“The crypto market is feeling the pressure of regulatory concerns in the US as BTC continues to trade below the $22,000 mark while Ether slipped below the $1500 mark. Most of the digital assets are in the red as investors are parking their funds in less volatile assets for better times. The latest regulatory developments in the US will strengthen Asia’s position as a global hub for the digital asset industry,” Shivam Thakral, CEO of BuyUcoin, said.
Other top crypto tokens were also trading lower on Tuesday. BNB fell 6.6% while Dogecoin, Polygon, Shiba Inu and XRP were also trading with cuts.
The volume of all stablecoins is now $56.69 billion, which is 102.11% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $419.34 billion, with a dominance of about 41.84%, according to CoinMarketCap.
“Bitcoin traded lower in the last 24 hours due to bearish market sentiment ahead of the upcoming US inflation report. BTC hit multi-week lows as bears are taking the lead over bulls. BTC’s immediate support is at US$21,650, with resistance at US$21,800. Meanwhile, ETH hit a one-month low on Monday, currently ranging between US$1,400 and US$1,500 with no signs of mid-term price recovery,” Edul Patel, Co-founder and CEO at Mudrex, said.
Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said “Bitcoin is nearing a 38.6% retracement to $21,290, with a potential drop to $20,300 if broken. If the candles close above $21,300, a bullish rebound to $22,375 (+5%) may occur.”Crypto Cart: Quick (Source: coinmarketcap.com, data as of 10.20 hours, IST on February 14, 2023)
- Bitcoin $ 21,735 -0.50%
- Ethereum $1,500 -1.25%
- Tether $1 0.07%
- BNB $291.74 6.70%
- XRP $0.3671 -1.46%
- Dogecoin $0.08147 -4.04%
- Cardano $0.3564 -1.84%
- Polygon $1.18 -4.33%
- Polkadot $6.10 -1.56%
- Tron $0.06531 0.97%
- Litecoin $90.83 -2.32%
- Shiba Inu $0.00001234 -4.44%
- Solana $20.87 -0.51%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)