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12-hour Crypto Roundup: Bitcoin tests $60k support; GALA and KP3R among gainers

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  • Bitcoin turns bearish, losing over $2,500 in value within a day.
  • Ethereum plunges below $4,300, while DOT, VET, and MATIC shed gains.
  • GALA, KP3R, and POLY record gains, while SXP targets the $3 mark.

The crypto market consists of thousands of various digital coins and tokens. The trillion-dollar market is home to big names like BTC, ETH, and BNB. The unpredictable market has crossed $3T in market capitalization. However, the market keeps on fluctuating from day to day.

The trading volume of Bitcoin is down to $39 billion, whereas it stands at a little over $22 billion for Ethereum. The trading volumes of Cardano, Polkadot, and the OMG Network have also struggled majorly over the last 24 hours.

However, Bitcoin must stay over the $60,000 support level. A bearish pattern may persist for longer if the coin crashes below the $60K mark. The recent dip might prove to be a healthy correction for Ethereum that can bounce to new all-time highs from the $4K mark.

The oldest and the most valuable crypto-token, Bitcoin is a major trendsetter in the market. Bitcoin went down by a considerable 4.21% on Tuesday. The rest of the market turned red as several tokens tested their support levels. On the other hand, Ethereum also fell by about 5.65%, and it is currently valued at around the $4,300 mark.

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GALA approaches ATH, KP3R, POLY, and SXP among top performers

Despite a bleeding market, a few coins enjoyed bull runs. GALA experienced a surge of over 18%, achieving a high of $0.144, which was just shy of its ATH of $0.146. Despite going a little down in the last few hours, the coin can experience another upsurge. It could lead the coin to form a new ATH. The market cap of GALA stands at $860 million, and its 24h trading volume has also gone up by a significant margin.

12-hour Crypto Roundup: Bitcoin tests $60k support; GALA and KP3R among gainers 1

The Keep3rV1 (KP3R) token also performed exceptionally well. The newly introduced coin went by around 10% to touch $1,798. Its ATH sits at $2,038, achieved on November 13. KP3R has had its fair share of spotlight since hitting the market. It has made considerable upsurges in terms of valuation, trading volume, and market cap.

POLY up by 14.80% outperforming its competitors

POLY went up by about 14.80%, crossing the $0.80 mark. The token is also nearing its ATH and can outperform its competitors if it bounces from a local correction. The SXP token also experienced a much-needed breakout. It appears to be moving past the $3 mark. With an increased market cap and a whopping 24h trading volume, SXP looks all set to record more gains.

The global cryptocurrency market cap is down by 11.15% due to the prevalent bearish trend and stands at $2.56 trillion. The recent bearish trend has triggered this decrease in the market cap, and upon the completion of this correction phase, these figures might witness a sharp increase.

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What’s on the horizon?

Meanwhile, on the horizon lies Project Dunbar bringing together the Reserve Bank of Australia, Central Bank of Malaysia, Monetary Authority of Singapore, and South African Reserve Bank with the Bank for International Settlements Innovation Hub. The immediate goal is to test the use of central bank digital currencies (CBDCs) for international settlements. The project hopes to probe the development of technical prototypes using distributed ledger technologies of Corda and Quorum.

What are the impending consequences of the banding together of CBDC-led banks on altcoins? Please tell us in your comments below.

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Former Wall Street Banker Partners With Ethereum Competitor for New $1,500,000,000 Crypto Fund

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A former Citigroup executive is shaking up the crypto investment space with a $1.5 billion venture, partnering with a leading layer 1 altcoin project.

Hivemind Capital Partners is an investment firm founded by Matt Zhang, a 14-year Citigroup Inc veteran. In a press release, Zhang announces Hivemind’s mission to provide solutions to early blockchain entrepreneurs through the creation of a new “tailor-made crypto investment platform.”

“We believe blockchain technology is a paradigm shift, and we are still in the early innings. Our mission is to provide start-to-finish capital and infrastructure solutions to visionary entrepreneurs and category-defining crypto projects.

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The traditional asset management model is not designed to do this, which is why we are building a tailor-made crypto investment platform from the ground up that also offers the infrastructure institutional investors need for risk management, compliance and security.”

Hivemind is partnering with payments and decentralized finance (DeFi)-focused blockchain Algorand (ALGO) as a “strategic partner to provide technology capability and network ecosystem infrastructure.”

“We believe that Algorand is the preeminent blockchain protocol that allows institutional and corporate users to connect with the decentralized economy. With the explosive growth of the digital asset space, people tend to forget how early the crypto economy still is. We want to team up with partners who have the patience to build an enduring business.”

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However, Zhang notes that Hivemind is exploring partnerships with other layer 1 blockchains as the project progresses.

“We are also in active discussions to form partnerships with a number of other leading layer-1 networks. The goal is to build a multi-chain world to let our investors see the best opportunities across the entire crypto ecosystem.”

ALGO, trading at $1.82 at time of writing, is up nearly 12% on the day. The payments blockchain has interest from other large investors lately, including an endorsement from American financier Anthony Scaramucci last month.

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Crypto Markets Gain $130B in a Day as Bitcoin Reclaimed $57K (Market Watch)

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The cryptocurrency market cap is up by $130 billion in a day as bitcoin skyrocketed to above $58,000 in hours.

Following a few consecutive days of price slides, bitcoin finally bounced off by adding $4,000 of value. Most alternative coins are well in the green as well, with impressive daily increases from Ethereum, Solana, Polkadot, Terra, The Sandbox, and more.

Bitcoin Touched $58K

Ever since last Friday, when news broke about a new variant of the COVID-19 virus, the price of the primary cryptocurrency has been suffering. It went from a daily high of over $59,000 to a low of $53,500 in a matter of hours, resulting in nearly $1 billion in liquidations on a daily scale for leveraged traders.

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The weekend saw a brief recovery attempt, in which BTC exceeded $55,000, but it was short-lived as the bears intercepted the move. As a result, they pushed bitcoin south again, and the asset found itself around $53,500 once more just hours ago.

However, this is where the landscape changed. Instead of going further south, BTC started to reclaim ground and jumped by more than $4,000. Consequently, it touched $58,000, but it has retraced slightly now to just over $57,000.

Its market capitalization, which was close to breaking below $1 trillion yesterday, is now up to almost $1.1 trillion.

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Altcoins in Recovery Mode

The altcoins also went down hard as bitcoin was dumping. Ethereum dipped below $4,000, and even though it tried to surpass $4,100 during the weekend, it stayed below it for the most time. Now, though, a 7% daily increase has driven the second-largest cryptocurrency well above $4,300.

Binance Coin has reclaimed $610 after a 5% daily surge. Solana (8.5%), Cardano (6%), Ripple (6%), Polkadot (8.5%), Dogecoin (3.5%), Avalanche (4.5%), Shiba Inu (4.5%), and Terra (6.5%) are all well in the green as well.

More gains come from The Sandbox (22%), Zilliqa (17%), Gala (17%), Stacks (14%), KuCoin Token (14%), WAX (14%), PancakeSwap (13%), Enjin Coin (12%), and more.

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The cryptocurrency market cap is up by more than $130 billion in a day and has exceeded $2.7 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Indian Crypto Unicorn CoinDCX to Go Public Pending Regulatory Clarity

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CoinDCX might join Coinbase and become a publicly-traded company once the Indian lawmakers greenlight the initiative.

CoinDCX – one of the leading cryptocurrency exchanges in India – eyes an initial public offering (IPO) in the near future. The “precise timeline” will depend on the upcoming government regulations.

Following The Steps of Coinbase

Neeraj Khandelwal – Co-Founder of CoinDCX – revealed the news in a recent interview with Bloomberg. He asserted that his company will pursue an initial public offering “as soon as” it receives the green light from the government. According to him, the initiative will strengthen the local cryptocurrency industry and bring more confidence in the markets:

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“As soon as the government or the situations allow us, we will try for an IPO. An IPO gives legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets. Similarly, we want to install a similar level of confidence with an IPO of CoinDCX.”

Speaking of Coinbase, it is worth noting that in April, it became the first major digital asset exchange to have its shares publicly traded. The debut price of its shares started at $381, while at the moment of writing these lines, it is hovering around $300.

CoinDCX intentions come at a critical time since the future of digital assets in India seems somewhat uncertain. Last week, the government announced plans to impose a China-style ban on the industry and thus “prohibit all private cryptocurrencies in India.”

The proposed bill received severe backlash from the community as many locals favor bitcoin and the altcoins. Reuters showed that India has around 15 to 20 million cryptocurrency investors who have allocated nearly $5.4 billion of their wealth in the market. As such, many experts started doubting that the second-most populated country would implement such severe restrictions.

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Avinash Shekhar – Chief Executive Officer at Zebpay – predicted that lawmakers are more likely to impose strict rules on digital assets than a total ban. According to Khandelwal, that would be the right decision. It will also indicate “acknowledgment from the government side of the growing investor base for crypto.”

In the Footsteps of Others

Aside from Coinbase, another cryptocurrency company that recently became public was Bakkt. ICE’s Bitcoin exchange went in another direction via a merger with a SPAC, and the total valuation was just over $2 billion.

Shortly after, the Bakkt shares skyrocketed by triple-digit percentage following impressive partnerships with Mastercard and Fiserv.

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