Signs of economic slowdown on the back of muted manufacturing data in several countries and fresh escalation in the geopolitical worries between the US and China dented the sentiments. Trading volumes also remained light.
All the top crypto tokens were trading lower on Tuesday. Polkadot plunged 10 per cent, whereas Polygon tanked six per cent. Ethereum, Avalanche and Solana dropped 4-5 per cent each.
The global cryptocurrency market cap was trading lower at $1.05 trillion mark, dropping more than three per cent in the last 24 hours. However, the total trading volume jumped about eight per cent, close to $76.49 billion.
What’s cooking in India
The Atal Incubation Centre at Goa Institute of Management (AIC-GIM Foundation) and GirlScript, a non-profit organisation, have collaborated to organise the ‘agnostic web 3.0 conference’ in Goa from August 12-14 this year.
According to an official, technologies of the future, including blockchain, global policies on NFTs and cryptocurrency, foray into metaverse, growth-hacking and more will be discussed and deliberated upon during the three-day conference.
Expert’s take
Bitcoin is trading marginally lower with increased market volatility. The bearish sentiment appears to have started after bulls were unsuccessful in holding Bitcoin above the $23,000 level, said Edul Patel, CEO and co-founder, Mudrex.
“In addition, Ethereum also traded lower and could manage to break its resistance at $1,700 but could not sustain it for long. It might suggest that Ethereum retest its previous support levels before reclaiming the $1,700 level,” he added.
Global updates
Customers who held cryptocurrency in custody accounts at Celsius Network, the bankrupt trading and lending firm, have banded together to hire legal counsel in a bid to get their money back.
UK High Court Judge Martin Chamberlain has ruled that Craig Wright, the Australian scientist who claims to be Bitcoin inventor Satoshi Nakamoto, advanced false evidence in his defamation case against Peter McCormack.
The US Securities and Exchange Commission charged 11 people tied to the alleged $300 million crypto Ponzi scheme Forsage with fraud.
Seychelles-based crypto exchange Huobi is now able to offer trading services in Australia after successfully registering with the Australian Transaction Reports and Analysis Centre, according to a tweet from the company.
Sustainability-focused non-fungible token (NFT) platform OneOf has raised $8.4 million in a strategic funding round that included Amex Ventures, the venture capital arm of American Express.
Investment in crypto assets should be capped, with consumers warned that they could lose all their money, the UK Financial Conduct Authority said in a policy document published.
Tech View By Giottus Crypto Platform
XRP is a low-cost, scalable, and speedy blockchain network offering greener solutions for real-time settlements for micropayments and others. Ripple, XRP’s parent company, recently revealed in its second-quarter report that its XRP’s sales grew by 50 per cent despite the legal tussle with the SEC. However, XRP has shed 56 per cent of its value in 2022.
After dropping to a low of $0.28 during June, XRP has been attempting a trend reversal while creating a series of higher highs during July. XRP has mostly managed to stay above the long term trendline support forming since the start of July.
XRP needs to break above the psychological resistance of $0.40 to gather further momentum. $0.42 and $0.44 are forming as the next resistance levels. With an RSI of 56, XRP is looking up and is above its 50-day moving averages.
Given the favourable macro tailwinds, investors can wait for a confirmation before they decide to go long. Any downward movement will bring in the trendline support of $0.35 into play.
Major Levels
Resistance: $0.40, $0.42, $0.44
Support: $0.35, $0.33, $0.31
(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.)