The global crypto market cap jumped to $1.54 trillion, a 6.37 per cent increase over the last day. However, the total crypto market volume declined 14 per cent to $97.36 billion.
Earlier, sentiments were jittered after Amazon denied media reports saying the e-commerce giant was looking to accept Bitcoin payments by the end of the year. The company on July 22 posted a job opening for a digital currency and blockchain product lead.
“The mini consolidation in the cryptocurrency market has paved the way for a strong buying momentum,” said Edul Patel, CEO and Co-founder of Mudrex.
“Bitcoin hit the $40,000 mark and Ethereum raced past $2,300. The two largest cryptos breaching the crucial resistance levels has changed the sentiment through the markets as buyers are now active,” he added.
Back home, India’s largest cryptocurrency exchange by volume, WazirX, is on an advanced stage to launch a decentralised exchange of its own, co-founder Nischal Shetty said. The decentralised exchange will be launched next month.
Tech View by Giottus Cryptocurrency Exchange
Bitcoin Cash (BCH) started off this week in an uptrend as it rallied upwards of 10%, supported by volumes too. This came after the BTC rally over the weekend. The asset currently trades at $500 levels, up almost 20% on a week on week basis.
BCH was created in 2017, from a fork of BTC, and it has increased block size, better latency, and can allow more transactions to be processed per second compared to BTC. However, they both share the same consensus mechanism, and the supply is limited to 21mn.
BCH last week made a low of $384.26. It took the support at last month’s low ($387.33) and started moving upwards forming a ‘Higher Top Higher Bottom’ pattern. Prices surged almost by 35% up to $518.
The asset witnessed some profit booking at these levels as it has faced stiff resistance around $510 to $545 multiple times in the past. Hence, we conclude that to further rally BCH needs to trade and close above $545.
Major Levels:
Support: $432, $384
Resistance: $545, $625
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(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.)