Crypto Price Today: Bitcoin slips below $27,000; Litecoin & BNB drop 6%; XRP rises 5%
Bitcoin and other top crypto tokens were trading sharply lower on Tuesday as US Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and founder Changpeng Zhao, alleging it offered unregistered crypto derivatives in the US.Also, the receding fears of the banking crisis also dampened the sentiments for the crypto assets.
However, the decentralization narrative continues across the markets. On the other hand, liquidity concerns remain high in the risky asset markets.Bitcoin saw some strong profit booking in the last 24 hours as the largest crypto token fell over 3 per cent and slipped below the $27,000-mark. Its largest peer Ethereum also fell more than 3 per cent but was able to hold the $1,700-levels. However, the pain in the altcoin segment was severe.Barring the US dollar-pegged USD Coin and XRP, which rose 5 per cent, all other top crypto tokens were trading sharply lower on Tuesday. Litecoin and BNB plunged 6 per cent, each, followed by a 5 per cent fall in Polygon and Solana.
Avalanche and Polkadot fell 3 per cent, each.The global cryptocurrency market cap was trading significantly lower at $1.13 trillion, dropping as much as 3 per cent in the last 24 hours. However, the total trading volumes jumped sharply and rose over 34 per cent to $43.04 billion.Securities fraud claims on Justin Sun’s Tron and BitTorrent , along with a subpoena by the SEC on SUSHI founders, hampered the prices of these individual tokens, which have traded lower even as the broader markets continued their surge, said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch.“The silver lining last week came from the Ripple against SEC case, where Ripple proponents are showing confidence that XRP will not be declared a security by the courts. Regarding prominent developments, last week also marked the beginning of the zkEVM era after Matter Labs opened its zkSync Era to general users. Polygon will be launching its own zkEVM solution this week,” he said.
Tech View By WazirX Trade DeskPolygon (MATIC) is a Layer 2 scaling solution that seeks to stimulate mass adoption of cryptocurrencies by resolving the problems of scalability on many blockchains. Currently, MATIC is one of the top 10 cryptocurrencies in terms of market capitalization.
Polygon Labs recently went live with its much-awaited zero-knowledge Ethereum Virtual unveiled (zkEVM), a solution to scale Ethereum.MATIC has been on a constant uptrend since mid-2022. The daily chart has formed an ascending channel pattern.
We could expect the trend to continue likewise with the next resistance expected to be at $1.3 and strong support expected at the $0.81 level.
ByBusinesstoday
