The global cryptocurrency market capitalization was trading higher at around $847.81 billion, gaining almost one percent in the last 24 hours. Total trading volume increased 15% to $33.47 billion.
“Bitcoin managed to break above the $17,000 level but was unable to break its resistance at the $17,300 level. Immediate support for BTC is $17,050 and resistance is $17,250,” said Edul Patel, CEO and co-founder of Mudrex .
“Uncertainty surrounding the US inflation figures has caused some hesitancy among traders and investors, leading to Bitcoin price sideways movement,” he added.
The Royal Bahamas Police arrested the founder of FTX, Sam Bankman-Fried. The arrest came after the US filed criminal charges against Bankman-Fried, and the nation expects the US to request Bankman-Fried’s extradition from the Bahamas shortly.
Coinbase attributed the increase in requests to a combination of the company’s expansion and “a general increase in regulatory and law enforcement interest in the crypto industry.”
Cathie Wood’s Ark Investment Management said it bought 78,982 shares on the Coinbase cryptocurrency exchange, its first investment in the cryptocurrency exchange in a month.
US prosecutors are considering criminal charges against cryptocurrency exchange Binance and individual executives, including founder and CEO Changpeng Zhao, Reuters reported.
Bitcoin Group, a holding company that focuses on the blockchain and cryptocurrency industries, said it has agreed to buy all of Germany’s Bankhaus von der Heydt for $15 million in cash and 150,000 shares.
Bermuda-based Jewel Bank said it is issuing a fully-backed stablecoin called Jewel USD that is accessible through the Polygon network.
ETH is currently trading a bit above the $1,250 mark, having lost support at the .618 retracement of its June-August rally ($880 to $2,000). This, coupled with its recent rejection of the 200-day moving average at $1,650, clearly indicates a downtrend in its price action.
If ETH manages to recover $1,315, there may be another rally attempt with the 200-day moving average to compete at $1,400. If the 200-day moving average resistance is picked up, this would be the first time this has happened in 2022 since January, making it an extremely bullish sign for the market.
On the macro front, there is little reason to be bullish on the markets, both crypto and otherwise. Cryptocurrency exchange expects 200D EMA to stay strong and maintain an upper limit for the ETH price. ETH is enjoying good support at $1,120.
Support: $1,200, $1,120, $1,000
Resistance: $1315, $1400, $1450
(Opinions and recommendations provided in this section are those of analysts and do not represent those of ETMarkets.com. Consult your financial advisor before taking any position in the mentioned assets).