Crypto Price Today: Bitcoin holds at $28,000; Ethereum remains at $1,550; Toncoin falls 5%

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 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. However, its largest peer, Ethereum, declined on the similar lines and fell over per cent to barely remain above $1,550-level. Majority of altcoins were trading lower in the early morning.

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.

"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," he added.

Barring the Tron as only exceptions, the majority of top crypto tokens were trading with 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.

Bitcoin has been holding the fort above $28,000 even as it has registered gains due to fake news of ETF acceptance followed by a price correction. Even though nearly $100 million was liquidated within hours, investors seem to be noticing the steadiness in BTC price after its correction, said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk

"On the other hand, major layer 1 Avalanche has been gearing up for its adoption in India as Polygon Labs and OKX have observed the exit of a key employee each, who have joined Ava labs for their expansion in the county," Hudda said.

Image: Crypto-chart-price

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.

Image: Chart-Kyber

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.

 

(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.)