The decline began as bad news throughout the past week dashed even the faintest hopes of a resolution. Russian forces pounded other major Ukrainian cities with artillery and rocket fire.
All major digital tokens were bleeding, with Terra down more than 10%, followed by an 8% drop in Solana and Avalanche each. Cardano, XRP and Ethereum lose up to 6%.
The global cryptocurrency market capitalization fell to $1.71 trillion today, falling more than 4% in the past 24 hours. Total cryptocurrency trading volume jumped over 25% to $67.11 billion.
What’s cooking in India
In April, the crypto crowd in India will be caught in a “valuation” conundrum as they receive “dropped” coins and trade one crypto for another.
Grayscale is one of the largest digital asset managers in the cryptocurrency space. It has several cryptocurrency-related trusts, ranging from Bitcoin to an altcoin such as Livepeer.
The Bitcoin Trust has around $25 billion under Grayscale’s belt and the fund alone is an important indicator when it comes to institutional investor interest in the digital asset space, WazirX Trade Desk said.
“Interest increased as approximately $140 million poured into GBTC (Grayscale Bitcoin Trust) at the end of February. The above statement carries more weight as markets are paralyzed with fear,” he said. -he adds.
The spike in institutional interest, while the current fear and greed index is at “extreme fear,” is a big sign of confidence in the digital asset space.
- Australian bitcoin miner Mawson Infrastructure Group (MIGI) has signed a 12 megawatt (MW) hosting colocation deal with Foundry Digital, just days after signing a 100 MW deal with Celsius Mining.
- While the start of the next Major League Baseball (MLB) season remains under threat, trading card company Topps is pushing ahead with its baseball-themed non-fungible token (NFT) sales.
Technical view by Proassetz Exchange
Bitcoin made another attempt to conquer the $45,000 region last week, but failed. This level had served as support in December 2021, during the initial phase of decline. But the level once decisively breached in early January acted as significant resistance and prevented at least two attempts in the past month by BTC bulls to break above it.
Needless to say, the intermediate downtrend will not end as long as it remains below this important resistance level. The attached diagram shows this resistance zone.
It also means that the downside risk is open. Right now, there is a small support at $37,000, but downtrends are notoriously likely to breach support zones. A pullback to $42,000 and $45,000 will be selling opportunities for this week.
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)