Bullish Sentiments Ease Down in Bitcoin and Other Crypto Tokens
In recent news, bullish sentiments eased down in Bitcoin and other crypto tokens on Thursday after amendments to a spot bitcoin ETF filing in the US boosted the positive movement. The amendments were made to specify how sponsors will safeguard customers’ bitcoin in custody accounts and disclose risks related to the shaky regulatory environment.
Bitcoin Back in Red
Bitcoin was back in red after a steady rise, as the last crypto token shed more than a per cent but managed to hold above 28,000-levels. Its largest peer, Ethereum, declined on similar lines and fell over per cent to barely remain above $1,550-level. Majority of altcoins were trading lower in the early morning.
Fidelity’s Proposed Spot Bitcoin ETF Application
Over the past 24 hours, Bitcoin has consistently traded above the $28,200 threshold following asset manager Fidelity submitting an amendment to its proposed spot Bitcoin ETF application to the US SEC. The amendment outlines Fidelity’s plans to safeguard customers’ Bitcoin in custody accounts and disclose associated risks, said Edul Patel, Co-founder and CEO at Mudrex.
Impact of Economic Club of New York
“The market awaits updates from the Economic Club of New York, where Federal Reserve Chair Jerome Powell is scheduled to speak later today, just before the US central bank’s blackout period preceding its next interest-rate decision,” Patel added.
Cryptocurrency Market Update
Barring the Tron as only exceptions, the majority of top crypto tokens were trading lower on Thursday. Toncoin tumbled more than 5 per cent, while Litecoin was down 3 per cent. Solana and Polygon declined more than 2 per cent each, while Cardano and XRP were also down on similar lines. The global cryptocurrency market cap was trading significantly lower, falling down $1.08 trillion-mark, as it dropped about a per cent in the last 24 hours. However, the total trading volumes declined over 12 per cent to $39.81 billion.
Tech View by WazirX Trade Desk
Kyber Network(KNC) functions as a versatile nexus for liquidity protocols, consolidating liquidity from diverse origins to facilitate swift and secure transactions within any decentralized application (DApp). Its primary objective is to grant DeFi DApps, decentralized exchanges (DEXs), and other users seamless entry to extensive liquidity reservoirs, ensuring access to optimal rates.
Technical Analysis of KNC/USDT
On the 4-hourly time-frame the KNC/USDT trend is on the verge of a breakout from the triangle pattern with volume support. The daily RSI has climbed above 60, indicating a strong price momentum. The next resistance is expected at 0.8 USDT and an immediate support is expected at 0.645 USDT.
Overall, the cryptocurrency market has seen some fluctuations and changes in sentiment, with Bitcoin and other major crypto tokens experiencing both gains and losses in recent trading sessions. The upcoming events and regulatory amendments may continue to impact the market in the days to come.
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.
