The global crypto market cap declined to $1.76 trillion, about 3 per cent lower compared to the last day. However, the total crypto market volume tanked 17 per cent to $102.17 billion.
Bitcoin and Ether reached their highest levels in more than two months after a major Ethereum upgrade and even in the face of uncertainty over crypto rules in the US infrastructure plan.
As the US goes after the unregulated cryptocurrency market, the Securities and Exchange Commission (SEC) has for the first time charged two crypto industry executives of illegally selling over $30 million of securities in unregistered offerings.
“The crypto market is slowly coming to a minor halt as we come out of the weekend. Most cryptos are at highs that were last touched in early May,” said Edul Patel, CEO and co-founder of Mudrex.
As Bitcoin and Ethereum continued to gain linearly over the past week, other Altcoins had a relatively lesser rally. That will soon pick up pace as the leading duo slowly start to consolidate, he added.
As the art world begins to open up and go digital at the same time, art-tech organisation Jumbish has announced the launch of an exclusively art-based NFT (non-fungible token) marketplace that platforms both upcoming and established artists and creators, and connects them with collectors in an online blockchain-powered marketplace, it said.
Tech View by ZebPay Trade Desk
Bitcoin
Bitcoin has shown revival in the market since the May 2021 crash. The ‘Bitcoin Greed and Fear’ sentiment has also updated from extreme fear to greed in the market over a month.
Key Levels
Resistance: $45,250
Support: $37,350
Ethereum
Ethereum has gained 18% since the EIP-1559 launch, as Ethereum is being burnt and the supply shock can be seen due to low ETH reserves on exchanges.
Key Levels
Resistance: $3,100
Support: $2,800
Major Levels
Support: $300, $255
Resistance: $345, $380
(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.)
