Signs of an economic slowdown on muted manufacturing data in several countries and a renewed escalation of US-China geopolitical concerns weighed on sentiment. Trading volumes also remained low.
All of the top crypto tokens traded lower on Tuesday. Polkadot fell 10 percent while Polygon fell six percent. Ethereum, Avalanche and Solana each fell 4-5 percent.
The global cryptocurrency market cap traded lower at $1.05 trillion, falling more than three percent in the past 24 hours. However, total trading volume increased by about eight percent to nearly $76.49 billion.
What is cooking in India
The Atal Incubation Center at the Goa Institute of Management (AIC-GIM Foundation) and GirlScript, a non-profit organization, have collaborated to organize the “Agnostic Web 3.0 Conference” in Goa from 12-14 August this year.
According to an official, the three-day conference will discuss and discuss future technologies, including blockchain, global policies on NFTs and cryptocurrency, push into Metaverse, growth hacking and more.
Bitcoin is trading slightly lower amid heightened market volatility. The bearish sentiment appears to have started after bulls failed to sustain Bitcoin above $23,000, said Edul Patel, CEO and co-founder of Mudrex.
“Furthermore, Ethereum also traded lower and was able to break its resistance at $1,700 but failed to hold it for long. It may indicate Ethereum to retest its previous support levels before reclaiming the $1,700 level,” he added.
Customers who have held cryptocurrency in custodian accounts at Celsius Network, the bankrupt trading and lending company, have banded together to hire legal counsel to get their money back.
UK High Court Judge Martin Chamberlain has ruled that Craig Wright, the Australian scientist who claims to be Bitcoin inventor Satoshi Nakamoto, presented false evidence in his defamation case against Peter McCormack.
The U.S. Securities and Exchange Commission has charged 11 people linked to the alleged $300 million crypto Ponzi scheme Forsage with fraud.
According to a tweet from the company, Seychelles-based crypto exchange Huobi can now offer trading services in Australia after successfully registering with the Australian Transaction Reports and Analysis Centre.
Sustainability-focused non-fungible token (NFT) platform OneOf has raised $8.4 million in a strategic funding round that also included Amex Ventures, American Express’ venture capital arm.
Investing in crypto assets should be limited, with consumers warned they could lose all their money, the UK’s Financial Conduct Authority said in a published policy document.
Giottus Crypto Platform Tech View
XRP is a low-cost, scalable, and fast blockchain network that offers greener real-time settlement solutions for micropayments and others. Ripple, the parent company of XRP, recently announced in its second quarter report that sales of XRP increased by 50 percent despite the legal battle with the SEC. However, XRP lost 56 percent of its value in 2022.
After falling to a low of $0.28 in June, XRP attempted a trend reversal while making a series of higher highs in July. XRP has mostly managed to hold above the long-term trendline support that has been forming since early July.
XRP must break the $0.40 psychological resistance to continue gaining momentum. $0.42 and $0.44 are forming as the next resistance levels. With the RSI at 56, XRP is looking up and above its 50-day moving averages.
Given the favorable macroeconomic tailwinds, investors can wait for confirmation before deciding to go long. Any downside will bring trendline support into play at $0.35.
Resistance: $0.40, $0.42, $0.44
Support: $0.35, $0.33, $0.31
(The views and recommendations in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in the assets mentioned.)