Shiba Inu Price | Bitcoin Price: Top Cryptocurrency Prices Today: Avalanche, Shiba Inu, Solana And Bitcoin Drop Up To 13%

New Delhi: The rebound seen in the crypto market slumped on Thursday as crypto tokens traded sharply lower.

Momentum and sentiment remained negative, leaving no room for higher prices. Investors became risk averse as rising inflation and looming inflation fears persisted.

All major tokens were trading sharply lower. Solana plunged about 13%, while Avalanche posted a 10% decline. Shiba Inu and Polkadot fell 7% each. Bitcoin and others were down 6%.

The global cryptocurrency market capitalization was trading sharply lower at $1.23 trillion, falling about 5% in the past 24 hours. However, total cryptocurrency trading volume soared about 13% to $97.19 billion.

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What’s cooking in India
Layer 2 sidechain Polygon needs detailed KYC (Know Your Customer) details to provide funding, investments, grants or financial support to potential partners in India, media suggested.

Apparently, developers in India have recently talked about the difficulty of getting funding or investment from Polygon, going so far as to say that Polygon has completely stopped funding projects in the country.

Expert grip
Darshan Bathija, CEO and co-founder of Vauld, said, “With Bitcoin falling below $30,000, the gains made over the past few days have been erased. Altcoins also saw a drop in price.”

With US stocks suffering another day of retracement, crypto markets followed a similar path. Given the high correlation between BTC and the S&P 500 index, the chances of traders remaining bullish on cryptocurrencies were lower, he added.

Global Updates

  • Standards governing banks’ exposure to crypto assets will be completed this year, the Basel Committee on Banking Supervision said, noting recent market difficulties as a reason to move the controversial plans forward.
  • Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has raised $500 million to create a fund that will invest in Web 3 and blockchain companies.

Technical view by Giottos Crypto Exchange
The Polygon Network (MATIC) helps Ethereum-based projects connect and scale. MATIC is an ERC-20 token used to govern and secure the Polygon network. It is also used to pay transaction fees on the Polygon network. MATIC is currently trading at $0.6 as part of a narrow channel it has been in throughout the week.

MATIC has lost around 80% of its value since its all-time high in December. It has formed a descending wedge pattern over the past month, having lost crucial trendline support at $0.96 after creating a series of lower highs from its April high of $1.5. A falling wedge is a bullish pattern.

AND CONTRIBUTORS

The token failed to break out of its trendline resistance twice in May at $0.94 and $0.68, leading to a low of $0.49 from which it rebounded. Since then, it has largely evolved sideways. If the downturn continues, MATIC might retest the support at just $0.3 in the coming days.

However, if Bitcoin rebounds and the market sentiment becomes more positive, MATIC could approach the psychological level of $0.75. To gain upward momentum, MATIC must break out of its descending wedge pattern.

Main levels
Resistance: $0.75, $0.78, $0.98

Support: $0.5, $0.3

(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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Shiba Inu Price | Bitcoin Price: Top Cryptocurrency Prices Today: Avalanche, Shiba Inu, Solana And Bitcoin Drop Up To 13%


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