The decline began as bad news throughout last week quashed even the faintest hopes of a resolution. Russian forces pounded other major Ukrainian cities with artillery and rocket fire.
All of the top digital tokens were bleeding, with Terra down more than 10 per cent, followed by an 8 per cent fall in Solana and Avalanche each. Cardano, XRP and Ethereum shed up to 6 per cent.
The global cryptocurrency market cap today declined to $1.71 trillion, dropping more than 4 per cent in the last 24 hours. Total cryptocurrency trading volume jumped more than 25 per cent to $67.11 billion.
What’s cooking in India
Come April, the crypto crowd in India will be caught in a ‘valuation’ conundrum as they receive ‘airdropped’ coins and swap one crypto for another.
Expert Take
Grayscale is one of the largest digital asset managers in the cryptocurrency space. It has multiple cryptocurrency-related trusts, right from Bitcoin to an altcoin such as Livepeer.
The Bitcoin Trust has about $25 billion under Grayscale’s belt and the fund alone is an important indicator when it comes to institutional investors’ interest in the digital assets space, said WazirX Trade Desk.
“The interest has increased as approximately $140 million poured into GBTC (Grayscale Bitcoin Trust) at the end of February. The above statement has more significance as the markets are paralyzed with fear,” it added.
The spike in institutional interest, when the current fear and greed index is at ‘extreme fear’ is a great sign of confidence in the digital assets space.
Global updates
- Australian bitcoin miner Mawson Infrastructure Group (MIGI) has signed a 12 megawatt (MW) hosting co-location deal with Foundry Digital, just days after signing a 100 MW deal with Celsius Mining.
- While the start of the upcoming Major League Baseball (MLB) season remains in jeopardy, trading card company Topps is trekking forward with its baseball-themed non-fungible token (NFT) sales.
Tech view by Proassetz Exchange
Bitcoin made another attempt to conquer the $45,000 region last week but failed. This level had acted as a support in December 2021, during the initial phase of decline. But the level once decisively broken in early January was acting as a significant resistance and prevented at least two attempts in the past one month by the BTC bulls to go past it.
Needless to say that the intermediate downtrend will not be terminated as long as it keeps below this important resistance level. The attached diagram shows this resistance area.
ET CONTRIBUTORSThis also signifies that the downside risk is open. As of now, there is small support at $37,000 levels but downtrends are notoriously prone to violate support zones. Pullback till $42,000 & $45,000 will be selling opportunities for this week.
(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.)
