In cryptocurrencies, Bitcoin prices today plunged after trading above the $58,000 mark on Thursday. The world’s largest cryptocurrency by market capitalization was trading nearly 2% lower at $57,172. Bitcoin hit a record high level of almost $65,000 in April this year, and is up 97% this year (year-to-date) so far.
“Bitcoin has been chugging along pleasantly since the start of this month. BTC crossed the $58,000 on 14th Oct and the trend is rising within an ascending channel pattern. We can expect resistance at $57K to $58K levels. If at all a small correction is seen, then it could add on to the bulls buying in,” said Siddharth Menon, COO of crypto exchange WazirX.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, surged to $3,739, up 2.5%. Cardano was down over 1% at $2.15 whereas dogecoin declined to $0.22 as its prices fell over 3%. On the other hand, other digital tokens like XRP, Uniswap, Stellar, Binance Coin, were also trading with cuts over the last 24 hours.
“Ethereum is trading within a triangle pattern. Bitcoin has had its share of a tremendous bull run. ETH is set to breakout from this pattern based on the current momentum. This would set the other Altcoins on a bullish rally,” Menon added.
Meanwhile, East Asia’s share of global cryptocurrency transaction volumes halved amid China’s crackdown on the industry, according to a study from Chainalysis. The region received $590.9 billion of cryptocurrency between July 2020 and June 2021, equivalent to 14% of global activity in that period. That compares with 31% between July 2019 and June 2020, the report showed.
(With inputs from agencies)
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