Major cryptocurrencies were trading in red Wednesday as investors booked profits after a long bull run. All of the top 10 cryptocurrencies were lower at 9.30 hours IST. However, Solana, Dogecoin and XRP declined between 7-9 per cent each.
The global crypto market cap managed to keep about $2 trillion mark, declining 4 per cent compared to the last day. However, the total crypto market volume advanced more than a per cent to $116.49 billion.
While the last 24 hours have seen a slight dip, the overall market has seen an upward trend this week, with most of the currencies including Bitcoin and Ethereum in green. It was also interesting to see Cardano holding its ground as the third largest crypto currency by market cap,” said Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
Citigroup Inc is considering offering Bitcoin futures trading for some institutional clients, a spokesperson for the bank said on Tuesday, citing increased demand in the cryptocurrency space.
Markets in the past 24 hours witnessed a minor profit booking. Although the impact on BTC was marginal, there was a larger correction in Altcoins, said Edul Patel, CEO and co-founder of Mudrex.
“Such corrections are common and bound to happen at psychological resistance levels. If the markets are able to maintain the support at the current levels, we might see Bitcoin making another move towards $50,000 pretty soon,” he added.
Back home, Indians are flocking back to invest in cryptocurrencies as Bitcoin hit a three-month high of $50,000 on Sunday amidst the global crypto rush. Indian and foreign crypto exchanges have seen a huge spurt in their trading volumes and values.
In fresh recommendations to the government, cryptocurrency players have suggested the finance ministry consider Gujarat’s International Financial Services Centres Authority (IFSCA) as a likely regulator for all crypto transactions, two people aware of the development said.
If the prices breach the resistance with good volumes then we can expect another rally up to $0.23 and if it fails to do that the asset can drop or correct up to the support level of $0.135.