2021-07-28 06:19:00

Short Sellers Drive Crypto Trade up 6%, Bitcoin Teases $40,000

The global cryptocurrency market soared back to $1.54 trillion today, gaining 6 per cent in the 24 hours ending 9am IST. However, a 14 per cent decline in market trade volumes might be a cause of concern even as financial markets including S&P 500 witnessed a decline triggered by Chinese stock market sell-off.

Bitcoin (BTC) again broke the $40,000 level early morning today but fell back immediately to close at $39,900 with a significant 8.5 per cent gain in the last 24 hours. Yesterday’s pull-off had investors withdrawing some of their profits from the exchanges, which caused BTC to dip as low as $36,500. However, BTC bounced back strongly from the support level at $36,400 to march towards the major psychological level of $40,000. A mammoth $900 million worth of short positions in crypto were liquidated in the past two days.

Riding on its high BTC correlation, Ethereum (ETH) gained over 5 per cent to close slightly above the $2,250 level, marginally testing its first resistance at $2,300. New support levels are forming at $2,160.

All major altcoins were in the green, registering an increase of 2 to 5 per cent. Coins such as Chainlink (LINK), Theta (THETA), Polkadot (DOT), and Uniswap (UNI) were amongst the top gainers. The global crypto market continues to be dominated by Bitcoin with a market share of 48.5 per cent.

BTC needs a daily close above the resistance level of $40,000 to initiate a run towards $42,000. Any downward movement will bring support levels at $36,000 into play again.

Top Gainers today:

  1. Axie Infinity (AXS): 28.7%
  2. Ankr (ANKR): 27.5%
  3. Okb (OKB): 26.4%

Top Loser today*:

  1. UNUS SED LEO (LEO): -0.4%

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

*All other coins have gained except LEO

Source: CoinMarketCap

Crypto News at a Glance:

  1. India’s Maharashtra has announced a partnership with an Indian blockchain startup LegitDoc to use an Ethereum powered credential system to issue diploma certificates in the state.
  2. The CEO of Binance, a leading cryptocurrency exchange, has stated his willingness to step down in light of regulatory crackdowns worldwide and look for a successor who can handle regulatory affairs better. He also mentioned that Binance would be working with local regulators to establish regional headquarters.
  3. Dash, a payments network based on blockchain, has launched a retail-focused non-custodial app called DashDirect, allowing users to pay for their daily purchases with their Dash Holdings.
  4. Global payment leader, Mastercard, has announced a startup engagement program, Start Path, for cryptocurrency and blockchain companies to improve innovation and increase crypto adoption.

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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