The global crypto market cap managed to hold near the $2 trillion mark, declining just a per cent compared to the last day. Similarly, the total crypto market volume declined about 3 per cent to $113.77 billion.
Cardano blockchain has just surpassed other top altcoins to become the third largest virtual currency worldwide as network developers aim to capitalize on the surge in decentralized finance that has swept the world.
Siddharth Menon, COO of WazirX, said there are positive indications on institutional demand for Bitcoin, which is roughly 24 per cent away from it’s all-time high.
Micheal Saylor, the CEO of MicroStrategy, just announced that the company bought 3,907 Bitcoins between July 1 and August 23, which is roughly around $177 million. The recent purchase brings the company’s total holdings to 108,992 coins.
“Since the Bitcoin ban in China earlier this year, the hashrate for the Bitcoin network has made a remarkable recovery. Over the six weeks or so that followed, it slumped by more than 65 per cent due to the China ban. The hashrate is approaching early June levels and could hit a new all-time high within the next couple of months,” Menon added.
The world’s biggest crypto exchange Binance is not capable of being supervised properly and poses a significant risk to consumers, Britain’s Financial Conduct Authority (FCA) said in a document.
According to ZebPay’s Trade Desk, Ethereum network seems to have become its own worst enemy, as the increasing adoption has contributed significantly to the rise in competitors’ decentralized finance applications, and growth. At current levels, bears need to push and hold it above $2,900 levels.
Tech View by Giottus Cryptocurrency Exchange
SelfKey is a blockchain-based self-sovereign identity system for individuals and organizations providing control and management of digital identities to users. This is indicative of a strong accumulation in a short time frame, making KEY/USDT a pair to watch out for as a buyer.
KEY closed at a price of $0.01 yesterday (less than INR 1 per token), marking its 20th consecutive day above its 50-day EMA, at $0.008. This comes after a double bounce around the $0.005 support level.
KEY is making a wedge on the 4-hour time frame which is neutral. Hence, a breakout confirmation will signal ‘buy’ to investors. KEY showed signs of strong recovery after the May slump. It is likely to overcome resistance at $0.0113 to maintain this uptrend.
Since KEY has a relatively lower market cap and is gaining in volumes, volatility is to be expected. As an investor interested in KEY, it is crucial to find a good entry point to balance the high volatility.
Major Levels:
Support: $0.0089, $0.0076
Resistance: $0.0113, $0.0124
Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
