New Delhi: After a muted trade over the weekend, crypto-tokens were back in the green in the early hours of Asian trade on Monday. However, gains were limited given inflationary concerns around the world.
Bitcoin slipped below the $20,000 mark, while Ethereum was slightly above $1,300. Investors around the world will be keeping a close eye on inflation data and the minutes of the US Fed meeting scheduled for this week.
All cryptocurrencies were trading higher on Monday, but gains were limited. XRP gained 4 percent, while Polkadot and Polygon rose 3 percent. Solana rose 2 percent.
The global cryptocurrency market cap was trading modestly at $944.94 billion, up nearly one percent in the past 24 hours. However, total trade volume rose 2 percent to $33.20 billion.
Shivam Thakral, CEO, BuyUcoin, said that the overall crypto market cap is hovering around $945 billion, which is less than one percent in the last 24 hours. Bitcoin was sitting at the $20,000 level but was later lost.
“Ongoing economic pressures, geopolitical uncertainty, and a tightening stance by central banks around the world will keep investors on their toes in the coming weeks,” he added.
Crypto mining companies have struggled mightily so far in 2022. One piece of evidence came from Barclays, which last week initiated equity research coverage on Core Scientific, issuing an ‘overweight’ rating.
Crypto exchange Huobi Global, one of the largest token trading outposts in Asian markets, said it has agreed to be bought by Hong Kong-based investment company Capital Management’s M&A fund.
Tech View by Proasstez Exchange
Bitcoin is still holding a strong support level of $19,000 and a key support level of $17,000. Currently, a small momentum is approaching $20,400. If it crosses $22,000 it can touch the $25,000 level.
(The opinions and recommendations given in this section are those of the analysts and do not represent ETMarkets.com. Please consult your financial advisor before taking any position in the assets mentioned.)