- Bitcoin is currently trading above the $22,000 level
Bitcoin extended a rally amid a brighter mood in global markets and as traders await US inflation data and monitor a seminal upgrade of the Ethereum blockchain. The world’s largest and most popular cryptocurrency was trading more than 1% higher at $22,198. The global crypto market cap today was above the $1 trillion mark, even as it was down over a per cent in the last 24 hours at $1.1 trillion, as per CoinGecko.
“Bitcoin has been showing signs of little optimism with increasing buying strength over the past few days. BTC is currently trading above the $22,000 level as the relief rally continues after a period of consolidation. If BTC manages to hold above the current level, the next immediate resistance of BTC could be at $24,000. However, unlike BTC, Ethereum fell as uncertainty increases ahead of the Merge. If ETH can hold above the $1,689 level today, it may bounce back to the $1,700 mark. But if it fails to do so, one can expect the test of a critical support level at US$1,650,” said Edul Patel, CEO and Co-founder, Mudrex.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, slipped about a per cent to $1,705. Ethereum is transitioning to proof-of-stake for its consensus protocol.
Meanwhile, dogecoin price today was trading slightly higher at $0.06 whereas Shiba Inu slipped marginally to $0.000013. Other crypto prices’ today performance were mixed as XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Chainlink, Apecoin, Cardano, Stellar, Tron prices were trading with cuts over the last 24 hours whereas Solana, Polygon, Avalanche gained.
The US inflation report due Tuesday is expected to show cooling headline price pressures. But a higher-than-anticipated print could harden expectations for restrictive monetary settings that are anathema for crypto prices, reported Bloomberg.
Bitcoin has been stuck in the tightest trading range in part reflecting uncertainty about how far central banks will go in raising interest rates in the face of a slowing global economy. Meltdowns like those of the Terra/Luna ecosystem and hedge fund Three Arrows Capital have depressed sentiment as well, and numerous crypto firms have declared bankruptcy or are struggling to survive.
(With inputs from agencies)
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