Bitcoin and other crypto tokens were mixed on Thursday but broke above key psychological levels as the euphoria over Ripple's partial legal victory and Bitcoin ETFs faded. The digital asset market is waiting for economic data and key events to take a decisive direction.
Bitcoin continued to fall slightly with the largest crypto token dipping below the $30,000 mark. However, its largest pair, Ethereum, fell almost one percent and broke above the $1,900 level. Price action on altcoins was mixed, but no major action was seen in early trading.
Major crypto tokens traded mixed on Thursday, with a positive bias. Among the gainers, XRP was up 4 percent, while Cardano was up 2 percent. Dogecoin and Polygon were up a percentage each. By contrast, Bitcoin Cash and Litecoin were down 2 percent each in early trading, while BNB lost 1 percent.
The global cryptocurrency market capitalization was trading slightly lower, falling to $1.21 trillion, as it declined marginally, less than one percent in the last 24 hours. However, total trade volumes fell more than 6 percent to $30.87 billion.
The G-20 Financial Stability Board has published a set of recommendations to regulate crypto assets and stablecoins. The recommendations call for stricter supervision of crypto-asset markets and activities, and also specifically address global stablecoin deals, CoinDCX's research team said.
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On the weekly time frame, the PUNDIX/USDT chart is about to break the downtrend line. The RSI broke above 80 for the first time in almost a year and the token could continue to dominate for a few more weeks. The next resistance is expected at $0.48, and strong support is expected at the $0.31 level.
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