The lending arm of crypto investment bank Genesis Global Trading suspended customer withdrawals. This turned out to be the latest stab for the crypto markets after the FTX fallout, adding more fuel to the fire.
Bitcoin was again limping around the $16,000 level, whereas altcoins suffered more wrath.
Top crypto tokens were trading mostly lower on Thursday. Uniswap plunged 6%, whereas Polygone and Polkadot tanked 5% each. Cardano and Ethereum were down 4% each.
The global cryptocurrency market cap was trading lower around $831.90 billion, gaining about half a per cent in the last 24 hours. However, the total trading volume dropped more than 3% to $60.09 billion.
What’s cooking in India
Tezos India, an Indian blockchain adoption studio, has announced that Liminal, a leading digital wallet operations infrastructure platform, has successfully completed integration with the Tezos blockchain.
The prime objective behind this integration is to allow investors a highly secure and efficient DeFi service experience on Tezos.
Expert take
The global crypto market cap slowly started to stabilize after the events from last week.
Key coins including Ethereum and Bitcoin continued to hold their support levels of $1,200 and $16,000 respectively, after the FTX crash, said Prashant Kumar, Founder and CEO at weTrade
“While the crash may have taken the crypto market back, they have also brought forth an urgent need for regulations in the market. A healthy set of regulations go a long way in protecting consumer interests,” he added.
Global Updates
Decentralized-finance protocol MakerDAO said it can now handle ‘near-instant’ transactions and faster withdrawals across the Ethereum blockchain and layer 2 networks for its $6 billion stablecoin, DAI.
StarkWare, the creator of a layer 2 scalability product, has deployed its new StarkNet Token (STRK) on the Ethereum mainnet. The tokens are not yet available for sale.
Ethereum development firm Matter Labs has raised a monster $200 million to support the launch of its zkSync V2 rollup network, one of the major platforms vying for dominance in a crowded competition.
Digital asset manager Grayscale Investments is seeking to reassure investors they will not be affected by Genesis Global Capital suspending withdrawals in the wake of FTX’s collapse.
Tech View by Giottus Crypto Platform
Polygon (MATIC) is increasingly considered one of the projects that are likely to survive the bear market and remain a strong performer in the next bull run. The Layer 2 protocol has scores of integrations with large brands, widespread adoption, and a loyal fan following. But analysts are suggesting a much lower bottom for the token this year.
With Bitcoin failing to reclaim the psychological level of $18,000 so far this week and in fact, moving to the lower end of its new range, many speculate that a selloff in alts is very likely to follow, which may push MATIC support to $0.7.
MATIC has lost a macro-resistance level of $0.93, making the downside more likely (however, there is intermediate support at $0.88). Its daily RSI seems to be on a downtrend, and while the market structure has changed on the daily time frame, it has failed to exceed its March high.
If $0.7 is lost, MATIC can even revisit the $0.52 level, last tested in July 2022. It is a reasonable price to buy for the long term. For MATIC to invalidate this bearish outlook, it would need to reclaim $0.93 on the weekly time frame. This will set it up to retake the $1 psychological level, followed by $1.2 and $1.3.
Major Levels
Support: $0.88, $0.7, $0.52
Resistance: $0.93, $1.0, $1.2
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
