ethereum: Top cryptocurrency Prices Today: Ethereum, Solana, Polkadot, Avalanche drop up to 5%

New Delhi: After posting some decent gains in the previous days, Bitcoin and the major cryptos were back in the red on Thursday. The crypto market is showing signs of volatility and is trading in a range.

Federal Reserve officials said they would have to raise interest rates by 0.5 percent at each of their next two meetings, according to minutes of their latest meeting released Wednesday.

Aside from stablecoins Tether and Tron, the major crypto tokens traded lower on Thursday. Avalanche fell more than 5 percent, followed by a 4 percent decline in Solana and Polkadot. Ethereum lost 3 percent.



The global cryptocurrency market cap traded lower at the $1.26 trillion level, falling more than 2 percent in the past 24 hours. However, total cryptocurrency trading volume fell by as much as 4 percent to $69.12 billion.


What is cooking in India


Cryptocurrency portfolio tracking and tax compliance platform CoinTracker announced its foray into the Indian market on Wednesday.

The company’s move also comes as the government mandates a 30 percent tax on such transactions effective April 1.


take experts


The Fed’s recent openness to being nimble on economic policy has sent stock markets higher this morning, although crypto remains very range bound, the CoinDCX research team said.

“A lack of economic catalysts and persistent inflation have led many to believe that a recession is imminent and funds are cautious and conservative in providing further capital,” she added.

Market corrections don’t always have to be negative – they can also help to readjust market valuations and investor expectations within a longer-term market rise.

Darshan Bathija, co-founder and CEO of Vauld said that the US Federal Reserve is releasing the minutes of its committee meeting; “We can expect an interest rate of 50 basis points, which is likely to materialize in the next few sessions.” This step is being taken to address inflation concerns.

Bitcoin continued to show little volatility, mostly moving sideways, he added. “Upbeat sentiment on the price impact of the merger is likely to be muted due to broader macroeconomic conditions.”


Global Updates


Creating an official digital version of the US dollar could help ensure financial system stability as crypto assets and digital currencies developed by other countries become more popular, said Lael Brainard, vice chairman of the Federal Reserve.

Ukraine, which has been beset by three months of war, plans to continue using crypto investors to help raise funds after a price drop decimated the country’s fundraising efforts in May.

Scott Minerd, the chief investment officer at Guggenheim Investments, hasn’t shied away from making predictions about the price of Bitcoin (BTC) over the past few years.

After a splashy rebranding in February, Ignite (formerly Tendermint), the company originally behind the Cosmos blockchain ecosystem, has announced that it will split into two entities: Ignite and NewTendermint.

A snapshot of the Terra blockchain is expected to take place later this week ahead of the launch of “Terra 2.0,” a so-called revival of the Terra ecosystem following the implosion of algorithmic stablecoin terraUSD (UST) earlier this month.

Giottus Crypto Exchange Tech View
Axie Infinity Shards (AXS) is the governance token of the popular crypto-meets-Pokemon game Axie Infinity. AXS is an ERC-20 token whose holders can claim rewards for paying for the game, wagering their tokens, and participating in the governance of the platform.

Despite being a top-performing cryptocurrency in 2021, it has lost over 85% of its value since the beginning of 2022. AXS lost a key long-term support trendline at $38 in late April and has since lost 46% of its value.

The token has made several attempts to recover from May’s decline, creating several lower highs to eventually range sideways and form an ascending triangle. On May 23, AXS lost another support trend line at $21.4 and appears to have broken out of the triangle formation with bearish momentum.

AXS price was rejected yesterday at the 0.238 retracement level ($21.5), which is now acting as a short-term resistance. AXS would need to break the psychological resistance at $23 to curb further downside. Conversely, if there is a sustained move lower, it would need to test the support at $16.40.

Main Stages:

Resistance: $21.5, $24.6, $27.0

Support: $20.0, $16.4

(The views and recommendations contained in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in the assets mentioned.)

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