Crypto Price Today: Bitcoin remain below $22,000; XRP & Avalanche fall up to 3%

Crypto market was trading slightly weaker during the early Asian hours on Monday as the digital market was awaiting cues for the Fed's monetary policy outlook in its next meeting. Also, the crypto market is also digesting regulatory developments.

The largest crypto token Bitcoin continued to remain below the $22,000 mark, extending its weakness slightly. Its largest peer, Ethereum, also reported a decline to barely hold above $1,500-level. However, a handful of altcoins outperformed the top-crypto stack.

Most cryptocurrencies experienced a correction over the weekend. Bitcoin fell below the $22,000 mark after the US-based Kraken cryptocurrency exchange temporarily stopped its staking service and was fined $30 million by the SEC for not registering the service properly, said Edul Patel, Co-founder and CEO at Mudrex.

"Bitcoin appears to be in a bearish trend as it trades near its support level of $21,770. If the current trend continues, it is expected to decline further to $21,500 by the end of the week. At this time, Bitcoin has not yet gained enough momentum for a mid-term price recovery," he said.

Barring a few exceptions, all other top crypto tokens were trading lower on Monday. XRP and Avalanche topped among the losers with a 3 per cent fall, whereas Polygon, Polkadot and Cardani shed 2 per cent each. Tron, Solana and BNB were trading in green other than the US dollar pegged stablecoins.

The global cryptocurrency market cap was trading lower at $1.01 trillion mark, slipping about a per cent in the last 24 hours. However, the total trading volumes surged more than 22 per cent to $41.46 billion.

The cryptocurrency market is experiencing a decline, with the price of Bitcoin falling below the key resistance level. The 200-day EMA trendline near $21,500 provides some support, but if the price breaks below $21,750, there may be potential for further declines, said Sathvik Vishwanath, Co-Founder CEO at Unocoin.

"Shiba Inu failed to break the $0.0000132 level and may face selling pressure if it fails to break this level. HBAR is currently in an overbought zone and may face price rejection if short traders exit their holdings. Overall, the cryptocurrency market is currently struggling, but there may be potential for growth in the future," he said.

Crypto updates
According to some media reports, payments giant PayPal is pausing work on bringing its own stablecoin to market.
The news comes one day after PayPal's crypto partner Paxos was reported to be under investigation by the New York Department of Financial Services. Paxos is the issuer of stablecoins Pax dollar and Binance USD.
 
Though Coinbase’s current revenue from staking is relatively small, there is potential for speedy growth if the US Securities and Exchange Commission doesn’t crack down on the service altogether.

Polygon, an Ethereum scaling project, is exploring ways to bring 'zero knowledge,' or ZK, technology – seen by many experts as a major advancement in cryptography’s use in blockchains – to its main chain.

Note: Price change in last 24 hours

Tech View By Giottus Crypto Platform
Tech View By Giottus Crypto Platform
Polkadot (DOT) is trading around $6.1 today, up by about 40 per cent this year. DOT has been trading below an important $6.2 mark, post a 5 per cent correction. However, DOT seems to have a confluence of support zones coming in - from the level at $6.12 to an ascending trendline stretching from last year.

Down below, there’s also its 50-day moving average at $5.69 and a fib support at $5.82 as well. If DOT manages to reclaim its 200-day moving average at $6.31, DOT can rally higher. However, the fact that DOT has just failed to hold on to its golden pocket indicates a strong bearish sentiment.

Major levels
Resistance: $6.20, $6.73, $7.42
Support: $5.82, $5.69

(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.)

 

 

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