Tag: grayscale investments

Dogecoin, Polkadot, Cardano shed up to 12%, BFSI News, ET BFSI

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New Delhi: Major cryptocurrencies took a brief pause on Tuesday, thanks to profit booking. Barring dollar-pegged tokens, top crypto tokens were trading lower at 9:30 hours IST. Musk’s favorite Dogecoin declined over 12 per cent, leading the pack of losers.

The global crypto market cap jumped to $1.45 trillion, a 4.26 per cent increase over the last day. However, the total crypto market volume gained 26 per cent to $113.12 billion.

The euphoria over a major push by Elon Musk and speculation over Amazon’s involvement in the crypto industry fizzled out and investors decided to take some profit off the table.

Chartists see the overall outlook as still bearish. The next few days remain very crucial, they said.

“Bitcoin broke free after months, skyrocketed to $39,400 mark, before investors booked some profits. Buyers were quite active over the weekend and it is trending towards the $40,000 mark,” said ZebPay Trade Desk.

“BTC has had a spillover effect on some altcoins too, as Aave, Bitcoin Cash and Chainlink have also witnessed significant double-digit growth in the last two days. Ethereum, too, has seen a decent appreciation, which can fuel a rally in other assets too,” it added.

South Korea will look to tighten a crackdown on tax evasion by cryptocurrency investors and high-income earners as it seeks fresh revenue to cover rising welfare costs, its finance ministry said. The regulation may come next year.


Tech View by Giottus Cryptocurrency Exchange
Ethereum Classic (ETC) is the soft fork of the Ethereum network. Its prices have multiplied throughout its lifecycle and is currently among top 20 cryptocurrencies by market capitalization. Many investors are bullish on ETC with considerable buying during the consolidation phase in recent weeks.

ETC enjoys high volumes right now as it trades in the $46-$50 range. ETC has been in an ascending channel for more than a week now. An ascending channel is a temporary bullish pattern, but the price action in the ascending channel usually breaks down.

Hence, investors can probably find better entries than current prices. Grayscale Investments has recently offloaded more than 28,000 ETC from its portfolio, signaling a bearish sentiment.

On the longer timeframe, ETC is making a wedge and should follow pivot support and resistance.

Major Levels:
Support: $38, $41
Resistance: $55.8, $61

Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)



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Bitcoin slides below $30,000 level for the first time in a month, BFSI News, ET BFSI

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By Eric Lam

A selloff in Bitcoin accelerated Tuesday, pushing it below $30,000 for the first time in about a month.

The largest digital coin fell as much as 4.1% and was trading at about $29,700 as of 7 a.m. in London. Other virtual currencies also retreated, including second-ranked Ether. The Bloomberg Galaxy Crypto Index was down about 4%.

Some traders had viewed $30,000 as a key support that might open the way to more losses if breached. Further big declines from here could rattle the cryptocurrency market and even exacerbate a wider flight from risk assets such as stocks. Global equities are falling due to fears of slowing economic growth and the relentless spread of the delta variant of Covid-19.

“We’re going to need to form another base first before resuming another bull trend,” said Vijay Ayyar, head of Asia Pacific with cryptocurrency exchange Luno in Singapore. “We are going to be ranging between $20,000 and $40,000 for the rest of the year.”

Narratives that had propelled Bitcoin to a mid-April record of almost $65,000 are now being questioned. Some had argued the digital asset could act as a hedge against inflation due to its limited supply. But Bitcoin’s 2% advance this year lags behind the S&P 500’s 13% advance.

“Investors who are allocating to crypto know that volatility is going to be part of it,” Grayscale Investments CEO Michael Sonnenshein said in an interview on Bloomberg TV.

Bitcoin has been hit by many setbacks of late, including China’s regulatory crackdown — partly over concerns about high energy consumption — and progress in central bank digital-currency projects that could squeeze private coins.

The creator of meme-token Dogecoin recently lambasted crypto as basically a sham, and the appetite for speculation is generally in retreat.

Officials around the world are also intensifying scrutiny of cryptocurrencies. On Monday, Treasury Secretary Janet Yellen pushed top U.S. financial regulators to accelerate their consideration of new rules to police so-called stablecoins.



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