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  • crypto price today: Crypto Price Today: Bitcoin holds $20K; Shiba Inu & Cardano tank up to 5%

    crypto price today: Crypto Price Today: Bitcoin holds $20K; Shiba Inu & Cardano tank up to 5%

    New Delhi: Major crypto tokens slipped on Friday on some profit booking after a strong rally in the last few days.
    Bitcoin was above the $20,000 level, whereas Ethereum managed to hold $1,500. The US economy rose 2.6% in the third quarter, higher than expected growth of 2%.

    Barring the Uniswap and the US dollar-pegged Tether, all othe
    r top crypto tokens were trading lower. Cardano and Shiba Inu plunged 5% each, followed by Ethereum and Polygon, which shed 3% each.

    The global cryptocurrency market cap breached below the $1 trillion mark to $980.18 billion, after dropping more than 2% in the last 24 hours. However, the total trading volume tanked as much as 13% to $89.23 billion.

    What’s cooking in India

    Crypto staking platform UniFarm has entered into a strategic alliance with Bengaluru-based ONMETA. The partnership is aimed at empowering Indian users with Indian currency-based purchase of tokens for staking to earn passive income.

    Expert take

    Edul Patel, CEO and co-founder of Mudrex, said Shiba Inu coin has reached a significant milestone in terms of the percentage of long-term holders. Currently, it jumped to the highest value of 38%.

    “Long-term SHIB holders have grown far more since the beginning of 2022, from barely 1% to over 38% of holders,” he said. “The percentage of short-term holders remains relatively steady and midterm speculators continue to decline,” he added.

    Global Updates

    Hong Kong plans to legalize retail trading of cryptos as it looks to become a crypto hub, according to a Bloomberg report. Crypto platforms will be required to apply for a license to offer retail trading.

    Tech giant Google will be launching a cloud-based node engine for Ethereum projects. The company said its Google Cloud Blockchain Node Engine means that it will be responsible for monitoring node activity and restarting them during outages.

    Nearly 12% of all BEP-20 tokens, the standard token on the BNB chain, are tied to scams, according to recently released research from crypto risk monitoring firm Solidus Labs.

    Tech view by BuyUcoin cryptocurrency exchange

    DOGE surged 35% on Twitter deal. The most popular meme coin, DOGE, has witnessed a mega rally since Monday as Elon Musk’s Twitter deal neared finalization. Elon Musk has been a staunch supporter of DOGE and his tweets often move the prices of meme coins in a significant way.

    The jump in DOGE prices is mainly linked to the positive news circulation but lacks fundamental backing so investors should buy the coin as per their risk appetite with a long-term perspective. DOGE was originally designed as a payment mechanism and its growth will depend on real-world use cases, the experts suggested.

    (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.)

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  • Crypto Price Today Live: Bitcoin nears $21K; Shiba Inu & Dogecoin rally up to 15%

    Crypto Price Today Live: Bitcoin nears $21K; Shiba Inu & Dogecoin rally up to 15%

    New Delhi: Crypto market continued to gain on Thursday despite muted earnings from the tech sector. Bitcoin marched towards $21,000 levels, whereas the total market cap of crypto space topped the $1 trillion mark again.
    Most major altcoins were in the green, with a stellar buying interest in the popular meme coins. All eyes were set on the US Fed’s monetary policy meeting, scheduled next week.

    Barring the polygon and the US dollar-pegged Tether, all other top crypto tokens were trading higher. Dogecoin zoomed 15
    %, Shiba Inu was up by over 6% and Ethereum jumped 4%

    The global cryptocurrency market cap hit the $1 trillion mark, after rising up to 3% in the last 24 hours. However, the total trading volume jumped as much as 13% to $102.4 billion.


    Expert take
    Extending the Buoyancy, the global market cap touched $1 trillion after almost a month. The top two cryptos – Bitcoin and Ethereum- also saw some renewed interest, said Prashant Kumar, CEO and Founder, weTrade.
    “Positive momentum around the appointment of UK prime minister Rishi Sunak, global markets along with a hope of a reduced interest rate hike in the US Federal Reserve market next week all played a role,” he added.

    Tech View by Giottus Crypto Platform
    Ethereum (ETH) has turned bullish on the lower time frames. Much of this move can be attributed to the broader market sentiment turning positive after Bitcoin broke through a year-long resistance. ETH has taken this opportunity to rise more than 30% from its recent bottom.
    ETH still needs more confirmations on the higher time frame charts to establish an uptrend. While it has been trading well above its 50-day moving average of $1,380, it will need to clear resistance at $1,700 (its .618 fibonacci retracement between August and now) to continue moving up. Slightly above this at $1,800, it will be able to register a higher high and signal a clear market structure change. Those looking to open long positions may want to therefore adopt a wait and watch approach.

    Chart-ETH (8)ETMarkets.com

    For those with a bullish bias looking to enter, support at $1,500 and $1,440 can offer good opportunities to engage in some buys on dips, the experts suggested. With its daily RSI hitting 70, a minor correction can be reasonably expected in the coming days, or at the very least – some sideways consolidation, they added.

    Global Updates
    Google reported its softest advertising growth in nine years, with company management taking note of softer crypto ad spending as contributing to the weak numbers.

    The decentralized autonomous organization (DAO) behind crypto exchange SushiSwap has approved a legal structuring by an overwhelming majority.

    The flagship crypto fund for venture-capital firm Andreessen Horowitz’s, which is also known as a16z, has cratered by more than 40 per cent in the first half of this year, the Wall Street Journal reported, citing people familiar with the matter.

    The UK National Police Chiefs’ Council (NPCC) has stationed crypto tactical advisers in police departments nationwide to help investigate and seize digital assets tied to crime.

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