Cryptocurrency

Crypto Price Today: Bitcoin, Ethereum, Solana, Avalanche gain up to 9%

New Delhi: Crypto markets scripted a swift and strong rebound from the weekend wounds. However, woes for the digital token market continued to spook traders as signalled by the muted volumes.

Bitcoin was able to hold above the $20,000 mark, whereas other altcoins also posted strong gains.

Bad news over the economic recession, geopolitical worries and industry turbulence have plagued the new-age asset class and hit them sharply, leading to severe wealth erosion.

Barring the USD Coin, all crypto tokens were trading with gains on Tuesday. Solana zoomed 9 per cent, whereas Avalanche and Polkadot gained 8 per cent and 7 per cent, respectively. Ethereum, Bitcoin, BNB and Cardano gained up to 5 per cent.

The global cryptocurrency market cap was trading at the $902.98 billion mark, rising more than 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged about 9 per cent to $71.71 billion.

What’s cooking in India
The bear market is exposing fissures in crypto bubble, especially in the collapse of the DeFi ecosystem. Indian investors, who had put their money into the platform, have no option but to make peace with their losses.

Founders, venture capitalists, and retail investors are all readjusting to the new reality. The collapse of Terra’s blockchain native token Luna, which reportedly erased $40 billion from the crypto market, has had a cascading effect.

Expert take
Bitcoin, Ethereum and most cryptos showed up in the green as bulls might have bought the weekend dips. Bitcoin continued to rally for another consecutive day after recapturing $20,000 on Monday, said Edul Patel, Co-Founder & CEO, Mudrex.

“Despite the gains, BTC is down by nearly 22% over the past seven days. So sellers are in control of the market. If the buying strength drops again, BTC might find support close to $17,000,” he added.

Global updates
– As all the leading cryptocurrencies get hammered, Tesla CEO Elon Musk has said he will keep supporting and buying Dogecoin, a cryptocurrency he has been vouching about for years.

– The CEO of Hong Kong-based cryptocurrency exchange Hoo.com tweeted early Monday that his company will open withdrawals for some tokens today after announcing on Sunday in a blog post it would be delaying withdrawals for 24 to 72 hours.

– Ukraine has sold CryptoPunk #5364, the highly valued non-fungible token (NFT) it received as a donation in early March during its fundraising campaign in its war against Russia.

Tech View by Giottus Crypto Platform
Polkadot (DOT) was specifically designed as an interoperable multichain protocol for Web3. Via its network of parachains, the Polkadot network facilitates the cross-chain transfer of any asset, token, or data. DOT, the native and governance token of the Polkadot network, is trading at $7.8, having lost 85% of value since its November high of $55.

As bears still attempt to pull down the prices further, DOT’s price is squeezing into a falling wedge pattern, displaying the oversold conditions. A falling wedge pattern is usually followed by a bullish trend reversal.

DOT has attempted to break above the long-term trendline resistance (of the wedge) several times since May. It is once again testing the trendline resistance. Any breakout above the $8 resistance can set the momentum for DOT. Its 50-day SMA of $10 will form its next resistance zone.

In case DOT gets rejected once again, $6.5 will come into play as the trendline support, which it has successfully tested several times in the past.

Major Levels
Resistance: $8, $8.69, $10
Support: $6.5, $6, $5

(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.)

Source: https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-prices-today-live-news-bitcoin-dogecoin-ethereum-shibha-inu-cryptocurrency-latest-updates-21-june-2022/articleshow/92349559.cms

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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