Bitcoin was hovering above the $42,000 mark while Ethereal fell below the $3,200 levels. Trading volumes remained tepid during early trading. Trading was light as investors looked for signs that Bitcoin's downward spiral had reached its end point.
Except for Cardano and Tether, which is pegged to the dollar, the other eight of the top 10 digital tokens were trading lower during early trading on Tuesday. Cardano surged more than 7 percent, although Terra tanked more than 10 percent.
global crypto the market capitalization was trading more than 2 percent lower at $2.02 trillion compared to last day. However, total crypto market volumes rose 20 percent to $77.26 billion.
what is cooked in india
Indian Prime Minister Narendra Modi called for global cooperation to tackle the challenges posed by cryptocurrencies at the World Economic Forum's 2022 annual Davos conference, where he spoke virtually.
Modi said: "Cryptocurrency is an example of the kind of challenges we face as a global family with a changing global order. To fight this, every nation, every global agency needs to have collective and synchronized action."
The Center is unlikely to introduce the long-awaited cryptocurrency bill in the Parliament's next budget session as it wants to hold more discussions and build consensus on the regulatory framework.
The Indian government also wants to wait for the pilot launch of the digital currency from the Reserve Bank of India which is expected in a few months.
global updates
- Pakistan's Federal Investigation Agency (FIA), which investigates serious and organized crime, said it will request the Pakistan Telecommunications Authority to block websites that deal in cryptocurrencies, according to a report by Dawn.
- Binance has agreed to establish a cryptocurrency exchange with Thailand's Gulf Energy Development. Gulf Energy Development informed the Thai Stock Exchange that its subsidiary Gulf Innova will study the development of a digital asset exchange with Binance.
- The Monetary Authority of Singapore (MAS) has issued guidelines limiting cryptocurrency trading service providers from promoting their services to the general public, as part of a bid to protect retail investors from potential risks. .
Rationalization of NFTs
In March 2021, a 1961 oil painting of VS Gaitonde sold for over $5 million, making it the most expensive piece of Indian art ever sold.
In the same month, Christie's auction house sold a digital artwork for the first time for $69 million. Not only did it set a record, but it also made a blockchain application called NFT instantly popular.
expert views
The total volume of the crypto market has grown by 20 percent in the last 24 hours. Bitcoin has slowed down a bit, trading at its lowest level of $41,680 in the past week, said Edul Patel, CEO and co-founder of Mudrex.
"ADA's growth could be due to the upgrade on its blockchain front. Inflation rates in the US may boost demand for BTC and other cryptocurrencies in the coming days," he added.
Giottus Crypto Exchange Technical View
Cosmos is a blockchain platform that solves the problem of connecting all blockchains under one roof. The Cosmos network allows a network of blockchains to communicate and work together. In its own unique way, it uses a model called 'Tendermint BFT consensus algorithm' to achieve this and it works with its token: ATOM.
ATOM has had a solid rally of over 35% this month, going from around $32 to over $44 in a matter of a fortnight. However, it was rejected after a double top at the $44.5 level and has corrected sharply ever since, turning supports at $40.8 and $41.5 back into resistance.
You must now hold the gold pocket of the rally at $37 to maintain a bull market structure for this rally. Otherwise, it could cause a drop to $35 and higher.
However, the bulls have reason to be bullish. The drop was due to decreased volume, indicative of decreased interest from sellers. ATOM has also so far been clinging to a support trend line since late December. And on larger time frames, it has not yet lost a crucial support level at $32.
Main levels:
Support: $37, $35.5, $33
Resistance: $40.8, $41.5, $44.5
