Crypto Price Today: Bitcoin Regains $19,000; Ethereum rises but reservoir of altcoins

New Delhi: The crypto market remained limited on Friday with enough pressure on altcoins to drive them lower. The surge in US bond yields has dampened the appetite for risky assets.

On a technical level, Bitcoin may be undervalued, but the macro environment is still so sketchy that investors may not want to jump in just yet, analysts said.

With the exception of Bitcoin, Ethereum, and Dogecoin, which saw slight gains, all other crypto tokens were trading lower. Uniswap plunged about 4%. Polkadot, Cardano and Solana fell 3% each.

The global cryptocurrency market capitalization was trading at $915.30 billion, almost unchanged in the past 24 hours. However, the total trading volume fell more than one percent to $44.32 billion.

Expert grip

Edul Patel, CEO and co-founder of Mudrex, said Bitcoin has rebounded to a key pivot point after a two-day losing streak. “As the bulls have become active in the market, we could see Bitcoin touch $19,600 in the coming days,” he said.

On the other hand, Ethereum is trading very close to its local resistance level at $1,295. If the bulls can hold on to gains, ETH could likely hit the $1,300 level, he added.

Global Updates

Axie Infinity, which skyrocketed in popularity last year as one of the first crypto-focused computer games, could face significant selling pressure as the project’s $215 million AXS tokens will be unlocked in the next few days.

Listed crypto exchange Coinbase will waive commission fees for USD coin sales and purchases made in any fiat currency in a bid to promote wider global adoption of its stablecoin, it said. he stated in a blog post.

Stablecoins could have such a profound effect on the established banking system that U.S. regulators must require digital tokens to integrate without disrupting it, said Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corp.

Crypto exchange Binance has denied allegations of misuse of its users’ token holdings to exercise voting rights on decentralized self-governing organization Uniswap.

The Rarible NFT marketplace has released a feature-rich update to its ecosystem called Rarible 2, which transforms the platform into an aggregated NFT marketplace and introduces the RARI Foundation and new RARI Governance Token rewards.

Finance can never become truly decentralised, a member of the Bank of England’s financial stability committee has said, citing an unfair advantage for insiders and the need to react to unforeseen events.

Technical view by BuyUcoin cryptocurrency exchange

The Quant (QNT) token has entered the list of top 30 crypto assets with its latest dream run. The QNT token is among the best performing crypto assets of recent times and is currently trading at $178.96 with a healthy growth of over 7% over the past 7 days.

QNT’s prospects look promising as it is a ledger technology that is being considered by central banks around the world for their CBDC operations. The current rise of CBDCs will create more growth prospects for QNT and can be seen as a long-term investment option based on investors’ risk appetite.