“Over the past 24 hours, Bitcoin has experienced relatively stable price movement, consolidating around the $70,400 mark. However, Bitcoin’s trading volume has decreased by approximately 20%. The next resistance level for Bitcoin is at $71,855, with the next support level at $69,231,” said Edul Patel, CEO of Mudrex.
“Ethereum has also shown mostly sideways price action, currently trading around $3,550. Both Bitcoin and Ethereum are expected to experience increased volatility due to approximately $15 billion worth of options set to expire. Overall, the market sentiment remains extremely greedy,” Edul added.
In today’s session, Dogecoin emerged as the top performer among the leading crypto tokens, surging by 9.2% to reach $0.20.
“Technical analysis shows that DOGE’s performance could be attributed to a prolonged reversal, with a flattened-out bottom. We can expect a strong support around $0.15 with resistance at $0.21,” said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.
The total volume in DeFi is currently $9.18 billion, 9.51% of the total crypto market 24-hour volume. The volume of all stablecoins is now $85.53 billion, which is 88.64% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.384 trillion. Bitcoin’s dominance is currently 52.23%, according to CoinMarketCap. BTC volume in the last 24 hours fell 20% to $32.78 billion.
Global update
Sam Bankman-Fried, the co-founder and CEO of collapsed crypto exchange FTX, was on Thursday sentenced to 25 years in prison in the US for seven counts of conspiracy and fraud charges.
A judge said Thursday that federal sentencing guidelines call for former crypto mogul Sam Bankman-Fried to spend the rest of his life in prison, but he’ll order a sentence of less than life once he decides the penalty Bankman-Fried must pay for his role in the 2022 collapse of FTX, once one of the world’s most popular platforms for trading digital currency.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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