Except for Terra and Polkadot, the other nine of the top 10 digital tokens were trading lower at 9.30 IST. Cardano, XRP and Solana sank 5-6% each.
The global crypto market capitalization was down slightly, about one percent, to $ 2.35 trillion compared to last day. However, the total volume of the crypto market plunged more than 21 percent to $ 108.89 billion.
Given that Bitcoin has apparently found support at its 50-week moving average, altcoins are also starting to make decent bounces - the best performer is MATIC, which was close to 14 percent, the CoinDCX research team said.
"The next two weeks will be critical for Bitcoin and the broader crypto markets. Not the most ideal situation for the average holder, but certainly heaven for the avid trader," he added.
What is cooking in India?
Cryptocurrency exchanges may be required to obtain licenses from the designated regulator, as is the case with equity and commodity trading platforms, to ensure full oversight of digital assets, an official related to the matter said.
They will be subject to net worth rules and must meet 'fit and proper' criteria like other exchanges under the proposed law.
The government has included the draft law on cryptocurrencies and regulation of the official digital currency, 2021, for presentation in the current winter session of Parliament. The cabinet has yet to accept the bill for approval.
India is considering Sebi appointing its capital markets regulator to oversee cryptocurrencies, according to people with knowledge of the matter, as authorities seek to classify them as financial assets.
Expert opinion
More than 100 million Indians will own or be exposed to cryptocurrencies over the next two to three years, with assets worth more than $ 50 billion, said Nischal Shetty, founder of WazirX.
Shetty said that he sees the cryptocurrency universe in India growing exponentially with more than 1,000 startups working on various technological aspects of the blockchain.
India currently has more than 15 million cryptocurrency users in the country with assets worth more than $ 6 billion.
Bitcoin and Bulls
Bitcoin is creeping towards $ 55,000 after this weekend's sudden crash, and chart watchers suggest that the rally may push the largest cryptocurrency back to previous highs.
Craig Wright, a computer scientist claiming to be the inventor of Bitcoin, prevailed in a civil judgment verdict against the family of a deceased business partner who claimed he was owed half a fortune in cryptocurrencies worth tens of thousands of dollars. millions.
Global update
While the crypto greed and fear index is still reeling at 28 (fear), large institutions and investors appear unfazed, with the prominent hedge fund, Three Arrows Capital, fetching 91,477 Ethereum ($ 400 million) in two days.
Technical view of BuyUcoin Cryptocurrency Exchange
The SAND price is currently consolidating after a small rally from the brutal December 4 sell-off. It has already moved more than 8 times since October 2021. After months of consolidation, SAND began a massive rally as the metaverse gained more attention, rising more than 900% (from $ 0.7 to $ 8.11). at the end of November.
SANDBOX is currently moving in an ascending parallel channel, trading around the channel's lowest support level. A strong bounce from crucial support can trap buyers. Therefore, a channel breakout would be the most likely scenario.
RSI and MACD are giving mixed signals; The RSI is just below the 50 line, while the MACD is still positive but has lost steam. The bears have more control as the bulls need more majority to provide positive certainty in the market.
Higher levels
Support: $ 1.97, $ 1.88, $ 1.73
Resistance: $ 2.31, $ 2.4
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).
