New Delhi: After a sharp up move in recent trading sessions, investors booked profits in major cryptocurrencies. This dragged the top deck of the digital token chart in red. Barring Cardano, all other top-10 cryptocurrencies were trading lower at 9.30 hours IST.
The global crypto market cap jumped to $1.9 trillion, about 2 per cent lower compared to the last day. Also, the total crypto market volume declined by about one third, or 32 per cent, to $89.61 billion.
Sharan Nair, Chief Business Officer, CoinSwitch Kuber said the slight dip in prices of Bitcoin and Ethereum is the result of a sell-off after a strong rally over the last few days. “We may experience some pullback in the crypto market in the days to come.”
“The cryptocurrency markets witnessed the bears springing back into action over the past 24 hours. The rally came to a halt as the selloff started picking pace. BTC and ETH both dropped around 4 per cent,” Edul Patel, CEO and co-founder of Mudrex, said.
“Technical indicators suggest a bumpy weekend in the crypto spectrum. IOTX was the fourth highest traded token as it shot up more than 26% after its Coinbase listing,” he added.
Hackers behind one of the biggest ever cryptocurrency heists have returned more than a third of $613 million in digital coins they stole. Poly Network said that $260 million of the stolen funds had been returned but that $353 million was outstanding.
“Ethereum EIP-1559 has gone live with no hiccups. Since the launch, approximately 100 million dollars worth of Ethereum were burnt. The prices have reacted extremely well to the burn,” said Siddharth Menon, COO, WazirX.
Cryptocurrency space is celebrating that Ethereum has become deflationary but this isn’t the case. A model made by Justin Drake of the Ethereum Foundation reveals that as a “best guess,” there will be 1,000 ETH issued per day and 6,000 ETH burned in the same period, Menon added.
Argentine soccer star Lionel Messi’s transfer to French club Paris St Germain included a payment in cryptocurrency fan tokens, a report said.
Tech View by ZebPay Trade Desk
Ether (ETH) crossed the psychological level at $3,000 on Aug 7, a signal that the correction might actually be over. The bears tried to stop the rally by pulling the price back below $3,000 but the buyers held their ground.
The asset has been fluctuating in the range of $3,000-$3,200 over the past 2 days. We anticipate that the bull will now try to resume the uptrend, citing levels of $3,500 and then to the psychological resistance at $4,000.
ETH made a ‘Double bottom’ or a ‘W’ pattern at $1,720 with a neckline of $2,400. The asset resisted a couple of times around these levels but once it was breached the bulls grabbed the opportunity with both hands and the prices rallied to make a high of $3,272.
ETH surged almost by 90% from its recent low within 25 trading sessions. Currently, the asset is consolidating near the highs and trading between $3,200 to $2,975, indicating indecisiveness on the part of bulls to continue its juggernaut for the moment.
Major levels
Support: $2,900, $2,650
Resistance: $3,450, $3,875
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(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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