The rise in trading volumes boosted the morale of the investors. Furthermore, lack of negative news flow and possible peace talks between Russia and Ukraine also supported the market mood.
Barring the largest meme token Dogecoin, all of the top digital tokens were trading higher. Terra zoomed about 10 per cent, followed by a 2 per cent rise in Ethereum and Solana each. Dogecoin dropped 4 per cent.
The global cryptocurrency market cap advanced to the $2.14 trillion mark, gaining more than a per cent in the last 24 hours. Total cryptocurrency trading volume rallied over 33 per cent to $122.14 billion.
What’s cooking in India
India’s tax authority has seized Rs 95.86 crore from 11 crypto exchanges on allegations of tax evasion, CoinDesk reported. The tax authority said in a statement the case was part of a special anti-tax evasion drive.
Expert Take
Bitcoin hovered above the $47,000 level, continuing the winning streak for another consecutive day. The momentum signals a positive upward trend as buyers have actively traded over the weekend, breaking the three-month-long downward trend, said Edul Patel, CEO and Co-founder of Mudrex.
Most altcoins have witnessed decent growth, while Waves has risen 49%, outperforming major cryptos, he added.
Bitcoin and major altcoins have been able to hold their gains despite the geopolitical worries as the regulatory proceedings are supporting the sentiments, which are overall improving, said Kunal Jagdale, Founder, BitsAir Exchange.
“Some market metrics are signalling some fresh positive signals. Absence of any major negatives is empowering the bulls in the crypto space,” he added.
Global updates
- The crypto industry is sounding the alarm over new European Union rules due to be agreed on Thursday, which they say would invade privacy and treat new technologies less fairly than cash or traditional bank transfers.
- Cryptocurrency has become a boogeyman in conservation circles but a growing corner of the industry is claiming to have a solution to the climate crisis: crypto carbon credits.
- Wyoming-based digital asset bank Kraken Bank moved a step closer toward being granted a Federal Reserve Master Account and gaining the same access to the global payments system as traditional banks.
- Cryptocurrency exchange Coinbase Global (COIN) is in talks to acquire 2TM, owner of Mercado Bitcoin, Brazil’s largest crypto exchange, the Estadão newspaper reported Sunday.
Tech View by Giottus Crypto Exchange
Layer-2 blockchain Polygon (MATIC) is indicating it may be back to bullish mood this week. The coin, which dipped to a low of $1.24 in February, flipped a trendline resistance at $1.53 earlier this week. It is now trading at an important long-term resistance level of $1.71.
MATIC has also formed a classic cup and handle pattern that may see it retest a local support level at $1.67 before targeting $1.77 and $1.81.
ET CONTRIBUTORSProvided the crypto market remains bullish, MATIC may continue upwards towards psychological resistance at $2. Post this level, important resistances at $2.1 and $2.44 come into play. MATIC has rejected $2.1 level strongly in the past.
However, a reclamation will ensure a high probability of $2.45 over the longer term. Those looking to take long positions can enter once these important levels are broken and held, while those already in long positions may want to take some profits at these levels to secure gains.
Major levels:
Support: $1.67, $1.71
Resistance: $1.77, $1.81, $2
(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.)
