Bitcoin slipped below the$20,000 mark, whereas Ethereum was slightly above $1,300. Investors across the globe will be keenly looking at the inflation data and the US Fed minutes of themeeting scheduled this week.
All the crypto tokens were trading higher on Monday, but the gains were capped. XRP jumped as much as 4 per cent, whereas Polkadot and Polygon gained 3 per cent each. Solana was up 2 per cent.
The global cryptocurrency market cap was trading marginally higher at $944.94 billion, rising about a per cent in the last 24 hours. However, the total trading volume gained as much as 2 per cent to $33.20 billion.
What’s cooking in India
The Reserve Bank of India (RBI) on Friday released its concept note for central bank digital currency (CBDC), which was announced by Finance Minister Nirmal Sitharaman in Parliament during her budget speech in February.
The RBI clarified that the concept note aims to create awareness about CBDC and features of the digital rupee (e₹). It explains the objectives, choices, benefits, risks of CBDCs in India.
Expert take
Shivam Thakral, CEO, BuyUcoin said that the overall crypto market cap is hovering around $945 billion, a marginal jump of less than a per cent in the last 24 hours. Bitcoin was sitting at the $20,000 level but later lost it.
“The ongoing economic pressure, geopolitical uncertainty, and hawkish stance of central banks worldwide will keep investors on their toes in the coming weeks,” he added.
Global Updates
Crypto mining companies have struggled extremely in 2022 so far. One shred of evidence came from Barclays, which initiated equity research coverage on Core Scientific last week, issuing an ‘overweight’ rating.
Crypto exchange Huobi Global, one of the biggest token trading outposts in the Asia markets, said that it has agreed to be purchased by Hong Kong-based investment company About Capital Management’s M&A fund.
Ziya Sadr, an Iranian Bitcoin advocate, was arrested by Iranian security forces last month, according to multiple sources. The arrest came amid widespread anti-government protests over the state killing of 22-year-old Mahsa Amini.
Tech View by Proasstez Exchange
Bitcoin is still holding a strong support level of $19,000 and key support level of $17,000. Currently, a small momentum is building up to reach $20,400. If it crosses $22,000 it can touch the levels of $25,000.
(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.)