Today’s Crypto Prices: PM Modi Urges for Global Crypto Regulation, Crypto Tokens Show Mixed Trading Patterns
H2: Bitcoin and Cryptocurrency Market
Bitcoin and other crypto tokens are trading range-bound as the US Treasury Department’s new proposal on how to handle digital assets taxes faces a long road ahead. This proposal will enter a months-long period of public comments and hearings. Additionally, Indian prime minister, Narendra Modi, called for an integrated approach and the need for a global framework for cryptocurrencies at B20 yesterday.
H3: Bitcoin and Ethereum Range-Bound
Bitcoin remained range-bound for the day as the largest crypto token inched up slightly to barely hold $26,000-levels. Similarly, its largest peer, Ethereum, moved on the similar line and crept higher to hold above the $1,650-mark. Price action in the altcoins was mixed on Monday.
H3: Market Sentiment and Analysis
Bitcoin hovered near the $26,000 mark throughout the weekend. Market sentiment improved following optimistic remarks by JPMorgan analysts who suggested that the downward trend of Bitcoin might be coming to a close was well received. Edul Patel, Co-Founder & CEO at Mudrex, noted, “This perspective is reinforced by the diminishing open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange, indicating the conclusion of long liquidation. Conversely, Ethereum is currently trading at approximately $1,650. The weekend also saw criticism from crypto Twitter following the US Treasury Department’s new proposal on handling digital asset taxes.”
H3: Crypto Tokens Trading Mixed
All top crypto tokens were trading mixed during the early day on Monday. Shiba Inu, XRP, and Polkadot dropped more than a per cent each, while Dogecoin was also down about half a per cent for the day. Among the gainers, Polygon, Solana, Toncoin and BNB gained about a per cent each. The global cryptocurrency market cap was trading almost unchanged, flat at $1.05 trillion-mark as it inched up slightly in the last 24 hours. However, the total trading volumes dropped as much as 18 a per cent to $17.47 billion.
H2: Tech View by Giottus Crypto Platform
Ripple (XRP) is currently in consolidation phase after facing rejection at $0.54. After recording short-term gains last month, the asset has declined by about 45 per cent since mid-July. Its 20-day EMA has been on the decline in August as price action finds resistance trading in this area around $0.56. With sufficient buying activity, a break above this level will lead to a rise towards $0.70 and higher. On the other hand, $0.48 is a key support level with $0.40 providing the final line of defence. Its RSI continues to move sideways in the oversold zone reflecting weak buying activity.
H3: Major Levels
Support: $0.45, $0.40
Resistance: $0.56, $0.70
In conclusion, the cryptocurrency market is currently experiencing mixed trading with Bitcoin and Ethereum maintaining a range-bound pattern. The US Treasury Department’s new proposal on digital asset taxes and remarks from Indian prime minister, Narendra Modi, are contributing to the market’s overall sentiment. Furthermore, Ripple (XRP) is experiencing consolidation after recent declines, with key support and resistance levels identified for potential price movements.
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