NEW DELHI: Major cryptocurrencies traded lower on Friday as the US regulator delayed the approval of Bitcoin ETFs. This has dented the sentiments of crypto investors. However, digital tokens, pegged with dollars, showed signs of resilience. Majority of the top 10 digital tokens were trading with cuts at 9.30 hours IST.
The Securities and Exchange Commission (SEC) said in a regulatory filing that it will seek public comments on a proposal to list Bitcoin ETFs on Cboe Global Markets Inc. It’s not the first time this year that the SEC has delayed giving an answer to crypto advocates.
Contrary to US SEC’s views, UK watchdog Financial Conduct Authority said more people see crypto assets as a mainstream investment rather than a ‘gamble’ as ownership of Bitcoin and similar crypto currencies has risen to 2.3 million adults in Britain this year.
Regulators have repeatedly warned investors about the ‘speculative’ nature of largely unregulated crypto assets, which have tanked between 40-50 per cent from the highs of May. However, global securities index publisher MSCI is looking at launching indexes for cryptocurrency assets, another step towards mainstream acceptance for digital currencies.
“It has been an eventful week for cryptos. Both BTC and ETH are trading almost unchanged from the beginning of the week. We might see a bit of a selloff as sellers are getting more active. Polkadot continues to be under huge selling pressure. The US Dollar-pegged crypto, Tether, which is usually very stable, is marginally up,” Edul Patel, CEO and Co-founder, Mudrex.
Bluechip venture capital funds, known for making risky bets, are eager to invest in Indian crypto and blockchain startups, but say the uncertain policy environment is standing in their way.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 09.30 hours, IST on June 18, 2021)
- Bitcoin: $37,963.57, down 2.32 per cent
- Ethereum: $2,346.29, down 3.65 per cent
- Tether: $1.00, up 0.06 per cent
- Binance Coin: $354.07, down 0.99 per cent
- Cardano: $1.48, down 3.62 per cent
- Dogecoin: $0.3052, down 2.73 per cent
- XRP: $0.8415, down 1.84 per cent
- USD Coin: $1, up 0.05 per cent
- Polkadot: $22.31, down 5.58 per cent
- Uniswap: $21.73, down 4.51 per cent
Note: Price change in last 24 hours
Tech View by ZebPay Trade Desk
1inch was launched in 2019 with the goal of helping users find best prices on assets across decentralized exchanges. Within 2 years, 1inch has become one of the widely used decentralized exchanges with over $290 million locked in their liquidity pool.
The 1inch network is a collection of decentralized protocols with a DeFi aggregator and an Automated Market Making protocol or AMM. In December last year, 1inch introduced its 1inch (1INCH) governance token, and the 1inch Network was to be governed by a decentralized autonomous organization (DAO).
Technically, on the daily time frame, 1inch has made a ‘Morning Star’ pattern (Three Candle Trend Reversal Pattern)at the support level of $ 2.4 and has surged almost by 56 per cent making the weekly high of $3.945.
The bulls, however, have failed to manage a grip on the asset and were not able to break the resistance of $4.00. Hence the price retraced almost by 15.5 per cent from its recent highs. To rally further, 1inch needs to trade and close above $4. The asset is currently trading at $3.319.
Support: 2.442, $2.9
Resistance: $4, $5.4
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)