Bitcoin and Crypto Tokens Gain, New York Sues Digital Currency Group
Bitcoin and other crypto tokens posted better-than-modest gains on Friday following comments from the US Federal Reserve Chair that pushed treasury yields higher. However, amidst this positive market trend, the state of New York made a significant move by filing a lawsuit against Digital Currency Group and its subsidiary Genesis Global Capital, along with the crypto exchange Gemini, alleging fraud in excess of $1 billion.
Bitcoin Rebounds, Ethereum Stalls
After a brief period of profit booking, Bitcoin surged more than 3 percent to surpass the $29,000 mark, while Ethereum rose more than 2 percent but remained below $1,600. Other altcoins were also trading up in the early morning.
Shift in Crypto Market Narrative
The narrative in the crypto market seems to be shifting towards increasing Bitcoin dominance, with Ethereum falling against Bitcoin and other layer 2 tokens also underperforming, according to Shubham Hudda, Senior Manager at CoinSwitch Markets Desk. In other news, Reddit announced it would wind down its internet points feature due to scalability issues.
India’s Blockchain Technology Moves
India is making moves in the blockchain technology space. HPCL has partnered with blockchain software firm Zupple Labs to use its service LegitDocs to facilitate automatic verification of purchase orders (POs). Following six months of work, HPCL has completed this integration.
Market Gains and Global Cap
With the exception of the US dollar-pegged Tether, most top crypto tokens saw significant gains on Friday. Solana rallied about 9 percent, while XRP and Toncoin both gained about 7 percent. Meanwhile, Bitcoin Cash and Litecoin added 5 and 4 percent, respectively. The global cryptocurrency market cap rose to $1.11 trillion, up about 3 percent in the last 24 hours. Total trading volumes also increased by 7 percent to $42.60 billion.
Bitcoin, Federal Reserve, and Market Sentiments
Bitcoin surpassed the $28,600 mark in response to US Federal Chair Jerome Powell’s announcement that the Federal Reserve is likely to maintain current interest rates in November. According to Edul Patel, Co-founder, and CEO at Mudrex, there is a bullish sentiment in the market, with Bitcoin growing over 8 percent in the past week. Ripple’s price also surged by over 7 percent following the US SEC’s decision to drop charges against Ripple Labs’ CEO Brad Garlinghouse and Chairman Chris Larsen.
Tech View by Giottus Crypto Platform
Maker (MKR) is currently encountering resistance at its levels. With the asset trading at $1,420, it is holding steady in a horizontal channel and is expected to continue in the near term. It is facing immediate resistance at $1,490, and if it successfully surpasses this level, it could potentially lead to the next resistance at $1,585.
Disclaimer
The views and recommendations mentioned in this section are the analysts’ own and do not represent those of Business Today. It is recommended to consult a financial adviser before taking any position in the mentioned assets.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
