Live Crypto Price Updates Today: Shiba Inu, Dogecoin Zoom Up 21%; Bitcoin Holds $20,000 TechRadar

New Delhi: The crypto market was trading mixed on Wednesday morning due to the lack of new triggers. Investors, however, preferred to book profits rather than fuel their hopes of a long-term rebound.

Bitcoin fell slightly but held above $20,000, while Ethereum was also under pressure. Market experts believe that volatility in the crypto market will continue in the near term.

On Wednesday, the major crypto cart tokens were trading in a mixed fashion. Memecoins like Shiba Inu were up over 21%, while Dogecoin jumped 8%. Cardano and Polkadot plunged nearly 4% each.

The global cryptocurrency market capitalization was trading around the $900 billion mark, falling slightly by less than 1% in the past 24 hours. However, total cryptocurrency trading volume plunged just over one percent to $70.75 billion.

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What’s cooking in India
Job postings for cryptocurrency, blockchain and NFTs increased by 804% between April 2020 and April 2022, according to a report from a global job portal. It also revealed an acceleration in market demand. In 2022, the increase was 315%.

The Covid-19 pandemic has accelerated the adoption of technology across all functions in India, tech professionals are more in demand than ever, especially with expertise in newer areas like cryptocurrency, NFTs and blockchain, according to the report.

Expert grip
Most crypto assets were trading in the green, but the current rally may not bring bulls back into the market due to recession fears looming in financial markets, said Tarusha Mittal, COO and co-founder of Unifarm.

“Investor interest in tech stocks and tech-based crypto assets has faded as macro conditions remain unfavorable. The hawkish stance taken by the Fed will keep investors on their toes in the weeks to come,” she said.

Shortly after the price of BTC broke below $20,000, there was a misconception that Binance had been buying Bitcoin, but that was not true, WazirX Trade Desk said. The CEO of Binance clarified by tweeting that the number of users deposited on Binance has increased, hence the increase in Bitcoin balance, he added.

Global Updates
– As the price of bitcoin last week fell to its lowest level since 2020, investors reduced their positions in funds designed to take advantage of further declines in the cryptocurrency, a CoinShare report suggested.

– Bitcoin miner Bitfarms sold nearly half of its cryptocurrency stash last week for about $62 million to reduce debt as miners feel pressure from the crypto market downturn.

– Crypto lending platform BlockFi announced that it had secured a $250 million revolving credit facility from FTX, BlockFi CEO Zac Prince said in a tweet on Tuesday.

– Magic Eden, the leading non-fungible token (NFT) market on Solana, raised $130 million in a Series B funding round co-led by Electric Capital and Greylock.

Technical view by BuyUcoin cryptocurrency exchange
DOGE is back in the top 10 crypto tokens list after Elon Musk’s latest statement. The popular DOGE coin jumped more than 20% after the world’s richest man, Elon Musk, said in an interview with Bloomberg that he would continue to support DOGE.

Agencies

DOGE has a market cap of $8.8 billion. The Dogecoin rally is mostly driven by breaking news and supportive tweets from Elon Musk. It’s hard to say how long this momentum will last.

DOGE needs to find a real use case as it was originally designed to be a means of payment. The rally in the meme coin space is expected to be short-lived as it is not driven by strong fundamentals.

(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)

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Live Crypto Price Updates Today: Shiba Inu, Dogecoin Zoom Up 21%; Bitcoin Holds $20,000 TechRadar


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