Elon Musk’s tweet led by Bitcoin and Ethereum, all top 10 digital tokens were trading with cuts at 9.30 hours IST. Major cryptocurrencies continued the downtrend, trading with cuts on Thursday. Crypto investors have turned cautious in the last 48 hours.
Bitcoin, Ethereum, Price Slip Up To 4%
After another weekend of wild price swings, the crypto market has turned skeptical. The sell-off in top cryptos has dented the sentiments of other peers as well. Central bank digital currencies will complement cryptocurrencies rather than competing with them, despite not being structurally different from fiat currencies, a survey from the Bank for International Settlements showed.
“More often than not, BTC’s bullish stance is not in tandem with most altcoins, in a larger more general sense. This has become a rather common occurrence, and a pattern has started to emerge to some extent. Altcoins will tend to pull back during a BTC rally, and after BTC stabilizes, an altcoin uptrend starts, and gradually gains momentum,” said ZebPay Trade Desk.
According to an opinion poll, more than nine in ten independent financial advisers in Britain would never recommend cryptocurrencies or so-called meme stocks to their clients. Meme stocks and digital coins have soared in popularity as the pandemic triggered a surge in stock investing by non-professionals.
Bitcoin: $38,870.86, down 2.93 per cent
Ethereum: $2,434.01, down 3.56 per cent
Tether: $1.00, down 0.02 per cent
Binance Coin: $356.84, down 0.98 per cent
Cardano: $1.53, down 0.72 per cent
Dogecoin: $0.314, down 0.69 per cent
XRP: $0.8573, down 0.93 per cent
USD Coin: $1, down 0.03 per cent
Polkadot: $23.63, down 0.73 per cent
Uniswap: $22.75, down 2.27 per cent
Exciting developments are expected from ChainLink (LINK), the Ethereum-based decentralized oracle network. ChainLink announced their shift to smart contracts in their latest whitepaper, and this could mean more decentralized applications (dApps) being built. This will further boost ChainLink’s market capitalization and increase its price in the long term.
LINK has seen a dip from its early June high of $32 to the $23 range as it navigates a symmetrical triangle formed after May’s crash, much like Bitcoin. While Bitcoin staged a breakout above $38,000 earlier this week and tested $41,000 several times, LINK was rejected from its 200-DMA of 26.7 and quickly began a descent to the lower 20s. LINK is also seeing a crossover event with its 200-DMA. Should LINK break its support at $21, it could head to the $18 range.