Bitcoin was up on Friday, but some altcoins were down. Cryptocurrency traders continued to track the US debt ceiling negotiations. US lawmakers have reported progress in the discussions, though whether they and the Biden Administration will reach an agreement remains uncertain.
Bitcoin was back in the green on Friday as the largest crypto token gained more than one percent but remained below the $26,500 mark. However, its largest pair, Ethereum, jumped around 2 percent to recapture the $1,800 levels. Price action on the altcoin was mixed during early trading.
The crypto markets have traded sideways in the last 24 hours. The slight increase could be attributed to the positive weekly unemployment data in the US. The crypto fear and greed index fell 2 points from yesterday, but remains in the neutral zone at 49 points, said Parth Chaturvedi, investment leader at CoinSwitch. Ventures.
In other news, OpenAI CEO Sam Altman's Worldcoin crypto project, a decentralized open source protocol, has raised $115 million in a Series C funding round. Such funds are rare when institutional funds have declined during a bear market phase," he said. .
The major crypto tokens traded mixed on Friday. Among the gainers, Polygon was up 4 percent, followed by Litecoin's 3 percent gains. Avalanche, Dogecoin and Shiba Inu were up 1% each. XRP topped the losers, down a percentage, while Cardano was down a percentage.
The global cryptocurrency market capitalization was trading higher, reaching $1.11 trillion, as it fell as much as 3 percent in the past 24 hours. However, total trading volumes rose about 26 percent to $28 billion.
The leading cryptocurrency had held a stable position but recently fell below its crucial support level of $26,500. The uncertain macroeconomic climate has contributed to a decline in the cryptocurrency market, fueled by inflation concerns, cryptocurrency regulations and the ongoing debt ceiling standoff, CoinDCX's research team said.
"In a positive turn of events, Bitcoin's sell-side risk ratio has reached an all-time low. This development indicates that investors have been reluctant to sell their Bitcoins within the current price range, regardless of whether It would generate profit or loss."
Image: Crypto-chart-price
Giottus Crypto Platform Tech View
Ethereum (ETH) has seen a notable crash this week, breaking above the 200-day moving average. This break of the support means strong selling pressure and a possible return to the $1,750 level, although it is currently holding above $1,800.
Chart-ETH
The RSI, at 43.2, also fell sharply reflecting the selling pressure in the market. If ETH cannot break the $1850 barrier, the price may continue to fall. The most recent low ($1,775) serves as an early support level, with $1,735 providing the next line of defense.
Major Levels
Support: $1,775, $1,735
Resistance: $1850, $1900
(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.)
