Crypto market was trading slightly weaker on during the early Asian hours on Tuesday. Bitcoin and Ethereum were trading flat, whereas BNB was tumbling, thanks to much love from regulators. Regulators in the United States are closely eyeing crypto lately.
Bitcoin continued to remain below $22,000 mark, with some more weakness in the largest crypto token. Its largest peer, Ethereum dropped another per cent during the early trade and barely held $1,500 mark. However, a handful of altcoins were under severe pressure.
Bitcoin continued to trade lower in the past 24 hours as market sentiment remained bearish ahead of the upcoming US inflation report. Bitcoin traded at a multi-week low on Monday. Bulls have lost the initiative to bears, said Edul Patel, Co-founder and CEO at Mudrex.
“The immediate support of Bitcoin lies at the $21,650 level, while the resistance is at the $21,800 level. On the other hand, Ethereum also fell to a one-month low. It has been changing hands between $1,400 and $1,500. it has not yet acquired the strength to make a mid-term price recovery,” he said.
Barring a few exceptions, all major top crypto tokens were trading lower on Tuesday. BNB plunged 6 per cent, whereas Polygon, Litecoin and Shiba Inu were up 3 per cent each. Among the gainers, Tron jumped over 3 per cent and Solana added a per cent.
The global cryptocurrency market cap was trading lower to barely hold $1 trillion mark as it dropped about a per cent in the last 24 hours. However, the total trading volumes surged about 36 per cent close to $56.46 billion.
Banco do Brasil, Brazil’s largest public bank, has enabled the payment of taxes with cryptocurrencies, the bank said in a statement. The service is only available to customers with cryptocurrencies deposited with Bitfy, a startup specializing in blockchain solutions in which BB’s corporate venture capital arm has invested.
Stablecoin issuer Paxos will stop minting new Binance USD tokens at the direction of the New York Department of Financial Services, with the news coming just after a report of the threat of legal action from the US Securities and Exchange Commission (SEC).
Paxos Trust Company’s administration of Binance’s stablecoin left it open to use by bad actors, the New York Department of Financial Services told Reuters. Members of the Aave community are considering a proposal to freeze Binance’s BUSD stablecoin on the platform after the token’s issuer, Paxos, was sued by the Securities and Exchange Commission.
Note: Price change in last 24 hours
Tech View By WazirX Trade Desk
Cardano(ADA) has been on a steady rise since the beginning of this year, with a 60% jump in those 45 days. The community has been keenly awaiting the (SECP) upgrade which promises to deliver a wealth of exciting new developments and enhancements to the network.
Cardano has always been committed towards security and compatibility. The Valentine upgrade aims to strengthen these crucial aspects, particularly in regards to cross-chain DApp creation using Plutus. The weekly chart for ADA has formed a distinctive Cup and Handle pattern. The next resistance for ADA is expected at $0.4 level and an immediate support is expected at $0.34 levels.
(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.)
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