Crypto markets rebound slightly; Bitcoin exceeds $ 30,000

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The global cryptocurrency market has held firm, with fear of delta variants lingering in financial markets. Today’s market cap was $ 1.21 trillion, registering a marginal gain of 1.9% over the past 24 hours. Daily trading volume rose more than 3.5 percent, reported by long-term investors.

Bitcoin (BTC) hovered around the psychological level of $ 30,000 for the second day in a row, gaining a modest 0.8% to close at $ 29,900 at 9:00 am IST. While BTC avoided the first and second support levels at $ 29,120 and $ 28,390, it failed to raise enough to break above the $ 30,000 level for most of the day. After 9 a.m., however, BTC broke above that level.

BTC witnessed its low annual trading volumes last week. Major exchange wallets saw an increase in the volume of BTC inflows over the weekend, indicating a decline in long-term investor confidence. Breaking $ 31,000 is necessary for the market to regain confidence and generate positive momentum this week.

Ethereum (ETH) rebounded moderately, gaining 6% to avoid its critical support level at $ 1,744. After witnessing a new low this month, ETH closed at $ 1,850 at the end of the day. ETH could not test any resistance level.

Taking advantage of the rebound in ETH, major altcoins such as Polkadot (DOT), Dogecoin (DOGE), Solana (SOL) and Polygon (MATIC) gained moderately by over 4%. In contrast, coins like Filecoin (FIL) and Uniswap (UNI) suffered minor losses of 1%.

The best winners today:

THORChain (RUNE): 16.7% Flow (FLOW): 15.1% Compound (COMP): 13.6%

Top losers today:

Revain (REV); -17.7% Telcoin (TEL): -8.4% Medex (MDX): -5.5%

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

Source: CoinMarketCap

Crypto News at a glance:

US-based cryptocurrency exchange FTX has announced that it has raised $ 900 million, the largest increase among crypto exchanges, for its Series B round. Notable participants include Coinbase Ventures, Sino Global and Sequoia Capital. Mastercard, the payment processing giant, has announced its partnership with Evolve Bank & Trust, Paxos Trust Company and Circle to enhance its cards program for wallets and crypto exchanges. FLURRY, a DeFi protocol offering return aggregation, has raised $ 3 million from leading blockchain-focused venture capital teams such as AU21 Capital and GenBlock Capital. FLURRY, with a product launch slated for Q3 2021, aims to improve the usability of Decentralized Finance (DeFi) products, by providing a flexible and user-oriented model for the digital community. As the leading chipmaker, shares of Nvidia recorded an 8% drop in the NASDAQ over the past week amid the decline in the cryptocurrency markets. Nvidia makes processors which are also used to power cryptocurrency mining.

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