Bitcoin and Cryptos Trading Mixed as Macro Factors Jittery
Bitcoin and other crypto tokens were trading mixed on Thursday as rising interest rates and macroeconomic factors made market sentiments jittery. US Securities and Exchange Commission (SEC) Chair Gary Gensler continued his combative stance against crypto in congressional testimony on Wednesday.
Bitcoin and Ethereum Price Actions
Bitcoin managed to post some gains as the largest crypto token added about half-a-per cent, hovering around $26,500-levels. Ethereum, on the other hand, inched up about a per cent to once again top $1,600-mark. Price action in the altcoins remained on the mixed side.
Crypto Tokens Trading Mixed
All top crypto tokens were trading mixed on Thursday. Among the gainers, Toncoin jumped more than 2 per cent each, while Solana added about a per cent each. Conversely, Litecoin, XRP, and Polygon shed about a per cent each, while BNB and Dogecoin were down half-a-per cent each. The total trading volumes rallied over 48 per cent to $28.87 billion.
Crypto Market Cap and Bitcoin Technical Levels
The global cryptocurrency market cap was trading slightly higher, falling to $1.05 trillion-mark, as it rose about half-a-per cent in the last 24 hours. Bitcoin showed a small pump in the last 24-hours for a brief period before facing resistance at its 50-DEMA. The markets are calling for a $30,000 level for BTC soon. However, a support level at $26,000 has to be maintained to expect an upside movement in the short term.
Terra’s LUNA Price Action
Terra’s LUNA has been pumping, with price action attributed to LUNA’s community passing a proposal that makes them move away with the minting of new USTC stablecoins. This is happening in the wake of its founder Do Kwon’s lawyers having replied to his extradition request from the US authorities.
Tech View by WazirX Trade Desk
Bitcoin Cash (BCH) is a decentralized cryptocurrency designed as a peer-to-peer electronic cash system, striving to establish itself as a reliable global currency with swift transactions, minimal fees, enhanced privacy features, and an increased block size. On the daily time-frame, the BCH/USDT trend has come out of its consolidation phase as the chart breaks out of a long-formed triangle pattern with significant buying volumes.
Conclusion
As the crypto market remains uncertain due to macroeconomic factors and regulatory concerns, the price actions of Bitcoin, Ethereum, top crypto tokens, and Bitcoin Cash will continue to be closely monitored by traders and investors alike. The volatility in the market is expected to persist until there is more clarity on the regulatory front.
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.
