Crypto Price Today: Crypto Price Today: Bitcoin Below $17,000; Dogecoin, Shiba Inu and Cardano lose up to 5%

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New Delhi: Crypto markets traded flat in the early hours of Tuesday. Sentiments were spooked by the volatility of all the riskiest assets.

Crypto analysts have started to wonder if bitcoin could hold up better than stocks in an economic downturn.

With the exception of BNB and USD-pegged Tether, all major crypto tokens were in the red. XRP plunged around 3%, while BNB rose by similar gains. Dogecoin, Shiba Inu and Tron were among the main losers.

The global cryptocurrency market capitalization was trading flat, hovering around $800 billion, after slipping slightly in the past 24 hours. Total trading volume jumped around 54% to $34.65 billion.

The crypto market traded flat on Monday after Bitcoin plunged and Ethereum slipped below $1,200 over the weekend.

What’s cooking in India WazirX said it saw a 76% drop in user transaction volumes from the start of 2022 to November 30, in a brutal year for digital assets. In January-November 2021, the exchange recorded $43 billion in trading volumes. CoinDCX released its proof of reserves Monday with an audited report, which provides both sides of its reserve balance, namely assets and liabilities, and was published in partnership with Coingabbar, a crypto research firm.

Further, the balance has been duly certified by the External Auditor, SGCO & Co. LLP, Chartered Accountants in accordance with the format prescribed by the Institute of Chartered Accountant of India.

The Law Enforcement Branch seized proceeds of crime worth Rs 907 crore and arrested three people in cases related to money laundering through crypto exchanges, Parliament was informed on Monday.

Minister of State for Finance, Pankaj Chaudhary, said Central GST officers detected an evasion of Goods and Services Tax (GST) worth Rs 87.60 crore by 12 crypto exchanges.

Taken by expert Edul Patel, CEO and co-founder of Mudrex, said that most cryptos have traded in the red over the past 24 hours as the bulls have been unable to sustain the gained moves. Bitcoin is currently trading below the $17,000 level as prices continue to consolidate after the volatile weekend.

“Meanwhile, Ethereum remained unchanged from yesterday as neither the bulls nor the bears had enough strength to make a sudden move,” he said. “Overall, market sentiment remains volatile,” he added.

Global Updates Sam Bankman-Fried, founder of now-bankrupt crypto exchange FTX, appeared in court in the Bahamas, though his lawyer said the reason for the hearing was unclear , after a source told Reuters the former billionaire had to agree to be extradited to the United States.

Tech View by Giottos Crypto Platform Despite the bear market, open-source blockchain Algorand (ALGO) – has managed to stage a few rallies over the past few months, helped by its involvement in the FIFA World Cup. Now that the event is over, ALGO seems to be rapidly losing its winnings.

The coin hit its lowest value in 2022 at $0.175 and is down over 60% since November. It is now dangerously close to its all-time low of $0.147. With no clear support below and most trendlines lost, long positions on this ALGO can be difficult to take.

CONTRIBUTORS AND However, a long-term trendline extending from June has already offered support around the $0.168 levels. ALGO is also quite overloaded against its 50-D and 200-D EMAs (located at $0.27 and $0.31 respectively), hinting that some reversal, or at the very least consolidation, could, hopefully be around the corner.

While it would take breaking the $0.24 level to permanently end its downward trend, ALGO remains a fundamentally sound project with several big adoption pledges to its name – from the country of El Salvador to the Cup of the FIFA World.

Main levels:

Support: $0.165, $0.15

Resistance: $0.18, $0.195

(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)

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