Bitcoin fell below $20,000 on Sunday as part of a wider cryptocurrency-market retreat, amid concern about the Federal Reserve’s rate-hike path, Reuters reported.
Fed Chair Jerome Powell’s speech at the Jackson Hole conference spooked the traders across the world of all riskier asset classes. Despite the recovery, the total market cap of the crypto space remained below the $1 trillion mark.
The global cryptocurrency market cap was trading higher at the $980.62 billion mark, rising more than 3 per cent in the last 24 hours. However, the total trading volume dropped about 20 per cent to $64.88 billion.
Fintech firm Lightnet Group, creator of blockchain-based cross-border payment infrastructure, has received a $50 million commitment from investment group LDA Capital, the firm said.
Singapore’s central bank wants to promote a digital asset ecosystem while restricting crypto speculation, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).
Polkadot parachain Moonbeam has integrated cross-chain messaging protocol LayerZero to facilitate Web3 interoperability, Polkadot said.
MundoCrypto has released its Metaverse as a new training space for the crypto community under the model Learn to Earn and Proof of Community, two of the pillars of this new project.
Edul Patel, CEO and co-founder, Mudrex, said that Bitcoin’s price rebounded after falling below the $20,000 level over the weekend. It might take some time for BTC to get back as it has not accumulated the power to make an upward move.
“The price of BTC is affected by the recent hawkish Federal Reserve’s comments and the upcoming Ethereum Merge,” he said. “Ethereum has been performing better than BTC over the past few months as the Merge draws closer,” he added.
Tech View by Giottus Crypto Platform
One of the leading Layer-1 scaling solutions, Cardano is the first-ever smart contract-based platform based on peer-reviewed research and a 5-tier roadmap. Ahead of its Vasil upgrade, ADA, Cardano’s native token, has been facing a lack of momentum and a clear price breakout.
ADA is currently trading at $0.45, down by 25 per cent from its August high of $0.54. ADA has been underperforming as compared to other layer-1 blockchains. Its price chart showed a bearish accumulation in progression.
After moving in an ascending parallel channel till mid-August, the currency witnessed a steep decline and shed all its gains before once again opting to move in another ascending parallel channel.
Currently, it is now trading close to its July levels forming a double bottom setup and signaling a bullish reversal. It needs to break out above the neck resistance of $0.46 before it can confirm a trend reversal. Any movement towards the August high of $0.54 will bring massive gains into play.
Resistance: $0.46, $0.48, $0.54
Support: $0.43, $0.42