crypto price today: Crypto price today: Bitcoin regains $19K; Ethereum rises, but altcoins tank
On the technical front, Bitcoin may be undervalued, but the macroeconomic environment is still so sketchy that investors may not want to jump in just yet, analysts said.
Apart from Bitcoin, Ethereum and Dogecoin, which posted mild gains, all other crypto-tokens traded lower. Uniswap plunged about 4 percent. Polkadot, Cardano and Solana each fell 3 percent.
The global cryptocurrency market capitalization traded flat at $915.30 billion, almost unchanged over the past 24 hours. However, total trading volume fell more than one percent to $44.32 billion.
Expert take
Edul Patel, CEO and co-founder, Mudrex, said that Bitcoin bounced back at a key support point after a two-day losing streak. “As bulls have become active in the market, we could see Bitcoin touch $19,600 in the coming days,” he said
On the other hand, Ethereum is trading very close to its local resistance level of $1,295. If the bulls can hold gains, ETH could likely rise to the $1,300 level, he added.
Global updates
Axie Infinity, which experienced a meteoric rise in popularity last year as one of the first crypto-focused video games, could face significant selling pressure as $215 million worth of the project’s AXS tokens are unlocked in the coming days.
Publicly traded crypto exchange Coinbase will waive commission fees for USD coin sales and purchases made in any fiat currency in a push to promote the wider global adoption of the stablecoin, it said in a blog post.
Stablecoins could have such a profound effect on the established banking system that US regulators would have to require the digital tokens to fit in without disrupting it, said Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corp.
Crypto exchange Binance denied allegations of misusing users’ token holdings to exercise voting rights on the decentralized autonomous organization Uniswap.
NFT marketplace Rarible has released a feature-packed update to its ecosystem called Rarible 2, which transforms the platform into an aggregated NFT marketplace and introduces the RARI Foundation and new RARI governance token rewards.
Finance can never be truly decentralised, a member of the Bank of England’s Financial Stability Committee has said, citing an unfair advantage for insiders and the need to react to unforeseen events.
Technical view of BuyUcoin cryptocurrency exchange
The Quant token (QNT) made it to the top 30 crypto assets list with its latest dream run. The QNT token is among the best crypto assets in recent times and is currently trading at $178.96 with a healthy growth of over 7% in the last 7 days.
The outlook for QNT looks promising as it is cross-ledger technology that is being looked at by central banks worldwide for their CBDC operations. The current increase of CBDCs will create more growth prospects for QNT and it can be seen as a long-term investment option based on investors’ risk appetite.
