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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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cryptocurrency prices are: Bitcoin reaches $50,000; Ethereum and Binance coin rise by 8%

Today's Top Cryptocurrency Prices Are: Bitcoin Reaches $50,000; Ethereum And Binance Coin Rise By 8%.
Cryptocurrency/image courtesy of pexels Cryptocurrency/image courtesy of pexels
Today's Top Cryptocurrency Prices Are: Bitcoin Reaches $50,000; Ethereum And Binance Coin Rise By 8%.
Cryptocurrency/image courtesy of pexels Cryptocurrency/image courtesy of pexels

New Delhi: The cryptocurrency market rebounded on Tuesday as investors snatched up high-quality tokens at bargain prices. Concerns about the Omicron variant faded worldwide, and investors flocked to riskier assets like Bitcoin.

Except for the dollar-pegged USD Coin, all the top ten digital tokens were trading higher at 9.30 IST. Binance Coin led the gainers with an 8% gain, followed by Ethereum and Cardano, which gained 5%.

Compared to the previous day, the global crypto market cap increased by about 5% to $2.37 trillion. In the meantime, the total crypto market volume increased by 14% to $137.77 billion.

What’s on the menu in India Cryptocurrency?

The new Cryptocurrency Bill will give regulators and government agencies such as the Securities and Exchange Board of India (Sebi), the Reserve Bank of India (RBI), and the tax department the authority to scrutinize investors Know Your Customer (KYC) data collected by crypto exchanges.

If cryptocurrencies are classified as an asset class, India could see apps like Robinhood emerge in the next few years. Nasdaq-listed Robinhood is a mobile app that allows users to trade stocks, ETFs, and cryptocurrencies without paying a commission. While similar ‘discount brokers’ exist in India, none of them currently allow cryptocurrency trading.

Expert Opinion on Cryptocurrency

Bitcoin’s price has recovered slightly after a shaky start to the week, pulling other top cryptocurrencies like Ethereum and Binance Coin up with it, according to the CoinDCX Research Team.

“The International Monetary Fund (IMF) expects the evolving pandemic to further dent global economic growth and recovery,” it added, citing the global spread of Omicron as an example. “With the pandemic and the economy looking bleak, gold prices are rising as investors seek safety in the traditional safe-haven metal.”

Update on the World

This month, a Bitcoin mining operation will open northeast of Niagara Falls on the state’s last operational coal plant site.

A former aluminum plant in Massena, which is already one of the largest cryptocurrency sites in the country, is expanding across the state.

Giottus Cryptocurrency Exchange’s Tech View

Polygon (MATIC), arguably the most popular Layer-2 blockchain in the crypto market, has been on a tear recently. It has risen in value following the implementation of Miden, a zero-knowledge (ZK) rollup solution that helps scale the Polygon Network. It is already supporting other major crypto projects such as Aave (thanks to its low fees and quick settlement times) and has risen in value following the implementation of Miden, a zero-knowledge (ZK) rollup solution that helps scale the Polygon Network.

Despite the weekend’s crypto market crash, it continues to trade above$2.2, indicating continued strength and potential upside.

During the brief crash, MATIC corrected to $1.57, but its bullish structure remained intact, allowing for a quick bounce. It now faces the same resistances at $2.31 and $2.4, which it recently flipped to support. Although its BTC ratio has reached a new local high, some consolidation is expected, either in the form of a BTC move up or a MATIC correction.

Should a correction occur, the previously well-tested support levels of $1.97 and $1.88, both based on the Fibonacci pull of the recent drop, should once again come to the rescue. MATIC appears to be extremely bullish in the medium term, potentially setting new highs soon.

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