Bitcoin and other crypto tokens were mostly down on Thursday on the back of profit booking. A surprise mild decline in the June Consumer Price Index (CPI) on Wednesday supported the riskier assets but shadows of low-risk appetite kept the traders on the tenterhooks, leading to a few blips.
Bitcoin saw some profit booking on Thursday as the largest crypto token dropped more than a per cent but managed to hold $30,000-mark. Its largest peer, Ethereum, also shed about a per cent and remained below $1,900-levels. However, price action in other altcoins was mostly on the downside.
Despite the positive inflation data in the CPI report for June, Bitcoin remained below the $30,500 mark. One factor that might have contributed to this volatility could be because of the US government moving Silk road linked Bitcoin worth $300 million in three separate transactions as per on chain-data on Wednesday, said Edul Patel, co-founder and CEO at Mudrex.
"In a similar incident in March, the same wallet transferred over $1 billion in Bitcoin, leading to a significant decline in major cryptocurrencies. Currently, BTC faces resistance at $30,400 and then $30,550. Failing to surpass this resistance level could trigger another downward trend towards its support level at $30,230," he said.
Majority of the top crypto tokens were trading lower on Thursday. Polkadot and BNB dropped 3 per cent each, while Toncoin and Solana dropped 2 per cent each. Among gainers, Bitcoin Cash gained over 3 per cent, while Cardano rose more than 2 per cent for the day.
The global cryptocurrency market cap was trading lower, falling to $1.18 trillion-mark, as it declined more than a per cent in the last 24 hours. However, the total trading volumes surged as much as 15 per cent to $30.64 billion.
Ethereum Worlds, the luxury Metaverse builders and creators of Ethereum Towers, is seto to hold its final mint on July 13 at 12:00 EST. The mint will allow users to purchase the remaining apartments in the metaverse.
Adopting a VR-first approach, Ethereum Towers offers a comprehensive and immersive experience within their highly customizable apartments. Users can design, build, and furnish their virtual living spaces, showcasing their favorite NFTs as pieces of art on the walls.
Image: Crypto-chart-price
Tech View by WazirX Trade Desk
Ocean Protocol(OCEAN) is an ecosystem built on blockchain technology, providing individuals and businesses with a seamless way to access the potential worth of their data and generate profits by utilizing data tokens based on the ERC-20 standard.
Image: Chart-OCEAN
The OCEAN/USDT chart has been mostly closing in green since the past 5 weeks or so. On the weekly timeframe, the trend has broken out of the bullish Flag pattern. It would be a good opportunity to take a buy position at this level as the trend is expected to continue its upward trajectory. The next resistance is expected at $0.44 and the next support is expected at the $0.315 level.
(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)