New Delhi: After a sharp rally of up to 25 per cent in the last one week, Bitcoin took a breather as investors booked profits, after the US Fed’s chair Powell testified before the US Congress. Altcoins followed suit.
Federal Reserve Chair Jerome Powell reaffirmed the US central bank’s plan to raise interest rates this month for the first time since 2018. On the other hand, the saga in Eastern Europe continued.
All of the top digital tokens were trading lower on Thursday. Avalanche tumbled as much as 6 per cent, whereas Cardano and Shiba Inu dropped 3 per cent each. Bitcoin and Ethereum also shed a per cent each.
The global cryptocurrency market cap today was almost flat at $1.92 trillion mark, easing up to a per cent in the last 24 hours. Total cryptocurrency trading volume slipped more than 10 per cent to $94.72 billion.
Expert Take
Russia’s invasion of Ukraine has a far-reaching impact not just on Ukraine, but also on global economies, with commodity prices surging sharply over the course of the past few weeks, said CoinDCX Research Team.
“If left prolonged, that could potentially exacerbate inflation in India, with trickle-on effect on the country’s developmental progress as well as financial markets,” it added.
Global Updates
Bitcoin prices have surged as investors again appear to view the volatile cryptocurrency as a safe haven for their money and Russians and Ukrainians seek alternatives to their country’s financial institutions.
Some of the world’s biggest cryptocurrency exchanges are staying put in Russia, breaking ranks with mainstream finance in a decision that experts say weakens Western attempts to isolate Moscow following the invasion of Ukraine.
Trading volumes between the Russian rouble and Bitcoin increased to a nine-month high as the country’s fiat currency plunged to record lows due to the fallout from the invasion of Ukraine.
Ukraine said it would now accept cryptocurrency donations in dogecoin (DOGE) from supporters of the conflict with Russia – and tagged the billionaire and DOGE promoter Elon Musk in the tweet announcement.
In other news, Worldpay from FIS, the world’s largest payments processor, has partnered with the Shyft Network, a digital identity system designed to bring the cryptocurrency industry in line with global anti-money laundering rules.
Tech view by Giottus Crypto Exchange
Avalanche is one of the many ‘Ethereum killers’ in the market with a vibrant ecosystem of validators, developers and potential use cases for institutions and enterprises. Its token – AVAX – was one of the most performing coins of 2021, going from $3 to nearly $150.
ETMarkets.com
After a steep correction from it’s all-time high that took it to $52, Avalanche seems to have finally flipped an important resistance trendline into support. It is currently backtesting this trendline, and should this level hold, it would be a bullish signal that may lead AVAX to short term targets at $88, $99 and $110.
These targets have been rejected in the past though. Should they continue to offer resistance, AVAX may consolidate and retest support at $74 and possibly even $70 before an impulsive move to the upside, at a confluence with its trendline. These levels therefore would be attractive for long positions.
Major levels:
Support: $74, $70
Resistance: $88, $99, $110
(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.)
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
ETMarkets.com