Barring Bitcoin and Polkadot, all other eight out of the top 10 digital tokens were trading higher at 9.30 IST. Terra zoomed 11 per cent while Binance Coin gained 5 per cent.
The global crypto market cap edged marginally up, less than a per cent, to $2.36 trillion mark compared to the last day. However, the total crypto market volume tanked over 6 per cent to $102.17 billion.
What’s cooking in India
The proposed Cryptocurrency Bill is expected to put a blanket ban on exchange-to-exchange transfers in the country, and restrict certain types of wallets masking identities.
This will completely end dealing in cryptocurrencies through Google Chrome extensions that allow users to dabble in more than 4,000 cryptos. The legislation would also give New Delhi powers to monitor an exchange’s ledger for foreign exchange transfers.
Expert Take
As the market continues to recover from the week’s sell-off, whales are continuing their accumulation, with the number of addresses holding 10 BTC reaching a 4-month high of 148,736 addresses, saidCoinDCX Research Team.
“It will be a quiet day for crypto with minimal price action as the market watched Circle, FTX, Bitfury, Paxos, Stellar, and Coinbase meet with US regulators in a wide-ranging hearing on digital assets and stablecoins,” it added.
Global highlights
Australia will create a licensing framework for cryptocurrency exchanges and consider launching a retail central bank digital currency as part of the biggest overhaul of its $463 billion payments industry in a quarter of a century.
By many counts, 2021 was the year cryptocurrencies were finally embraced by institutions. Now those same money managers say the asset class is ripe for a big selloff next year.
Polygon has partnered with technology management firm Lumos Labs to launch PolygonLEAP 2021 Accelerator. This partnership will support Indian startups that want to start their Web3 journey, build innovative token economies, and get access to mentorship, ecosystem and marketing support.
NFT update
Some new NFT collections have seen 4-5x floor price growth in the last week that indicates that new money is flowing into the market, and we will see a larger rally across the market soon, said Hitesh Malviya, Founder, itsblockchain.
“NFT based tokens are currently consolidating after the recent correction, some of them can initiate the fresh rally this week,” he added.
Tech view by Giottus Cryptocurrency Exchange
Polkadot is a different take on a smart blockchain network that solves a critical need gap in the market. It connects independent blockchains to form a cohesive network that can share and exchange data.
Launched in 2017, Polkadot uses a proof of stake algorithm to secure a multi-chain architecture that already supports several live blockchains, Decentralized Autonomous Organizations (DAOs) and security token platforms. Its token – DOT – achieved a rise of nearly 400% since its July bottom this year.
ET CONTRIBUTORSWe observed the formation of an ascending channel, anticipating a drop to the line of support at around $26 post the hype around parachain auctions in the network. This analysis played out as DOT wicked to $24 followed by a bounce around $25. Since then, it has quickly flipped a couple of resistances ($27.2 and $29) to support.
However, Bitcoin’s (BTC) movements are vital to ensuring DOT’s success in the short term. DOT may retest support at $27.2 and $26.7 if BTC is unable to break $53k soon. Long term projections remain exceedingly bullish for DOT with possibly $50 and beyond on the cards.
Major Levels
Support: $27.2, $26.7, $25
Resistance: $30.5, $32, $32.5
Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
