Bitcoin and other crypto tokens posted better-than-modest gains on Friday after the US Fed chair’s commentary last evening, which pushed the treasury yields higher. However, The state of New York has filed a lawsuit against Digital Currency Group, and its subsidiary Genesis Global Capital along iwht crypto exchange Gemini alleging fraud to the tune of more than $1 billion.
After a short-lived profit booking, Bitcoin was back in green on Friday as the last crypto token surged more than 3 per cent to regain the 29,000-levels. However, its largest peer, Ethereum, also rose more than 2 per cent but remained below $1,600-level. Majority of altcoins were trading higher in the early morning.
The crypto market narrative is seemingly shifting more towards the increasing Bitcoin dominance. As Ethereum continues to fall against Bitcoin, other layer 2s have also been underperforming, said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk. Social media company Reddit announced to wind down its internet points feature citing scalability issues, he said.
“India has been making moves in the blockchain technology space as HPCL has partnered with blockchain software firm Zupple Labs to use its service LegitDocs in helping in the automatic verification of its purchase orders (POs). After working on this for the last 6 months, HPCL seems to have now completed this integration,” Hudda added.
Barring the US dollar pegged Tether as only an exception, the majority of top crypto tokens were trading with big gains on Friday. Solana rallied about 9 per cent, while XRP gained about 7 per cent. Toncoin rose 6 per cent, while Bitcoin Cash was up 5 per cent. Litecoin added 4 per cent during the early trade.
The global cryptocurrency market cap was trading sharply higher, rising up $1.11 trillion-mark, as it surged about 3 per cent in the last 24 hours. However, the total trading volumes rose about 7 per cent to $42.60 billion.
Bitcoin has surpassed the $28,600 mark in response to the US Federal Chair Jerome Powell’s announcement that the Federal Reserve is likely to maintain current interest rates in November, with a potential increase in December. This coincides with a 6-basis point jump in the 10-year US Treasury yield, said Edul Patel, Co-founder and CEO at Mudrex.
“There is a bullish sentiment in the market, as displayed by Bitcoin growing over 8% in the past week. Meanwhile, Ripple’s price has surged by over 7 per cent in the last 24 hours following the US SEC’s decision to drop charges against Ripple Labs’ CEO Brad Garlinghouse and Chairman Chris Larsen,” he said.
Tech View by Giottus Crypto Platform:
Maker (MKR)is currently facing difficulty in breathing its resistance levels.MKR is witnessing mixed price action, after recording short-term losses earlier this month. The asset, trading at $1,420,is holding steady in a horizontal channel and is expected to continue in the near term.
It is facing immediate resistance at $1,490 and if the price successfully surpasses this level, it could potentially lead to the next resistance at $1,585. Its50-day moving average is currently at $1,315 and MKR is holding well above this level. The asset has shown marginal signs of recovery in the last couple of days, with its RSI slope showing signs of recovery indicating an uptick in buying pressure.
Support: $1,335, $1,265
Resistance: $1,490, $1,585
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)