The global crypto market cap was hovering near the $2.06 trillion mark, declining less than a per cent compared to the last day. Similarly, the total crypto market volume declined more than 5 per cent to $89.59 billion.
Sharan Nair, Chief Business Officer, CoinSwitch Kuber, said the market has conveyed a mixed sentiment over the last 24 hours. While we saw Bitcoin take a slight dip, Solana performed fairly well.
FOMO remains alive and well in the cryptocurrency world, with lesser-known tokens outperforming again in the wake of recent rallies staged by industry leaders Bitcoin and Ether.
Cuba’s government has said it will recognise and regulate cryptocurrencies for payments on the island. Its central bank will set rules for such currencies and determine how to license providers of related services within Cuba.
Japan’s biggest brokerage has started offering subscriptions to a luxurious Italian food delivery service, where customers can use tokens to buy and trade dishes as their value fluctuates.
The first cryptocurrency ATM in Honduras opened this week as Bitcoin backers sought to spur demand for virtual assets after neighboring El Salvador became the first country to establish Bitcoin as legal tender.
Tech View by Siddharth Menon, COO WazirX
Currently, Bitcoin is trading close to the major psychological level of $50,000. On the daily charts, if we break above $50,000, the major resistance will be seen at $61,000. We have the first support all the way down to $45,000 and the second support level could be at $41,000.
With just over a week’s time, Bitcoin will become the legal tender in El Salvador and we could potentially see Bitcoin smashing through the $50,000 major psychological level.
Ethereum
Ethereum’s EIP-1559 went live on August 5th (18 days ago) and 1,27,541 Eth ($407 million) have been taken out of circulation since then. There is a bull flag forming on the daily charts and a breakout is quite imminent.
On the daily charts, Ethereum is trading between the support of $2,966 and resistance of $3,323. Ether appears strong against Bitcoin and an upward move is expected in the coming weeks.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)