New Delhi: Major cryptocurrencies were trading higher on Monday after a tepid weekend trade. The digital token market cheered the absence of any negative news flow after a jittery week. The crypto market jumped as much as 6 per cent from the previous day, with eight out of the top 10 digital currencies trading higher at 9.30 hours IST.
The Federal Reserve singled out a surge in crypto asset prices for the first time in its overall assessment of the stability of the financial system, saying the rise reflected increased risk-taking by investors.
Cryptocurrency company Bullish announced on Friday it had agreed to go public on the New York Stock Exchange through a merger with Far Peak Acquisition, a special purpose acquisition company (SPAC), in a $9 billion deal. The unit of blockchain software company Block.one, plans to launch a regulated crypto exchange later this year.
“It was a pretty silent weekend in the cryptocurrency markets. Major cryptocurrencies remained consolidated. Both, Bitcoin and Ethereum, have defended their crucial support levels. Crypto traders would be looking for any cues regarding the momentum in the markets,” said Edul Patel, CEO and Co-founder, Mudrex.
“As long as the markets make a move on either side, traders would quickly jump on the bandwagon and tip the scales. Long-term investors would, however, be pretty excited because of the consolidation seen in the past few days. Such consolidations generally pave the way for a quick pump and push the markets higher,” he added.
Financial payments startup Square is trying to make a real-world wallet for safely pocketing bitcoin cryptocurrency. Square founder and chief Jack Dorsey, who is also the top executive at Twitter, had tweeted last month asking for feedback on the notion.
Tech View by Siddharth Menon, COO WazirX
Bitcoin (BTC)
Bitcoin price action is making higher lows from 26th July 2021, which may be a sign of potential trend reversal. Bitcoin broke out of the descending triangle pattern and the RSI shows the uptick which indicates that a buying momentum is building up.
RSI breakout above the trendline may be a confirmation of trend reversal if the price closes above the resistance of $41,273 on the daily timeframe, whereas a breach of $29,898 level may take Bitcoin towards $20,000-25,000 levels.
Ethereum
Ethereum continues to stay strong against Bitcoin as a result of which money is chasing Altcoins. DEFI and NFT sectors have started outperforming the market. SNX and SAND gained more than 50% last week.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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