Bitcoin was able to hold the $21,000 mark, to which it plunged after disappointing inflation numbers in Europe.
The global cryptocurrency market cap was trading marginally higher at the $1.02 trillion mark, rising more than a per cent in the last 24 hours. However, the total trading volume tumbled over 18 per cent, close to $59.37 billion.
What’s cooking in India
Indian crypto exchanges want the government to put in place a comprehensive regulatory framework to help them protect investors better and combat money laundering and anti-terrorist financing.
They have been racked by ED raids, collapsing asset prices, and dipping volumes. While Indian lawmakers have put in place an aggressive taxation policy, a proper crypto regulation is still in the works.
The weekend was very bearish for crypto markets globally. Friday and Saturday saw massive drops in popular crypto prices. This has taken the prices to the lowest of the entire August month, said Sathvik Vishwanath, Co-founder and CEO, Unocoin.
“Sunday saw stabilisation in prices but sentiment failed to turn bullish,” he added.
The much-anticipated upgrade of Ethereum will create new participants called builders in the blockchain ecosystem, a move that risks altering the power structure of what is arguably the most commercially important crypto network.
Tech view by Proassetz Exchange
Bitcoin (BTC) is trading near upward resistance trendline of a short-term upward channel since July 20. After facing continuous resistance, sellers took control and sent the price toward the support trendline.