Bitcoin and other crypto tokens were bleeding in the early trading session Tuesday as the US 10-year yield spiked to its highest level in more than 16 years. The much-hyped and awaited ether futures exchange-traded funds (ETFs) failed to capture the interest of investors, suggested some reports, with low volumes reported on their first day of trading.
Bitcoin was back in the falling trajectory as the largest crypto token dropped about 2 per cent but managed to hold $27,500-levels. Its largest peer, Ethereum, tumbled about 4 per cent to barely hover above $1,600-mark. Action in the altcoins was signaling towards weakness.
Bitcoin momentarily broke above the extremely important resistance of $28,500, which is the 50-day Exponential Moving Average (50 EMA) as well, before bears took the grip and BTC fell back to around $27,500. This volatility means that the market saw its highest volumes in more than a month, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk
“Chainlink’s flagship event Smartcon began yesterday in Barcelona, Spain. With LINK reaching its 18-month range high, it fell steadily with the popular ‘buy the rumor, sell the news’ narrative. Odysseys are a way of providing a different set of tasks to users where people can get NFTs for exploring Arbitrum ecosystem projects,” he said.
All top crypto tokens were trading lower on Tuesday. Toncoin tumbled about 5 per cent, while Shiba Inu dived 4 per cent in the early trade. Polkadot and Litecoin declined 3 per cent, each, while Tron, Dogecoin, Shiba Inu and Solana shed more than 2 per cent each.
The global cryptocurrency market cap was trading significantly lower, dropping to $1.09 trillion-mark, as it declined as much as two per cent in the last 24 hours. However, the total trading volumes rallied about 30 per cent to $43.71 billion.
Tech View by WazirX Trade Desk
RenderToken (RNDR) is a decentralized GPU rendering network that operates atop the Ethereum blockchain, with the goal of linking artists and studios seeking GPU computational resources to mining partners who are open to leasing their GPU capacities.
On the daily time-frame, the RNDR/USDT trend was on a decline since June of 2023. However, the trend has broken out of the descending triangle pattern and edged above its 20-day moving average. The daily RSI also indicates a very strong price momentum. The next resistance is expected at 1.86 USDT and an immediate support is expected at 1.7 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.)
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