Bitcoin breaches $21,000; Solana & Dogecoin tank up to 9%

New Delhi: After a strong upside over the weekend, the crypto market was trading in the red during the early hours in Asia. Bitcoins slipped below $21,000, whereas Ethereum too could not sustain above the $1,600 level.

In the coming week, crypto traders will be focused on Tuesday’s midterm elections in the US, which might have major implications for regulatory policy or economic decisions.

Barring the stablecoin Tether and Polygon, all other top crypto tokens were trading with big cuts on Monday. Solana sank over 9%, whereas Dogecoin tumbled 6%. Polygon was up by 6%.

The global cryptocurrency market cap was trading down at the $1.04 trillion mark, dropping as much as 2% in the last 24 hours. However, the total trading volume was flat, almost unchanged, at $70.14 billion.

Expert take
Sathvik Vishwanath, Co-Founder CEO, Unocoin said the Fed raised interest rates by 75 basis points and warned that further increases in borrowing costs would be needed to fight inflation. Employment data from the United States will significantly affect the cryptocurrency market as a whole.

“The US Federal Reserve may continue to raise interest rates amid a tightening labour market, as the Bureau of Labor Statistics (BLS) reported that US nonfarm payrolls rose by 261,000 in October, beating estimates of 200,000,” he added.

Global Updates
Labs, the company behind Helium Network and a new crypto-powered cellular service called Helium Mobile, said it would provide SIM cards and free trials to customers of Solana Labs’ new Saga phones.

Litecoin mining difficulty is at a new high, peaking at just under 18 million hashes, according to a post by the Litecoin Foundation on cryptocurrency market data site, coinmarketcap.

The advance in scaling system Polygon’s native cryptocurrency MATIC has accelerated in the wake of positive news and bullish chart patterns. Meta Announces Polygon-Powered NFTs.

Foreign exchange transactions could drop from a two-day process to less than 10 seconds if central bank digital currencies (CBDC) were involved, according to an experiment conducted by the Federal Reserve Bank of New York.

Santander will block UK customers from sending real-time payments to cryptocurrency exchanges next year as part of measures to protect customers from scams, the bank said in an emailed statement.

Funds belonging to or intended for Iranians have flowed through the world’s largest cryptocurrency platform, Binance, the company said, risking that it may run afoul of US-imposed sanctions.

Tech View by Proassetz Exchange
Doge has given a breakout from a downward channel with rising volume. Since May 2021, the price was trading within this channel, but there is a resistance level at 0.16. It’s important to see whether the price will be able to break above that level or not.

ET CONTRIBUTORS

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