Russia stepped up its unprovoked invasion of Ukraine and the prospects of a severe global recession grew exponentially, and Bitcoin, the largest cryptocurrency by market cap, was trading above $19,000. .
With the exception of the US dollar-pegged USD coin, all major crypto tokens were trading sharply higher on Thursday. BNB zoomed over 5%, while Bitcoin, Solana, and Ethereum rose 4% each. XRP and Polygon were up 3%.
The global cryptocurrency market capitalization was trading significantly higher at $941.75 billion, jumping as much as 3% in the past 24 hours. However, the total trading volume fell by more than 12%, almost to $82.32 billion.
What’s cooking in India
India’s Law Enforcement Directorate froze cryptocurrency worth around 12.8 crore rupees ($1.5 million) as part of a money laundering probe tied to a gaming app called E-Nuggets, according to a press release. In other news, Jumbish has enlisted galleries and curators to enable non-fungible tokens (NFTs) in physical art forms as well as digital arts, promoting a Phygital platform in reality.
This week, the global crypto market capitalization has seen rapid changes with key cryptocurrencies including Bitcoin and Ethereum dropping below their reserve prices, but only to correct as volumes rise. cash were increasing, said Prashant Kumar, Founder and CEO of weTrade.
“Nearly a fortnight after the merger, Ethereum is trading at $1,300,” he added. “The strengthening US dollar, increased rate hikes, and calls for broader regulation of stablecoins by the chairman of the US Federal Reserve 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 company supported by Steve Cohen.
Bitcoin (BTC) recovered from its daily lows after the Bank of England (BOE) said it would take action 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 FTX’s venture capital arm and Jump Crypto. The capital will go towards the construction of the first flagship product, Backpack.
Technical analysis by Giottos Crypto Platform
Harmony (ONE) is a popular blockchain ecosystem that allows users and developers to build, host, and manage DApps using tools with features that enable scalability and interoperability.
The platform runs on Ethereum, positioning itself as a solution to Ethereum’s scalability and cost challenges. Its token – ONE – had quite a run in 2021, rising from $0.0004 to $0.035.
The crypto bear market, however, erased some of its gains as it traded around $0.02 for much of the last quarter. It may be an accumulation, however, which means the token could be ready for a positive move soon.
In September, it moved from $0.024 to $0.18, spawning several Fibonacci levels that become potential resistances that ONE can overcome to start 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 at $0.024 is possible.
This will lead to a shift in market structure that should propel ONE towards targets of $0.028 and $0.031. If a market structure does not change, however, ONE could see new lows below the support at $0.18 in the near term.
Support: $0.018, $0.0175
Resistance: $0.021, $0.024, $0.028, $0.031
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)