In cryptocurrencies, Bitcoin's price today extended declines after snapping a rare 14-day winning streak as a mood of caution supplanted the risk appetite that drove up a variety of assets at the start of the year. The world's largest cryptocurrency was trading about 3% lower at $20,759. The global crypto market cap today was down almost 4% in the last 24 hours to $1 trillion, as per the data by CoinGecko.
"Most cryptocurrencies saw a decline as the market reacted to the U.S. crackdown on the Bitzlato exchange. Bitcoin briefly rose above its resistance at $21,480 but was unable to maintain the gains, potentially attracting profit-taking by short-term traders. If it can rise above $21,400, it may attract buyers and push the price up further. Ethereum managed to surpass its resistance at $1,600 but failed to close above it. Its immediate support is now at $1,490, and its resistance is at $1,550," said Edul Patel CEO & Co-Founder, Mudrex.
Bitcoin's 14-day relative strength index has dropped from more than 90 but remains above 70, the threshold for so-called overbought conditions, reported Bloomberg. For some strategists, that hints at the possibility of a pause in Bitcoin's 2023 advance.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also slipped over 4% to $1,526. Meanwhile, dogecoin price today was also trading over 6% lower at $0.08 whereas Shiba Inu dipped over 11% at $0.000011.
Other crypto prices' today performance also slipped as Tether, Stellar, XRP, Polkadot, Chainlink, XRP, Solana, Avalance, Polygon, Apecoin, Tron, Solana, Litecoin, Uniswap prices were trading with cuts over the last 24 hours.
Bitcoin and a gauge of the top 100 tokens have both jumped more than 20% this year, alleviating at least a sliver of last year's digital-asset rout. Much of that has been driven by the view that debilitating interest-rate hikes are coming to an end as inflation cools. Crypto coins have shed about $2 trillion since a peak in November 2021. The crypto sector also continues to grapple with the fallout of the collapse of the FTX exchange.
(With inputs from agencies)
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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