Crypto Market Bounces 2%, Bitcoin Gains

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Prospects for Legislation and Regulatory Repression in Various Economies Boost Cryptocurrencies

The global crypto market edged up 2% to $ 1.4 billion as of 9 a.m. Indian time amid discussions of laws and regulatory crackdown in various countries. However, the total volume of trade in the market fell by 7 percent. The Fear and Greed Index, which tracks market sentiment, links this market skepticism to investors’ fear of entering the market in its current bearish lull.

After hitting the $ 32,600 levels the day before, Bitcoin (BTC) broke through the $ 33,000 mark to bring some relief to the market. It continued to gain a modest 2.2% to close at nearly $ 33,750 heading into the weekend. He avoided the support levels at $ 32,650 and $ 31,790. However, BTC failed to break through the resistance level of $ 34,000. With virtually no slippage or major leaps, the overall day, on the other hand, has remained uneventful for BTC, with its current trading volumes down 4% in the past 24 hours. BTC continued to dominate the wider market with a 45% market share.

Ethereum (ETH), the largest altcoin by market cap, continued to face deflationary pressures amid its much-anticipated EIP-1559 upgrade that was postponed until August. It posted a slight gain of 0.5% in the past 24 hours to close at $ 2,120. The market’s bull-led ETH failed to test the first resistance level at $ 2,180 while avoiding crucial support levels like $ 2,100 and $ 2,000.

Among other major cryptocurrencies, Dogecoin (DOGE) saw a massive 7% gain after being backed again by Elon Musk, while Ripple (XRP), Polkadot (DOT) and Uniswap (UNI) gained modestly by 2 to 5%.

Even though BTC is enjoying some relief after dropping below $ 34,000 on Thursday, it continues to trade between $ 30,000 and $ 40,000 since May. Until it bursts, it should move sideways for some time.

Best winners of the day

Axie Infinity (AXS): 48.3% Flow (FLOW): 16.6% Syntherix (SNX): 16.3% Top Losers of the day Huobi Token (HT): -2.5% Telcoin (TEL): -2 , 0% Theta Fuel (TFUEL): -1.4%

[Analysis includes top 100 coins only as of 9am IST]

Source: CoinMarketCap

Crypto News at a Glance

Santander, a leading Spanish bank, has announced that its UK customers will no longer be allowed to use their debit and credit cards to deposit funds into their Binance account. Binance, one of the world’s leading crypto exchanges, continues to face regulatory challenges in the UK. With the aim of regulating cryptocurrencies, the European Union plans to create a new department to combat money laundering and other illegal activities funded by cryptocurrencies. Wall Street giant Goldman Sachs has predicted that Ethereum has the potential to overtake Bitcoin in the years to come. Goldman Sachs is the latest in a series of investors to name Ethereum as a better bet than Bitcoin. Tesla founder Elon Musk once again expressed his support for the DOGE coin on Bitcoin and Ethereum in response to dogecoin investor Matt Walace on Twitter. He claims that dogecoin’s potential to maximize the base layer transaction rate and minimize transaction costs outweighs the inefficient multi-layered ergonomics of BTC and ETH.

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