Russia escalated its unprovoked invasion of Ukraine and the prospects of a severe global recession increased exponentially, and Bitcoin, the largest cryptocurrency by market capitalization, was trading above $19,000.
Barring the US dollar-pegged USD Coin, all top crypto tokens were trading sharply higher on Thursday. BNB zoomed more than 5 per cent, whereas Bitcoin, Solana and Ethereum rallied 4 per cent each. XRP and Polygon were 3 per cent up.
The global cryptocurrency market cap was trading significantly higher at $941.75 billion, jumping as much as 3 per cent in the last 24 hours. However, the total trading volume tumbled over 12 per cent, close to $82.32 billion.
What’s cooking in India
India’s Enforcement Directorate has frozen cryptocurrency worth about Rs 12.8 crore($1.5 million) as part of a money-laundering investigation relating to a gaming app called E-Nuggets, according to a press release.
In other news, Jumbish has roped in galleries and curators to enable non-fungible tokens (NFTs) in physical artforms along with digitals arts, thus promoting a Phygital platform in reality.
This week, the global crypto market cap saw rapid changes with key cryptocurrencies including Bitcoin and Ethereum plummeting below their reserve prices but only to make corrections as spot volumes increased, said Prashant Kumar, Founder & CEO, weTrade.
“Almost a fortnight after the Merge, Ethereum is trading at $1,300,” he added. “The strengthening US dollar, increased rate hikes and calls for broader regulations for stablecoins by the US Federal Reserve chair are all affecting the market.”
AQUA, a Web3 community platform for gamers, has launched its flagship marketplace for trading in-game assets. The startup also announced a $10 million investment from DIGITAL, an investment firm backed by Steve Cohen.
Bitcoin (BTC) recovered from daily lows after the Bank of England (BOE) said it will take steps to address the liquidity crunch in the government bond market.
Solana-based developer Coral has raised $20 million in a strategic funding round co-led by the venture capital arm of FTX and Jump Crypto. The capital will go toward building out the first flagship product, Backpack.
Tech Analysis by Giottus Crypto Platform
Harmony (ONE) is a popular blockchain ecosystem that allows users and developers to create, host, and manage DApps using tools packed with features that enable scalability and interoperability.
The platform runs on Ethereum, positioning itself as a solution to Ethereum’s challenges with scalability and costs. Its token – ONE – has been on quite a run in 2021, going from $0.0004 to $0.035.
The crypto bear market, however, erased some of its gains, as it has traded in the vicinity of $0.02 for a large part of the last quarter. This may be an accumulation, though, meaning the token may be ready for a positive move soon.
In September, it corrected from $0.024 to $0.18, spawning several Fibonacci levels that become potential resistances that ONE can overcome to initiate a new bull run. If bullish sentiment returns to the market, an immediate attempt to overcome resistances at $0.021 (in confluence with its 50-day moving average) and then $0.024 is possible.
This will result in a market structure change that should propel ONE to targets of $0.028 and $0.031. If a market structure doesn’t change, though, ONE may see new lows below support at $0.18 in the short term.
Support: $0.018, $0.0175
Resistance: $0.021, $0.024, $0.028, $0.031
(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.)