Crypto Market Holds Ground, Bitcoin Slips Slightly

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The global cryptocurrency market held steady at $ 1.54 trillion with a marginal 0.6% decline in the 24-hour period ending at 9 a.m. IST. Crypto trading volumes continue to remain volatile with a 10% decline over the same time frame.

Bitcoin (BTC) ended its 8-day streak of gains to close at $ 39,700 with a modest decline of 1.1%. BTC has seen a remarkable run over the past week from a local low below $ 30,000 aided by massive trading volumes of up to 60% day in and day out. However, BTC faced resistance at the $ 40,200 level, which is its 100-day moving average. Investors are currently recording profits and therefore BTC should have muted gains in the coming days. BTC’s market share is currently 48.4%. The market continues to be driven by Bitcoin’s price actions.

Ethereum (ETH), the second largest cryptocurrency by market cap, was trading near $ 2,280 at the close of the day with a slight decline of 0.9% from the previous day. ETH will face selling pressure at the resistance level of $ 2,350, while $ 2,050 is currently serving as support.

The majority of the top 20 cryptocurrencies were in the red today as BTC failed to maintain its growth momentum. Ripple (XRP) gained 9% today after launching a new on-demand liquidity payment (ODL) corridor between Japan and the Philippines. Among the lot, Litecoin (LTC) and Polkadot (DOT) recorded minor gains, while Chainlink (LINK) and Polygon (MATIC) suffered moderate losses of up to 4%.

If BTC fails to maintain the $ 39,000 level, a likely pullback to the $ 35,000 region is possible this week. Alternatively, a daily close above $ 40,500 would open the door to its 200-day moving average near $ 44,000.

The best winners today:

THORChain (RUNE): 25.2% Earth (MOON): 18.7% Quant (QNT): 14.7%

Top loser today:

Axie Infinity (AXS): -8.8% Computer Internet (ICP): -7.7% BitTorrent (BTT): -7.2%

The scan includes the top 100 coins only from 9:00 a.m. IST

Source: CoinMarketCap

Crypto News at a glance:

Profunds, a $ 60 billion fund manager, announced the first publicly available Bitcoin mutual fund in the United States called Bitcoin Strategy ProFund (BTCFX). The new mutual fund provides investors with exposure to Bitcoin without separately managing a physical wallet or exchange custody solution. Lolli, which offers Bitcoin rewards for purchases, has raised $ 10 million in a Series A funding round led by Acrew Capital. Lolli reports that over $ 3.5 million in Bitcoin rewards have been awarded to date. Ripple, the leading provider of enterprise blockchain and global crypto payments, has announced the launch of its first on-demand liquidity corridor (ODL) in Japan and the Philippines. The annual remittance market from Japan to the Philippines is estimated at $ 1.8 billion. Ripple recently expanded its presence in Asia with a 40% stake in cross-border payments company Tranglo. Global crypto exchange Binance has introduced new withdrawal limits for users who have not completed full KYC verification and a new tax reporting tool in light of mounting regulatory pressures. New users who violate the latest rules will not be able to withdraw more than 0.06 BTC per day. According to the global crypto exchange Coinbase, Ethereum grew faster than Bitcoin in terms of trading volume in the first half of 2021. Ethereum trading volume increased by 1461% compared to Bitcoin’s 489% during from the same period.

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