Cryptocurrency price

Cryptocurrency prices today: Top cryptocurrency prices today: Bitcoin, Ethereum, Solana, Avalanche zoom up to 11%

New Delhi: After a strong sell off over the past two days, the cryptocurrency market has found buyers near key support levels. However, traders are still on edge over the crisis in Russia and Ukraine.

All major digital tokens were trading higher at the start of trading on Tuesday, led by NFTs and DeFi tokens. Solana and Avalanche were up 11% each.

The global crypto market cap jumped 5% to hit the $1.95 trillion mark. Moreover, the total volume of the crypto market increased by around 16% to reach $72.23 billion.


What’s cooking in India
Finance Minister Nirmala Sitharaman said discussions regarding private cryptocurrencies and central bank-backed digital currency are ongoing with the Reserve Bank and a decision will be made after due deliberations .

Sitharaman, in his budget speech on February 1, had announced that the digital rupee or Central Bank Digital Currency (CBDC) would be issued by the RBI in the coming financial year.

Meanwhile, Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar on Monday said banning private cryptocurrencies was the best option for the country, reiterating his tough stance on the class of d assets.

Sankar, speaking at the IBA Banking Technology Awards, told bankers that even the notorious Ponzi schemes of the early 20th century were better because Ponzi schemes invested in income-generating assets, while cryptos are not. than playing instruments.

Expert grip
The global crypto market capitalization and trading volume have increased over the past 24 hours, said Edul Patel, co-founder and CEO of Mudrex.

“Bitcoin and Ethereum are trading higher. According to market capitalization, major alternative coins are also turning in the green. Ongoing tensions between Russia and Ukraine are affecting market sentiment, causing market ups and downs cryptography,” he added. .

Global Updates

  • Coinbase Global, the largest U.S. crypto exchange by trading volume, will hire up to 2,000 people in 2022 as it seeks to take advantage of development opportunities from Web 3 and others, the company announced in a blog post.

  • Singaporean public investment fund Temasek, one of the world’s largest investors, has sold its modest position in crypto exchange Coinbase (COIN), according to its latest filings with the U.S. Securities and Exchange Commission. United.

  • Crypto funds attracted $75 million in new investment last week, the fourth straight week of net inflows, showing continued confidence in bitcoin and other digital assets as prices recovered from January’s slump .

  • In other news, nearly three-quarters of ransomware attack revenue last year, or $400 million, went to addresses that are “highly likely” to be affiliated with Russia, according to a report by cryptanalysis company Chainalysis.

Technical view by Giottos Crypto Exchange
Algorand is a permissionless, open-source blockchain network that gained popularity after it was adopted by El Salvador as an official platform to build its blockchain infrastructure. Algorand focuses on solving blockchain’s scaling, security, and transaction speed issues.

Its ALGO token had a tough January, falling from a high near $1.85 to a low of $0.8. After a brief rebound and consolidation, it is now back to test a break from a trendline resistance and is at a confluence level with another local retracement resistance at 0.236.

AND CONTRIBUTORS

At the macro level, ALGO has formed a series of lower highs, and until this structure is broken, traders can continue to avoid large positions. Longer term, ALGO remains a promising buy at these levels as it continues to attract interest from institutional and retail investors.

Main levels:
Support: $0.9, $0.87

Resistance: $0.96, $0.98