crypto strategy

Crypto Price Today Live: Bitcoin Holds $20,000 Mark; Ethereum, Polygon and XRP increase by up to 4%

New Delhi: Major crypto tokens traded sideways on Thursday as investors worried about new jobs numbers and OPEC oil cuts.

Bitcoin held above the $20,000 mark, while Ethereum was again seen marching towards the $1,400 mark. However, economic factors, including inflation and recession, should guide riskier assets in the near term.

With the exception of US dollar-pegged stablecoins and Shiba Inu, all other major crypto tokens were trading higher on Thursday. XRP zoomed over 4%, while Ethereum, Avalanche, and Polkadot gained 1% each.

The global cryptocurrency market capitalization traded slightly higher at $972.12 billion, rising less than 1% in the past 24 hours. However, the total trading volume fell by more than 1% to $59.92 billion.


What’s cooking in India
Many wealthy Indians are paying in cryptocurrencies to buy properties in Dubai, with major real estate agents in the emirate accepting digital coins to strike deals.

Such deals, while perfectly kosher in Dubai, which wants to position itself as the crypto capital of the world, may come back to haunt owners, most of whom are oblivious to the regulatory and legal pitfalls ahead.

Expert grip
The first week of October has started with positive movement in the cryptocurrency world, said Prashant Kumar CEO and Founder of weTrade.

“With the indication of less aggressive inflation tightening by the Federal Reserve, the market is slowly opening and we could have higher gains if the trend continues,” he added. “Global crypto market capitalization remained below $1 trillion.”

Global Updates
Two Sigma Securities, a quantitative hedge fund with approximately $60 billion in assets under management, will provide data to popular blockchain news network Chainlink, according to a press release.

The Middle East and North Africa (MENA) region was the fastest growing market for crypto adoption in the 12-month period ending June 30, according to blockchain analytics firm Chainalysis.

Investment management firm Hamilton Lane will tokenize three of its funds in a partnership with digital asset securities firm Securitize.

Tech View by Giottos Crypto Platform
Bitcoin (BTC) re-entered the $20,000 territory on Wednesday with a daily close that topped a long trendline that has acted as resistance since November 2021. With another daily candle now closing above this trendline, combined with its RSI, an uptrend bouncing off its moving average, it may signal the end of new lows, at least temporarily.

However, with macro conditions not looking positive globally, BTC may also continue to decline, with the trendline serving as descending support. In such a case, it will test the levels where it bounced recently – at $18,500 and $17,900 – its lows for this year.

AND CONTRIBUTORS

For now, a reasonable strategy may be to take positions as BTC confirms its recovery from the 50-day moving average at $20,300, with a stop loss below this key support and a target of around 22,000. $ – this is where the 100-day exponential movement of BTC average is.

If this were to be overcome, the all-important 200-day moving average, located around $26,500, could be the level that all eyes will be on.

Main levels:

Support: $20,000, $18,500, $17,900

Resistance: $22,100, $25,000, $26,500

(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.)

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