08 Dec , 2021 By : Kanchan Joshi
In cryptocurrencies, Bitcoin prices today continued to hover above the $50,000 levl The world's largest and most popular cryptocurrency was trading marginally lower at $50,536. Meanwhile, global crypto market cap slipped slightly to $2.48 trillion, as per CoinGecko.
“The daily trend for BTC had broken out from the bottom of the triangle pattern, but it appears to be recovering back steadily. Key support is expected at $43500. Meanwhile, El Salvador, the first country to adopt Bitcoin as a legal tender, has received $300 million in verbal commitment from investors for its Bitcoin backed bonds," said Siddharth Menon, COO, WazirX.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, plunged nearly 1% to $4,310 whereas dogecoin declined more than a per cent to $0.17 and Shiba Inu over 5% to $0.000036. Other digital tokens such as XRP, Cardano, Solana, Binance Coin , Stellar were trading with cuts over the last 24 hours whereas Polkadot, Polygon and Uniswap gained.
“Ethereum, on the daily timeframe, the trend broke out of the channel pattern recently and also momentarily went past its key resistance 0.085 before falling below that level. The next resistance is expected at 0.09 levels. Meanwhile, Three Arrows Capital, a crypto hedge fund has bought 100,000 ETH worth $0.5 billion," Menon added.
Cryptocurrencies have, following the weekend bruising, attempted to make a comeback. Bitcoin and other cryptocurrencies dove this weekend amid a greater risk-off sentiment that also encompassed selloffs in many areas of the US stock market.Â
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