New Delhi: Major cryptocurrencies were trading higher on Monday after a lukewarm weekend. The digital token market applauded the lack of negative news flow after a turbulent week. The crypto market jumped 6% from the previous day, with eight of the top 10 digital currencies trading higher at 9:30 am IST.

The Federal Reserve first highlighted a surge in crypto asset prices in its overall assessment of financial system stability, saying the rise reflected increased risk-taking by investors.

Cryptocurrency firm Bullish announced Friday that it has agreed to go public on the New York Stock Exchange through a merger with Far Peak Acquisition, a special purpose acquisition company (SPAC), in a $ 9 billion deal. The unit of blockchain software company Block.one, plans to launch a regulated cryptocurrency exchange later this year.

“It has been a fairly quiet weekend in the cryptocurrency markets. Major cryptocurrencies have remained consolidated. Bitcoin and Ethereum have both defended their crucial support levels. Crypto traders are reportedly looking for clues regarding momentum. in the markets, ”said Edul Patel, CEO and Co-Founder, Mudrex.

“As long as the markets move on either side, traders would quickly jump on the bandwagon and tip the scales. Long-term investors, however, would be quite excited due to the consolidation seen in recent days. Such consolidations in general. pave the way for a quick pump and push the markets higher, ”he added.

Financial payments startup Square is trying to create a real-world wallet to securely pocket bitcoin cryptocurrency. Square founder and chief Jack Dorsey, who is also Twitter’s chief executive, tweeted last month asking for comment on the notion.

Technical view by Siddharth Menon, COO WazirX

Bitcoin (BTC)
Bitcoin price action hits higher lows from July 26, 2021, which may be a sign of a potential trend reversal. Bitcoin has broken the descending triangle pattern and the RSI is showing the upside which indicates that buying momentum is building up.

A break of the RSI above the trendline can be confirmation of a trend reversal if the price closes above the resistance of $ 41,273 on the daily period, while a break of the level of 29 $ 898 can take Bitcoin to levels of $ 20,000 to $ 25,000.

Ethereum
Ethereum continues to remain strong against Bitcoin, resulting in money chasing Altcoins. The DEFI and NFT sectors started to outperform the market. SNX and SAND gained over 50% last week.

Graph-Ether

(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 the asset (s) mentioned.)



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