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A majority of the top crypto tokens dropped sharply during the early day on Friday on the back of profit booking. Traders remain concerned about the US SEC lawsuits filed against exchange powerhouses Binance and Coinbase, despite spot Bitcoin ETF filings with the US market regulator by three financial giants.
Bitcoin saw some profit booking after the gains of two days as the largest crypto token dropped about a per cent but managed to hold $30,000-mark. Its largest peer, Ethereum, was also trading lower and dropped about 2 per cent to slip below the $1,900-level. However, pain in the other altcoins was severe.
Markets have slipped after a three-day rally. The crypto fear and greed index has registered no movement. Bitcoins price is beginning to stall after the BTC ETF excitement within the market. Though we can expect the BTC price to hold firmly around the current levels with support at $29,700, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.
“Institutional entry into the crypto market has shifted the narrative and investor sentiment away from regulatory developments from last week. Furthering this case, French regulators have granted registration to CACEIS, the asset servicing division of banking giants Crédit Agricole and Santander, allowing them to provide crypto custody services,” he said.
Barring the US dollar-pegged stablecoins, all other top crypto tokens were trading lower on Friday. BNB dropped about 5 per cent, while Solana and XRP declined 4 per cent. Dogecoin and Polygon shed 3 per cent each. Litecoin, Cardano and Shina Inu were other laggards.
The global cryptocurrency market cap was trading significantly lower, falling to $1.17 trillion-mark as it dropped more than a per cent in the last 24 hours. However, the total trading volumes plunged more than 32 per cent to $40.41 billion.
Bitcoin has surged to over $30,000 for the first time in two months after recent filing of multiple spot bitcoin ETF applications. The surge came after the recent filing of spot bitcoin ETF applications by BlackRock, Invesco, and other large asset management firms has given investors hope that the crypto market is starting to recover, said CoinDCX Research Team.
“Spot bitcoin ETFs are designed to track the price of bitcoin directly, and their approval would allow investors to buy and sell bitcoin through traditional brokerage accounts. The recent developments could help to stabilize the crypto market and pave the way for further growth in the future,” it said.
Tech View by Giottus Crypto Platform
Ethereum has retraced some gains from earlier this week. The ETH/USD pair is currently attempting a rebound after failing to break the $1,950 resistance level. After a period of corrections and consolidations, ETH has started showing signs of appreciation by breaking out of its descending channel.
The asset is currently trading above its 100-day moving average of $1,844 which acts as an immediate support level. The RSI reading is currently at 58, slightly in overbought territory. If ETH is unable to break through the $1,900 barrier this week, the price may consolidate around $1,850 levels for a while
