Summary:
The market value of the world’s most popular and greatest cryptocurrency, Bitcoin, increased by almost 1% to $42,614. Since the start of the new year, the price of bitcoin has fallen by about 8%. Meanwhile, the worldwide crypto market capitalisation increased by more than 2% to $2.12 trillion, according to CoinGecko statistics.
Details:
“Bitcoin values have risen to $43,000 in the previous several hours.” BTC can be seen breaking out of the triangle formation on the hourly time period. However, if the macroeconomic scenario continues unchanged, Bitcoin and other altcoins may remain unfavourable. The next level of support for Bitcoin is at $40,000 per coin.
Cryptocurrency prices rose Wednesday, with Bitcoin trading over the $42,000 barrier after lingering below it in recent sessions. Ether, the cryptocurrency connected to the Ethereum network, was trading more than 4% higher. Meanwhile, Iran may soon legalise cryptocurrency payments for international business “WazirX COO Siddharth Menon stated
According to CoinDesk, Ether, the second-largest cryptocurrency and the coin tied to the ethereum blockchain, has increased by more than 3% to $3,228. Dogecoin, on the other hand, was trading more than 5% higher at $0.13, while Shiba Inu was up over 6% to $0.000028. Meanwhile, Binance Coin increased by more than 6% to $459.
Other digital currencies’ performance has also improved, with cryptos such as Solana, Cardano, XRP, Litecoin, Polkadot, Polygon, Stellar, and Uniswap trading with increases in the previous 24 hours “Polygon(MATIC) has surpassed Chainlink(LINK) as the most popular token traded among the top 1000 Ethereum whales.
In reality, the majority of significant investors purchased MATIC during the recent drop. “The 4-hourly chart shows a breakout from the descending channel pattern, which occurred shortly after the Zero-knowledge scaling tool Plonky became live on Polygon,” Menon noted.
Cryptocurrency investment products and funds had net withdrawals of a record $207 million in the first week of 2022, according to a study from digital asset management CoinShares. Since mid-December, the sector has witnessed four weeks of continuous withdrawals, totalling $465 million, or 0.8 percent of total assets under management.
Credits: www.livemint.com