crypto price today: Crypto price today: Ethereum, BNB, Polygon, Shiba Inu up 3%

by Arthur · August 4, 2022

New Delhi: The crypto market traded higher even as the Federal Reserve reiterated plans to keep raising interest rates to curb soaring inflation.

Geopolitical concerns limited gains for the digital market as US Congresswoman Nancy Pelosi visited Taiwan which angered China. The world’s second-largest economy warned of “targeted” military operations.

Top crypto tokens traded higher on Wednesday. Uniswap rose around eight percent, while BNB, Polygon, Polkadot and Avalanche rose by four percent each. However, Solana plunged around five percent.

The global cryptocurrency market capitalization traded higher at $1.07 trillion, up nearly two percent over the past 24 hours. However, total trading volume fell more than seven percent, close to $70.41 billion.

The expert’s assessment

The correlation to stocks and other traditional assets remains the main source of investor mistrust as the current rally in crypto aid appears to be running out of steam with $50 billion exiting the market with data from Glassnode confirming today’s network activity suggested little influx of new demand for block space , CoinDCX Research Team said.

Solana opened its first IRL store and web3 embassy, the store is called Solana spaces. The original location is in the Hudson Yards retail area, WazirX Trade Desk said.

“The store provides crypto newbies with services such as DeFi education and Phantom wallet creation, as well as Solana apparel and NFTs for sale. This can revolutionize and motivate new and interested people to enter the crypto space.”

Global updates

The New York State Department of Financial Services fined crypto trading entity Robinhood $30 million for alleged violations of anti-money laundering and cybersecurity regulations.

Cryptocurrency exchange Luno has been registered as a digital asset service provider (DASP) in France by the Autorité des Marchés Financiers. Luno’s parent company, Digital Currency Group, is also the parent company of CoinDesk.

Fintech startup Bits Crypto has raised $1.2 million in pre-funding to build out its mobile crypto investment application, led by HOF Capital, the investor in such crypto companies as MoonPay, Stripe and Kraken.

Decentralized autonomous organization (DAO) tool startup Coinshift has partnered with EarthFund, a crypto crowdfunding company that creates decentralized, philanthropic communities to manage its ecosystem of treasuries.

River Financial, a San Francisco-based bitcoin technology and financial services company, has eliminated trading fees for recurring bitcoin (BTC) orders.

Messari has acquired the assets and business of Dove Metrics, which provides fundraising data and intelligence for the cryptocurrency industry.

Waves, a blockchain used to create custom crypto tokens, will implement a user-approved plan to navigate the liquidity crisis on its primary lending platform, Vires.Finance.

Technical view from BuyUcoin, a cryptocurrency exchange

Polygon (MATIC) loses key support. It became the news maker of the day when 1.4 billion MATIC tokens were transferred from MATIC’s earned contract. The crypto community was spooked by the MATIC move resulting in selling pressure.

MATIC lost its key support level when 14% of its total supply was released from the earnout contract which was clarified by the founder of Polygon as a pre-planned move.

The current price of MATCI is below $1, but it needs to break above $1.2 or find an even higher support level beyond $1.5, otherwise there are chances of investors exiting their positions to minimize losses.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Consult your financial advisor before taking any position in the asset(s) mentioned.)