With the exception of the dollar-indexed stablecoins, all of the top 10 cryptocurrencies have traded higher at 900 hours (IST). Polkadot climbed to 15 percent, while Solana followed closely with more than 14 percent gain.
The lower risk linked to the Evergrande crisis in China also improved investor morale. Earlier cryptocurrencies saw a massive sell off with stocks as there was a risk of default from the Chinese real estate company. The impact of the massive sell-off is still visible in the seven-day returns of the tokens, which are always in red.
Meanwhile, the US Federal Reserve has said I will release a study on the costs and benefits of a central bank digital currency, or CBDC, “soon”, Fed Chairman Jerome Powell said on Wednesday.
Crypto enthusiasts and members of the financial industry are eagerly awaiting the Fed’s research, which was originally due to be released over the summer, to gain insight into the position of policymakers on whether the United States should issue a CBDC.
Crypto cart: a quick glance
Bitcoin: $ 44,108, up 4.60%
Ethereum: $ 3,105.19, up 8.20%
Cardano: $ 2.28, up 11.26%
Tether: $ 1, down 0.01%
Binance Coin: $ 378.54, up 7.02%
XRP: $ 1, up 9.09%
Solana: $ 148.21, up 13.99%
Polkadot: $ 31.90, up 16.26%
USD coin: $ 0.99, down 0.03%
Dogecoin: $ 0.22, up 10%
(Note: Price change in the last 24 hours)
(Source: coinmarketcap.com, data at 9:51 am (IST) on September 23, 2021)
Technical view by Giottus Cryptocurrency Exchange
Bitcoin (BTC) has had a turbulent week, dropping from a high of $ 47,000 to a low of $ 39,600 in between. This move was not surprising, given BTC’s slide from the key level of $ 52,000 earlier in the month. Previously, BTC had rebounded to $ 42,600 to trade on a weekly range, before dropping to $ 40,000 and then $ 39,600 on successive nights.
BTC may be in wave 4 of Elliot’s 5 wave pattern, showing a high below the $ 45,000-46,000 range before dropping below the $ 40,000 level as part of wave 5. BTC also forms a head and shoulders pattern on the daily charts, enhancing the chances of a further decline in the short term. If the pattern continues to unfold, BTC will trade below the neckline at 36,000-38,000 levels, which is also its major support levels. On the upside, it will need to fight resistance at $ 45,400 before it can recover.
Investors should approach cautiously and wait on the sidelines before BTC begins to point a clear direction.
Support: $ 42,400, $ 39,600, $ 38,000
Resistance: $ 45,400, $ 48,600
(The time is in UTC and the daily time is 12:00 to 12:00 UTC)
(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 any position in the mentioned asset (s).)