Crypto Price Today: Crypto Price Today Live: Polygon, Avalanche, Shiba Inu, Ethereum Shed Up to 9%

New Delhi: Ahead of the Federal Reserve’s policy meeting on Tuesday, the crypto market continued to bleed. Investors have begun their countdown for a 75 basis point rate hike, which has led to the digital token falling short.

The total market capitalization of the crypto space again slipped below the $1 trillion mark, with Bitcoin barely holding the $21,000 level, while Ethereum fell below the $1,500 level. Growing fears of an economic slowdown continue to haunt riskier assets.

All the top crypto tokens were trading lower during the early hours of Tuesday. Polygons declined by more than 9 percent, while Avalance and Shiba Inu each declined by 7 percent. Ethereum and Solana each lost 6 percent.

The global cryptocurrency market cap was trading at a low of $968.77 billion, falling over 4 percent in the past 24 hours. However, total cryptocurrency trading volume jumped close to 16 percent, closer to $75.97 billion.

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Crypto, a community-led investment platform for cryptocurrencies, has raised $3 million in seed funding. The company will use the new round of funding to grow its user base and widen the breadth of product offerings and technology.

Investors including Hashed Emergent, Athera Venture Partners (formerly Inventus), Better Capital, Whiteboard Capital, Polygon founders Sandeep and Jayanti, CRED’s Kunal Shah and other angel investors participated in the funding round.

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Confirming weak buyer sentiment, Bitcoin started the week on a bearish note falling below the $22,000 level. Mudrex CEO and co-founder Edul Patel said that if bitcoin breaks below current levels, it could drop to $19,000.

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He added, “Ethereum, the second largest cryptocurrency, was seen testing the $1,400 level. If buyers lose control of this level, we could see Ethereum hitting the $1,300 level in the coming days. ”

The CoinDCX research team said that the crypto and global financial markets are prepared for increased volatility and turbulence as we have significant macroeconomic events in the coming week in the form of the FOMC meeting.

The FED is expected to implement a further 75 bps rate hike to curb inflation, which could negatively impact risk-averse assets such as crypto due to a high interest rate environment that could potentially lead to selling pressure. can increase.

global update
Bitcoin also fell as the Chicago Board of Options Exchange’s volatility index, a measure known as Wall Street’s fear gauge, showed a lack of investor concern ahead of an expected US Federal Reserve rate hike on Wednesday.

Layer 1 blockchain Aptos Labs raised $150 million in a Series A funding round led by FTX Ventures, the venture capital arm of crypto exchange FTX, and Jump Crypto.

According to a press release, investment bank Moelis & Co has launched a group focused on venture deals in the blockchain and digital asset industry.

The wallet belonging to the developers of BNB Chain-based Teddy Doge sold over $4.5 million of its Teddy tokens for other cryptocurrencies over the weekend, sparking concern among investors.

About $1.1 million worth of Audius’ audio tokens were stolen over the weekend in a sophisticated attack involving the project’s governance forums.

Tech View by Giottus Crypto Platform
Polkadot (DOT) is an interoperable multichain network that facilitates cross-chain transfer of data, tokens or asset types in a blockchain. It is a top 20 crypto asset by market cap and was created specifically to serve as the infrastructure layer for Web 3.0.

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Despite its formidable utility, the network has been hit hard by the turbulent market conditions and is down 87% from November’s ATH of $55. DOT is trading at $6.70, down 12% over the past seven days. While still in a downtrend, DOT has been moving in a falling wedge pattern since May.

chart-dot (2) (1)ET Contributor

A falling wedge usually represents a bullish signal because the downtrend consistently loses momentum when the pattern nears completion. DOT broke out of the pattern in July and broke the upper trendline resistance at $7. However, DOT formed a series of lower levels after reaching the $8.1 high and is now near its .236 Fib level of $6.6.

DOT needs to retest the psychological resistance of $8 in order to restore market confidence and attempt another rally. Its price is trading below all major moving averages, and the RSI of 42 also does not show much strength. If DOT continues its decline, $6 will be the next support.

major level
Resistance: $7.4, $7.8, $8.0

Support: $6.5, $6.0

(The views and recommendations in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the assets mentioned.)

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