Crypto Price Today Live: Bitcoin breaks $ 20,000; Ethereum, Tether fall
Crypto traders are still looking forward to Wednesday’s release of the June Consumer Price Index, a measure of US inflation, to find clues as to how aggressive the Federal Reserve must be to slow the pace of consumer price increases.
Except for Shiba and Unus Sed Leo, all other crypto tokens traded marginally lower on Tuesday. However, losses were limited in all tokens.
The global market value of cryptocurrency traded lower at $ 888.98 billion, falling more than 3 percent in the last 24 hours. However, the total trading volume of cryptocurrencies fell over one percent to $ 53.63 billion.
Expertise
Bitcoin fell below the $ 20,000 level as prices continued to slide for another day, said Edul Patel, co-founder of Mudrex. “We can see BTC fall to $ 18,000 as bearish sentiment persists in the market.”
The crypto market along with the traditional financial markets has been under enormous selling pressure due to rising inflation and growing geopolitical uncertainty, said Shivam Thakral, CEO, BuyUcoin.
“The metaverse tokens also met with some heat from wider sales in the crypto market with popular metaverse tokens such as Decentraland, The Sandbox, Axie Infinity and Enjin Coin falling sharply,” he added.
Global updates
- The Financial Stability Board (FSB) said it would propose “robust” global rules for cryptocurrencies in October, following recent turmoil in markets that have highlighted the need to regulate the “speculative” sector.
- It’s time to start stacking bitcoin again. It is the message from indicators that tracks tokens sold by miners and compares the market value of cryptocurrency with its fair value.
- Voyager, the cryptocurrency exchange platform that declared Chapter 11 bankrupt last week, assured customers that its ‘FDIC-insured’ USD deposit would be returned in full, pending a ‘reconciliation and fraud prevention’ process.
- The crypto-trading platform CoinFlex has begun arbitration for the recovery of over $ 84 million in debt that a “large individual customer” owes as part of a broader revival strategy.
- Binance, the largest cryptocurrency exchange in terms of trading volume, made only weak attempts to prevent money laundering, Reuters said. Binance operated outside the rules that many rival companies follow.
- Pure energy-focused bitcoin (BTC) miner Gryphon Digital announced its operational efficiency and balance flexibility in the June update.
- Celsius Network, the troubled cryptocurrency lender that has stopped customer withdrawals due to liquidity problems, paid down $ 95 million of its debt to Aave and Compound’s decentralized financial platforms (DeFi).
Tech View by Giottus Crypto Platform
BNB is the original currency of Binance, one of the leading crypto exchanges. Binance started as a crypto exchange in 2017 and now aims to position itself as an infrastructure provider for the blockchain ecosystem. BNB has held up considerably well in 2022 compared with other cryptocurrencies.
It has lost ~ 67% from 2021 all-time high of $ 675 in the midst of market turmoil. BNB is currently trading at $ 224, down 3% over the last 24 hours. BNB started the year over $ 500. It tried unsuccessfully to push past a long-term trend line resistance several times, but eventually broke over it in July.
A CONTRIBUTINGIt has also broken a declining wedge pattern indicating a bullish reversal. Its .382 fib retracement level of $ 228 serves as its immediate resistance. BNB must pull through the $ 250 psychological resistance to restore market confidence. A breakthrough will bring the $ 255 50-day SMA into play.
However, indicators provide a neutral picture for GDP, with the RSI at 42 at the moment. The $ 236 fib level of $ 211 will serve as the next crucial support.
Main levels
Resistance: $ 228, $ 250, $ 255
Support: $ 211, $ 183
(The views and recommendations given in this section are analysts’s and do not represent those of ETMarkets.com. Consult your financial advisor before taking any position in the asset (s) mentioned.)
