“The crypto market is feeling the pressure from regulatory concerns in the US as BTC continues to trade below the $22,000 mark while Ether slipped below the $1,500 mark. Most assets Digital assets are in the red as investors are parking their funds in less volatile assets for better times. The latest regulatory developments in the US will strengthen Asia's position as a global hub for the digital asset industry," Shivam said. Thakral, CEO of BuyUcoin.
Other major crypto tokens also traded lower on Tuesday. BNB fell 6.6% while dogecoinPolygon, Shiba Inu and XRP were also trading on haircuts.
Volume across all stablecoins is now at $56.69 billion, representing 102.11% of the total 24-hour volume of the crypto market.
The market capitalization of Bitcoin, the world's largest cryptocurrency, was around $419.34 billion, with a dominance of around 41.84%, according to CoinMarketCap.
“Bitcoin traded lower in the last 24 hours on bearish market sentiment ahead of the upcoming US inflation report. BTC hit multi-week lows as bears get the upper hand over bulls. Immediate support of BTC is at US$21,650, with resistance at US$21,800 Meanwhile, ETH hit a 1-month low on Monday, currently trading between US$1,400 and US$1,500 with no signs of price recovery in the medium term,” he said. Edul Patel, co-founder and CEO of Mudrex.
Sathvik Vishwanath, co-founder and CEO of Unocoin, said: "Bitcoin is nearing a 38.6% retracement to $21,290, with a potential drop to $20,300 if broken. If the candles close above $21,300, it is A bullish bounce to $22,375 (+5%) is possible."Crypto Cart: Fast (Source: coinmarketcap.comdata as of 10:20 a.m. IST 14 Feb 2023)
- Bitcoin $21,735 -0.50%
- Ethereum $1,500 -1.25%
- Mooring $1 0.07%
- BNB $291.74 6.70%
- XRP $0.3671 -1.46%
- Dogecoin $0.08147 -4.04%
- Cardano $0.3564 -1.84%
- Polygon $1.18 -4.33%
- Polka dots $6.10 -1.56%
- Tron $0.06531 0.97%
- Litecoin $90.83 -2.32%
- Shiba Inu $0.00001234 -4.44%
- Solana $20.87 -0.51%
(Note: price change in the last 24 hours)
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are my own. These do not represent the views of The Economic Times)
