Bitcoin continued to hold firm during the early trading hours on Tuesday, but other crypto assets were trading lower. Traders around the world are watching the US Federal Reserve rate hike as it kicks off its two-day FOMC meeting today. Furthermore, the banking sector will also be closely watched amid the concerns.
Bitcoin was trading higher, up more than 1 percent in the last 24 hours and was slightly below $28,000. However, its largest pair, Ethereum, is down around a percent but remains above the $1,750 mark. However, most of the altcoins were trading in the red with decent cuts.
It was heartwarming to see the crypto market rise against the odds last week. Despite many selloffs in global stocks and โrisk assets,โ Bitcoin (BTC) has finally broken out of the $20,000-$25,000 range it has been trading in for weeks, said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch.
"However, caution remains the need of the hour as news from the banking sector may still affect market confidence," he said. "Regulators may continue to make it more difficult for banks to process cryptocurrency-related transactions, as has been the case with Signature bank. Another thing to watch will be the Fed meeting on Wednesday."
Except for Bitcoin, all other major crypto tokens were trading in the red on Tuesday as the banking crisis eased. Avalanche fell 6 percent, while Litecoin fell 5 percent. Polkadot, Dogecoin and Polygon each returned 4 percent. Shiba Inu was down 3 percent.
The global cryptocurrency market capitalization was trading slightly lower at $1.16 trillion, falling nearly one percent in the past 24 hours. However, total trade volumes increased as much as 9 percent, to close to $74.43 billion.
Technical view of WazirX Trade Desk
Ren (REN) is an open protocol created to provide interoperability and liquidity between different blockchain platforms. The protocol's native token, REN, functions as a link for nodes running RenVM, known as Darknodes.
Ren aims to expand the interoperability and thus accessibility of decentralized finance (DeFi) by removing liquidity-related obstacles between blockchains.
The REN/USDT price chart has broken the downtrend line on good volume, it is up 37% on the day. It is currently trading above the 20-week EMA and looks strong compared to the broader crypto market. It is expected to hold strong and continue the bullish move.
The next resistance for the REN token is expected at the $0.15 level and the next support could be expected around the $0.10 level.
(Opinions and recommendations provided in this section are those of analysts and do not represent those of Business Today. Please consult your financial advisor before taking any position in any of the listed assets.)
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