Is the BTC bottom in? Crypto market sentiment appears to be improving
Metaverse tokens surge as crypto market shrugs off India FUD
At the same time, ETH looks highly interested in breaking out against BTC.
The cryptocurrency market is up nearly 2% across the board today, with its total capitalization increasing to $2.72 trillion. The price of BTC has rebounded 1.4% over the past 24 hours, while ETH is up a stronger 4.7%. CRO continues to surge following the announcement that the Staples Center in Los Angeles will be renamed Crypto.com Arena, and MATIC is outperforming the wider market with a gain of nearly 15%.
The cryptocurrency market’s modest recovery today comes after yesterday’s news that India may blanket ban “all private cryptocurrencies,” should a proposed bill — Cryptocurrency & Regulation of Official Digital Currency Bill 2021 — come to pass.
Many in the market, however, took notice that this news isn’t exactly new. In fact, it is virtually identical to the bill listed for the previous parliamentary session — and India’s discussions surrounding the prohibition of cryptocurrencies have been going on for years.
DeFi Digest: ConstitutionDAO to disband after losing auction
Last week’s darling in the world of decentralized autonomous organizations, ConstitutionDAO, is disbanding after failing to win a rare copy of the United States Constitution at a Sotheby’s auction. Though the project garnered a lot of attention for raising nearly $48 million, maintaining the project has been deemed by the core team to be too taxing to keep it going — per messages in the DAO’s official Discord server. Donors are able to request refunds, at the expense of transaction costs.
Meanwhile, a mistake in OlympusDAO led to one bonding user receiving approximately $1.43 million in OHM after spending only $50,000. The mistake was identified almost immediately and the bond contract was shut down — per information obtained in the project’s official Discord server.
Top altcoin gainers and losers: Metaverse tokens surge
- HDAO/USDT +165.40%
- MITH/USDT +39.17%
- WNCG/USDT +33.93%
- KISHU/USDT -12.04%
- APM/USDT -16.78%
- ANW/USDT -20.35%
Metaverse token SAND is the top-performing large-cap altcoin on OKEx today, per the exchange’s default time settings, after increasing by nearly 30%. MANA and ENJ are not too far behind — both are currently experiencing double-digit percentage increases.
BTC technical analysis: 20-week EMA in sight
The price of BTC is clearly undergoing a pullback on the weekly time frame. As such, many traders are looking for a bottom somewhere in the vicinity of the 20-week exponential moving average — which is currently above 52,000 USDT on OKEx.
ETH technical analysis: Attempting breakout against BTC
The price of ETH is attempting to break out of a large consolidation pattern against BTC. There is still a ways to go before the breakout is confirmed, but — all things considered — the leading altcoin looks pretty good against BTC on the higher time frames.
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