Crypto price today: Bitcoin remains below $22,000; XRP and Avalanche fall up to 3%
The crypto market traded slightly weaker in the early Asian hours on Monday as the digital market awaited signals for the Fed’s monetary policy outlook in its next meeting. Moreover, the crypto market is also digesting regulatory developments.
The largest crypto token Bitcoin continued to hold below the $22,000 mark, extending the weakness slightly. Its largest peer, Ethereum, also reported a decline to barely hold above the $1,500 level. However, a handful of altcoins outperformed the top crypto stack.
Most cryptocurrencies experienced a correction over the weekend. Bitcoin fell below the $22,000 mark after US-based Kraken cryptocurrency exchange temporarily suspended its staking service and was fined $30 million by the SEC for not registering the service properly, said Edul Patel, co-founder and CEO of Mudrex.
“Bitcoin appears to be in a bearish trend as it is trading near the $21,770 support level. If the current trend continues, it is expected to drop further to $21,500 by the end of the week. At this point, Bitcoin has not yet gained enough momentum to a medium-term price increase,” he said.
Barring a few exceptions, all other top crypto tokens traded lower on Monday. XRP and Avalanche topped the losers with a 3 percent drop, while Polygon, Polkadot and Cardani lost 2 percent each. Tron, Solana and BNB traded in green other than US dollar pegged stablecoins.
The global cryptocurrency market capitalization traded lower at $1.01 trillion, falling around one percent over the past 24 hours. However, total trading volumes rose by more than 22 percent to $41.46 billion.
The cryptocurrency market is experiencing a downturn and the price of Bitcoin is falling below the key resistance level. The 200-day EMA trendline near $21,500 provides some support, but if the price breaks below $21,750, there could be potential for further decline, said Sathvik Vishwanath, Co-Founder-CEO of Unocoin.
“Shiba Inu failed to break the $0.0000132 level and may face selling pressure if it fails to break this level. HBAR is currently in an overbought zone and may face price rejection if short-traders exit their holdings. Overall, the cryptocurrency market is struggling for at the time, but there could be potential for growth in the future,” he said.
Crypto updates
According to some media reports, payment giant PayPal is stopping work on bringing its own stablecoin to market. The news comes a day after PayPal’s crypto partner Paxos was reported to be under investigation by the New York Department of Financial Services. Paxos is the issuer of stablecoins Pax dollar and Binance USD. Although Coinbase’s current revenue from stakes is relatively small, there is potential for rapid growth if the US Securities and Exchange Commission does not crack down on the service entirely.
Polygon, an Ethereum scaling project, is exploring ways to bring “zero-knowledge,” or ZK, technology—seen by many experts as a major advance in the use of cryptography in blockchains—to the main chain.
Note: Price changes in the last 24 hours
Tech View By Giottus Crypto Platform Tech View By Giottus Crypto Platform Polkadot (DOT) is trading around $6.1 today, up about 40 percent this year. The DOT has been trading below an important $6.2 mark, posting a 5 percent correction. However, the DOT appears to have a confluence of support zones coming in – from the $6.12 level to a rising trend line extending from last year.
Below that is also the 50-day moving average at $5.69 and a fib support at $5.82 as well. If DOT manages to regain its 200-day moving average of $6.31, DOT could move higher. However, the fact that the DOT has just failed to hold on to its golden pocket indicates strong bearish sentiment.
Key levels Resistance: $6.20, $6.73, $7.42 Support: $5.82, $5.69
(Views and recommendations provided in this section are the analysts’ own and do not represent the views of Business Today. Consult your financial advisor before taking any position in the asset(s) mentioned.)
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