Bitcoin and other crypto tokens were trading mixed on Thursday as s rising interest rates and macroeconomic factors made market sentiments jittery. US Securities and Exchange Commission (SEC) Chair Gary Gensler continued his combative stance against crypto in congressional testimony on Wednesday.
Bitcoin managed to post some gains as the largest crypto token added about half-a-per cent but managed to hover around $26,500-levels. However, its largest peer, Ethereum, inched up about a per cent to once again top $1,600-mark. Price action in the altcoins remained on the mixed side.
Bitcoin is currently priced above the $26,300 mark. This surge coincides with the US dollar index achieving a new 10-month high at 106.48. Meanwhile, Ethereum has been hovering around the $1,600 threshold. In other news, Ethereum has reached a remarkable milestone by surpassing $10 billion in revenue within seven years, said Edul Patel, Co-Founder & CEO at Mudrex.
All top crypto tokens were trading mixed on Thursday. Among the gainers, Toncoin jumped more than 2 per cent each, while Solana added about a per cent each. On the contrary, Litecoin, XRP and Polygon shed about a per cent each, while BNB and Dogecoin were down half-a-per cent each.
The global cryptocurrency market cap was trading slightly higher, falling to $1.05 trillion-mark, as it rose about half-a-per cent in the last 24 hours. However, the total trading volumes rallied more than 48 per cent to $28.87 billion.
Bitcoin showed a small pump in the last 24-hours for a brief period before facing resistance at its 50-DEMA. The markets are calling for a $30,000 level for BTC soon. However, a support level at $26,000 has to be maintained to expect an upside movement in the short term, said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.
“Terra’s LUNA has been pumping. This price action is being attributed to LUNA’s community passing a proposal that makes them move away with the minting of new USTC stablecoins, which was the supposed-to-be stable coin of the Terra Luna ecosystem,” he added. “This is happening in the wake of its founder Do Kwon’s lawyers having replied to his extradition request from the US authorities.”
Tech View by WazirX Trade Desk
Bitcoin Cash (BCH) is a decentralized cryptocurrency designed as a peer-to-peer electronic cash system, striving to establish itself as a reliable global currency with swift transactions, minimal fees, enhanced privacy features, and an increased block size. This cryptocurrency operates without the need for any trusted third parties due to its permissionless nature.
On the daily time-frame, the BCH/USDT trend has come out of its consolidation phase as the chart breaks out of a long-formed triangle pattern with significant buying volumes. The daily price momentum indicator or the RSI has crossed 65 for the first time in nearly 3 months. The next resistance is expected at 250 USDT and an immediate support is expected at 207 USDT.
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