Cryptocurrency price

Cryptocurrency price today: Top cryptocurrency prices today: Avalanche, Solana, Polkadot, Cardano lose up to 11%

New Delhi: Crypto markets flashed red as they felt the heat of the financial market meltdown and fell sharply on Thursday. Bitcoin suffered minor losses while altcoins faced a strong sell-off.

Cryptos have been in the doldrums since the Terra (LUNA) fiasco, which wiped out $40 billion from the investor pool. Growing inflation concerns and worries about slowing growth are major concerns for riskier assets.

With the exception of USD coins pegged to the US dollar, all tokens were trading sharply lower. The avalanche plunged another 11%, followed by a 9% drop at Solana. Polkadot and Cardano fell 8% each.



The global cryptocurrency market capitalization was trading lower at $1.24 trillion, falling about 4% in the past 24 hours. However, total cryptocurrency trading volume increased by more than 6% to $82.36 billion.

Expert grip
Despite retail investor sentiment being overly cautious, institutional confidence remained strong, the CoinDCX research team said.

“Funding continues to flow into the digital asset sector, as seen by Swiss investment firm 21Shares which launched two crypto funds amid uncertainties in the digital asset market,” he added.

Global Updates

  • US President Joe Biden’s administration will lobby Congress to require cryptocurrency exchanges to separate their customers’ money from their own corporate funds, according to a person familiar with the plan that could limit how industry does business.

  • Swiss investment products company 21Shares is launching two exchange-traded crypto products (ETPs) in the United States as the company seeks to capitalize on global demand from crypto investors.

  • Bitcoin has the potential to disrupt existing traditional payment networks, especially with the growing adoption of the Lightning Network, executives at payments firm Block (SQ) said at its virtual Investor Day.

  • Argo Blockchain, the mining company that branched out into Web 3 through its subsidiary Argo Lab earlier this year, said it had a stake in UST that was not material and that it was able to ” almost break even” on its position during the collapse of the UST.

Technical view by Giottos Crypto Exchange
Most altcoins have taken a beating during the current bear market. Chainlink is no different, having corrected from a local high near $40 in November to $6 this month. However, LINK arguably has strong potential to rebound quickly and cut losses faster, given the fundamental value it is generally known for.

LINK is a token of Chainlink – a decentralized oracle that allows smart contracts to communicate with each other on blockchain ecosystems, enabling real-time data transfer to blockchains. Today, LINK is trading around the $15 level.

AND CONTRIBUTORS

So far, there has been no break in the market structure for LINK on longer timeframes. Although it has stopped forming lower lows, it has yet to register a higher high and signal a shift in sentiment.

In fact, a rejection of the 0.236 retracement of its decline only adds to the overall bearish outlook and suggests that investors will likely have an opportunity to buy LINK again at cheap prices. Strong local support can be found in the $6.5 range. However, if lost, even $5 and $4 may be on the cards.

Key levels
Supports: $6.5, $6.0, $5.0

Resistors: $7.4, $8.0, $9.5

(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.)