New Delhi: Amidst the anxiety of a big fall, major cryptocurrencies were trading little changed on Tuesday, barring a few names. Most cryptocurrencies were in green.
The global crypto market cap added up to a per cent to $2.07 trillion compared to the last day. However, the total crypto market volume jumped as much as 23 per cent to $135.74 billion.
“BTC witnessed a significant correction of close to 20% last week. It has been trading fairly range-bound between $44,000-$46,000 over the past few days,” said ZebPay Trade Desk.
“Investors are not inactive, but seem to be investing elsewhere, namely in Solana, with SOL investment products showcasing a whopping 86.6% of total weekly inflows crypto investment products over the past week,” it added.
Interactive Brokers Group said it has launched a low-fee cryptocurrency trading on its platform, making it the latest online retail brokerage to add digital assets to its offerings.
Cryptocurrency executives should work with regulators instead of being their adversary for the sector to grow to its potential, members of a digital currency panel at Wall Street’s SALT conference said.
“While Bitcoin pulled back from $50,000 level in late August, it is still being pursued and would soon be retaking its valuation as institutional and retail investors continue to incorporate it in their portfolios,” said CoinDCX Research Team.
Walmart Inc said it was looking into how a fake press statement announcing a partnership with Litecoin, was issued by news release distributor GlobeNewswire.
British hedge fund Brevan Howard said it was expanding its crypto business, bringing in a new executive to lead private and venture investments in the space and launching a new division, BH Digital.
Tech View by Giottus Cryptocurrency Exchange
Chiliz provides sports & entertainment entities with blockchain-based tools to help them engage and monetize their audiences. CHZ is the native cryptocurrency for Chiliz blockchain-backed products & services geared towards retail consumers.
CHZ has been the front runner of the ongoing NFT craze in the crypto community and has registered multiple all-time highs this year, despite exhibiting volatility. It is now valued at nearly half of its all-time high of $0.62 and with many analysts expecting that in the incoming bull run, it will breach the $1 psychological resistance.
In the short-term, CHZ recently bounced after testing the critical $0.295 support and is forming a descending channel which is a bullish pattern. However, CHZ is currently trading below all its exponential moving averages – the 20-day, 50-day and 200-day EMAs.
With an RSI (14) value of 50, it is not in the oversold territory either. Hence, it is important to buy after confirming a breakout. On the longer frame charts, CHZ seems to be forming a cup and handle – which is a bullish formation.
Support: $0.295, $0.278, $0.265
Resistance: $0.364, $0.389, $0.415
(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.)