Bitcoin dropped below the $17,000 mark, whereas Ethereum was trading below $1,250 mark. Crypto market is yet to recover from the jitters and bad news flow of the FTX collapse.
All other top crypto tokens were trading lower on Thursday. Solnana tumbled more than 4% while Litecoin, Dogecoin and Polkadot dropped 3% each. Etherem and Cardano were also down 2% each.
The global cryptocurrency market cap was trading lower around $842 billion, dropping as much as 2% in the last 24 hours. The total trading volume jumped as much as 4% to $37.05 billion.
What’s cooking in India
India’s Financial Intelligence Unit (FIU) tracked 3,300 crypto accounts in the last eight months that it suspected were being used for money laundering, drug trafficking and other illegal activities, including funding social unrest.
The agency has shared the information with other enforcement agencies and crypto exchanges, both in India and overseas. FIU has recommended closure of these accounts and has also reached out to international agencies.
Expert take
“Most active chains like Ethereum and Bitcoin, the daily active address over the last bull run topped in May of 2021,” said WazirX Trade Desk. “However, we saw a new all-time high in daily active users in July 2022, on the Ethereum blockchain,” it added.
There are substantially more people using crypto now than before since the last bull run. The trend seems to indicate that each market cycle is bringing in more users who decide not to leave once the bull market price frenzy dies down, it added.
Global updates
Cryptocurrency exchange Binance generates 90% of its revenue from transaction fees, CEO Changpeng “CZ” Zhao said in a recent TechCrunch interview.
In a letter to customers on Wednesday morning, Genesis interim CEO Derar Islim said resolution of his company’s lending unit’s withdrawal freeze is likely to be a matter of ‘weeks’ rather than days.
The US senator behind one of the more important pieces of bipartisan crypto legislation in the works said bitcoin is the only cryptocurrency that can be considered a commodity because ether is now a security thanks to September’s Ethereum Merge.
Tech View by Giottus Crypto Platform
Bitcoin (BTC) is currently trading range bound – the third such phase in the last 6 months. It has been rejected by the range subsequently in the previous two occasions and registered a new macro low each time.
It continued to consolidate today, after getting rejected around its key resistance at $17,200. Its RSI is now at 41, leaning towards an oversold territory.
A small bounce can be expected at these levels though the macro uncertainties continue to impede a bigger rally. $16,800 level continues to provide strong support in smaller time frames.
BTC.D (Bitcoin Dominance) continues to be low below 40% indicating that altcoins have much to shed in case there is a drop in BTC from the current trading range in the mid-term. Analysts expect BTC.D to go beyond 45% by the end of the bear market.
(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.)
