Today’s Crypto Prices: Bitcoin Maintains $28,000; Ethereum Stays at $1,550; Toncoin Declines by 5%
Spot Bitcoin ETF Amendments Boost Bullish Movement in Crypto Market
Amendments to a spot Bitcoin ETF filing in the US have sparked a positive movement in Bitcoin and other crypto tokens, easing down the previously bearish sentiments. The amendments specify how sponsors will safeguard customers’ bitcoin in custody accounts and disclose risks related to the shaky regulatory environment, leading to a boost in positive movement.
Bitcoin and Other Crypto Tokens Experience Fluctuations
The positive movement in the cryptocurrency market experienced fluctuations, with Bitcoin briefly returning to the red after a steady rise. The last crypto token shed more than a per cent but managed to hold above 28,000-levels. Its largest peer, Ethereum, also declined on similar lines and fell over per cent to barely remain above $1,550-level. Most altcoins were trading lower in the early morning.
Amendments to Spot Bitcoin ETF Application Stimulate Market Sentiment
Over the past 24 hours, Bitcoin has consistently traded above the $28,200 threshold following asset manager Fidelity submitting an amendment to its proposed spot Bitcoin ETF application to the US SEC. The amendment outlines Fidelity’s plans to safeguard customers’ Bitcoin in custody accounts and disclose associated risks, said Edul Patel, Co-founder and CEO at Mudrex. The market awaits updates from the Economic Club of New York, where Federal Reserve Chair Jerome Powell is scheduled to speak later today.
Majority of Top Crypto Tokens Experience Decline
Barring Tron as the only exception, the majority of top crypto tokens were trading lower on Thursday. Toncoin tumbled more than 5 per cent, while Litecoin was down 3 per cent. Solana and Polygon declined more than 2 per cent each, while Cardano and XRP were also down on similar lines.
Global Cryptocurrency Market Cap and Trading Volumes Decline
The global cryptocurrency market cap was trading significantly lower, falling down $1.08 trillion-mark, as it dropped about a per cent in the last 24 hours. However, the total trading volumes declined over 12 per cent to $39.81 billion. Despite the fluctuations, Bitcoin has been holding the fort above $28,000 even as it has registered gains due to fake news of ETF acceptance followed by a price correction. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, noted that nearly $100 million was liquidated within hours, but investors seem to be noticing the steadiness in BTC price after its correction.
Tech View by WazirX Trade Desk
On the technical side, Kyber Network (KNC) functions as a versatile nexus for liquidity protocols, consolidating liquidity from diverse origins to facilitate swift and secure transactions within any decentralized application (DApp). Its primary objective is to grant DeFi DApps, decentralized exchanges (DEXs), and other users seamless access to extensive liquidity reservoirs, ensuring access to optimal rates. On the 4-hourly time-frame, the KNC/USDT trend is on the verge of a breakout from the triangle pattern with volume support. The daily RSI has climbed above 60, indicating a strong price momentum. The next resistance is expected at 0.8 USDT and an immediate support is expected at 0.645 USDT.
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