crypto price today: Crypto Price Today: Bitcoin breaches $17k; Solana, Litecoin, Dogecoin drop up to 4%

New Delhi – Crypto markets continued to struggle on Thursday with minor corrections ahead of the US central bank’s strategy to rein in inflation in the coming week.

Bitcoin it fell below the $17,000 mark, while Ethereum was trading below the $1,250 mark. The crypto market has yet to recover from the jitters and bad news stream of the FTX crash.

All other major crypto tokens traded lower on Thursday. Solnana fell more than 4% while Litecoin, dogecoin and Polkadot each fell 3%. Etherem and Cardano were also down 2% each.

the global cryptocurrency the market capitalization was trading down around $842 billion, falling as much as 2% in the last 24 hours. Total trading volume jumped as much as 4% to $37.05 billion.

that is cooked in india
India’s Financial Intelligence Unit (FIU) tracked 3,300 crypto accounts over the past eight months that it suspected were being used for money laundering, drug trafficking and other illegal activities, including financing social unrest.

The agency has shared the information with other enforcement agencies and cryptocurrency exchanges, both in India and abroad. The FIU has recommended the closure of these accounts and has also communicated with international agencies.

expert opinion
“Most of the active chains like Ethereum and Bitcoin, the daily active direction during the last bull run surpassed in May 2021,” WazirX Trade Desk said. “However, we did see a new all-time high in daily active users in July 2022, on the Ethereum blockchain,” he added.

There are substantially more people using crypto now than before since the last bull run. The trend seems to indicate that each market cycle is attracting more users who decide not to leave once the bullish price frenzy of the market fades, she added.

global updates
Cryptocurrency exchange Binance generates 90% of its revenue from transaction fees, CEO Changpeng “CZ” Zhao said in a recent TechCrunch interview.

In a letter to clients Wednesday morning, Genesis interim CEO Derar Islim said the resolution of his company’s lending unit’s withdrawal freeze is likely to be a matter of “weeks” rather than days.

The US senator behind one of the most important pieces of bipartisan crypto legislation in the works said bitcoin is the only cryptocurrency that can be considered a commodity because ether is now a security thanks to September’s Ethereum Merge.

Giottus Crypto Platform Tech View
Bitcoin (BTC) is currently trading in a limited range, the third such phase in the last 6 months. It has been rejected by the range subsequently on the previous two occasions and recorded a new macro low each time.

It continued to consolidate today, after being rejected around its key resistance at $17,200. Its RSI is now at 41, leaning into oversold territory.

A small bounce can be expected at these levels, although macroeconomic uncertainties continue to prevent a larger rally. The $16,800 level continues to provide strong support on smaller time frames.

BTC.D (Bitcoin Dominance) remains low below 40%, indicating that altcoins have a lot to lose should there be a drop in BTC from the current trading range in the medium term. Analysts expect BTC.D to break above 45% by the end of the bear market.

(Opinions and recommendations provided in this section are those of analysts and do not represent those of Consult your financial advisor before taking any position in the mentioned assets).