract newcomers like the recently launched ‘LooksRare’. Based on the numbers above, NFT may not be a fad as it could play a pivotal role in the Metaverse.
BuyUcoin tech view
MATIC by Polygon is one of the top 20 best performing cryptocurrencies. Even during the recent dip, it was trading above the 200 moving average.
Matic trades in a parallel channel. After mostly trading in the upper range, Polygon (MATIC) has fallen back into the red bottom leg of the channel, ie support, followed by a bullish retracement towards $2.50.
ET STAFF
With a Relative Strength Index (RSI) around 50, the price seems to be pushing a bit in the middle of the trend channel. In the short-term, price activity could go either way, but the surge is likely to continue as the Polygon London hard fork is set to go live.
It’s still aiming for the fair $3 target. It will be interesting to see how far MATIC can go given current events.
(The views and recommendations in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in the assets mentioned.)
source https://www.bisayanews.com/2022/01/19/crypto-prices-today-top-cryptocurrency-prices-today-bitcoin-terra-solana-gain-cardano-drops-7/
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