2021-07-21 06:15:00

Crypto Markets Bounce Marginally; Bitcoin Goes Past $30,000

The global cryptocurrency market held its ground with delta variant scare persisting in financial markets. The market cap today was at $1.21 trillion, registering a marginal 1.9 per cent gain in the last 24 hours. Daily trade volume rose by over 3.5 per cent, heralded by long-term investors.

Bitcoin (BTC) hovered around the psychological level of $30,000 for the second consecutive day, gaining a modest 0.8 per cent to close at $29,900 as of 9 am IST. While BTC steered clear of the first and second support levels at $29,120 and $28,390, it failed to mobilise enough to break beyond the $30,000 level for most of the day. Post 9 am, however, BTC has surged past this level.

BTC witnessed its yearly-low trading volumes last week. Major exchange wallets witnessed an increase in BTC inflow volume over the weekend, pointing to a decline in long-term investor confidence. Breaking $31,000 is necessary for the market to regain confidence and drive positive momentum this week.

Ethereum (ETH) bounced back moderately by gaining 6 per cent to steer clear of its critical support level at $1,744. After witnessing another new low this month, ETH closed at $1,850 as the day ended. ETH wasn’t able to test any resistance levels.

Gathering momentum from ETH’s bounce, the major altcoins such as Polkadot (DOT), Dogecoin (DOGE), Solana (SOL), and Polygon (MATIC) gained moderately by over 4 per cent. In contrast, coins like Filecoin (FIL) and Uniswap (UNI) took minor losses by 1 per cent.

Top Gainers today:

  1. THORChain (RUNE): 16.7%
  2. Flow (FLOW): 15.1%
  3. Compound (COMP): 13.6%

Top Losers today:

  1. Revain (REV); -17.7%
  2. Telcoin (TEL): -8.4%
  3. Mdex (MDX): -5.5%

The analysis includes the top 100 coins only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

  1. US-based cryptocurrency exchange FTX has announced that it has raised $900 million, the largest raise among crypto exchanges, for its series B round. Notable participants include Coinbase Ventures, Sino Global and Sequoia Capital.
  2. Mastercard, the payment processing giant, has announced that it will partner with Evolve Bank & Trust, Paxos Trust Company and Circle to enhance its card program for crypto wallets and exchanges.
  3. FLURRY, a DeFi protocol offering yield aggregation, has raised $3 million from leading blockchain-focused VC teams such as AU21 Capital and GenBlock Capital. FLURRY, with a product launch expected in Q3 2021, aims to enhance the usability of Decentralized Finance (DeFi) products, providing a flexible and user-oriented model to the digital community.
  4. Leading chip maker, Nvidia’s stock registered an 8 per cent percent decline in NASDAQ over the past week amidst the decline in cryptocurrency markets. Nvidia makes processors that are also used to power cryptocurrency mining.

DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.

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