Except for the stablecoins pegged to the dollar, the other eight of the top 10 digital tokens were trading higher at 9.30 IST. avalanche expanded 16 percent to make its way into the top 10 tokens, while Solarium 11 percent recovered.
The global crypto market capitalization gained more than 3 percent to $ 2.37 trillion compared to last day. However, the total volume of the crypto market rebounded more than 25 percent to $ 131 trillion.
What is cooking in India?
Cryptocurrency exchanges are set to see a consolidation amid concerns and confusion over the government's attempts to regulate crypto assets. Some exchanges have started exploratory talks with other Indian exchanges and foreign players, several people involved in the discussions told ET.
Expert opinion
Following the cut by the US Federal Reserve in its coronavirus pandemic stimulus in response to rising inflation, the price of Bitcoin has risen in the last 24 hours, the CoinDCX research team said.
With the vision that Bitcoin and other digital assets can hedge against any potential dollar debasement, investors have turned to cryptocurrencies amid uncertainty.
"Other cryptocurrencies have also responded favorably to the recent development. As the US inflation rate rises to a nearly 40-year high, and coupled with the withdrawal of the stimulus, there may be further headwinds for the US market. crypto, "he added.
Global updates
Emerging economies should regulate cryptocurrencies rather than ban them, said International Monetary Fund (IMF) chief economist Gita Gopinath. She called for an urgent global policy on the issue.
Cryptocurrency prices listed on Coinbase Global Inc. and popular data provider CoinMarketCap.com briefly spiraled out of control on Tuesday, with many tokens showing astronomical gains that had users excited about the big windfall gains and others wondering what. it happened.
NFT update
NFT-based tokens are going through a correction as the entire crypto market is going through a sell-off. Investors should be on the lookout for price action development before jumping into any NFT-based cryptocurrency at this stage, said Hitesh Malviya, founder of Itsblockchain.
Giottus Cryptocurrency Exchange Technical View
As the DeFi ecosystem continues to grow, we are seeing an explosion in the number of tokens created on blockchain platforms. This demand has necessitated the need for a tool that allows the transfer of liquidity between platforms, including centralized and decentralized exchanges.
Reef, with its REEF token, intends to achieve this as a "cross-chain crypto operating system." With its relatively small market cap of less than $ 300 million, it hasn't delivered on its promise amid the choppy markets of late.
REEF fell from its October high of $ 0.038 to a December low of $ 0.015, almost a 60% drop. Such a large drop creates resistance at the top in proportionally large gaps, giving REEF room to consolidate as the upward journey becomes longer. REEF should grapple with the .236 retracement resistance at $ 0.02, followed by $ 0.024.
The REEF market structure also has it dealing with trend line resistance that must turn into support before moving higher. On the lower end, it has previously bounced above a key daily level of $ 0.01675 and has the wick from the recent drop at $ 0.015 that could provide a quick bounce in a test for those looking for a long time.
Higher levels
Support: $ 0.01675, $ 0.015
Resistance: $ 0.02, $ 0.024
(The time is in UTC and the daily time frame is 12:00 AM to 12:00 PM UTC)
(Opinions and recommendations given in this section are those of analysts and do not represent those of ETMarkets.com. Consult your financial advisor before taking any position on the assets mentioned).
