The global cryptocurrency market cap was trading almost flat at $1.92 trillion mark, with marginal gains in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 13 per cent to $90.79 billion.
What’s cooking in India?
Union Finance Minister Nirmala Sitharaman pitched for a global framework to regulate crytpo tokens, particularly their use in money laundering and terror financing.
Crypto asset management platform, Mudrex, has registered a 2,400 per cent increase in its user base for the first quarter of 2022, making it the largest crypto index investing platform.
All it took on Wednesday were a pair of tweets from the pseudonymous to ignite a surge in the price of ApeCoin (APE), a token linked to the buzzy-as-it-gets NFT project Bored Ape Yacht Club (BAYC).
Binance.US, the American arm of the world’s largest crypto exchange by trading volume, is likely to leave noted crypto lobbying group Blockchain Association after less than two years due to a difference in ‘values, goals and standards.’
The US government added Russian crypto mining company Bitriver to its sanctions list on Wednesday as part of its ongoing effort to blockade Russian firms from accessing the global financial network in the wake of Russia’s invasion of Ukraine.
Tech View by Giottus Crypto Exchange
The Polkadot blockchain’s token – DOT – has been generating considerable hype amongst investors lately. Aside from its strong fundamentals, it’s a blockchain solving the unique problem of connecting several blockchains to enable data sharing.
DOT has been making a run for important resistances and has shown strength recently. With Bitcoin now closing above the psychological $40,000 level, DOT may take this opportunity to rally further.
DOT got rejected at the $24 level recently and is now currently trading in the $19 range, with an important resistance located around the $19.5 level. Should DOT manage to break and hold this level, short-term target of $22, will come into play. $25 and $27 should quickly flow if broader market sentiments permit.
Of course, this is contingent on Bitcoin playing ball. Else, DOT will enjoy support at $18 level. DOT remains a fundamentally sound token with a promising long-term potential.
Support: $18, $17.4, $16
Resistance: $19.5, $22, $25
(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.)