Bitcoin Price Today: Highest Cryptocurrency Prices Today: Bitcoin Reaches $ 50,000; Ethereum and Binance coin jump up to 8%


New Delhi: The cryptocurrency market was back in the green on Tuesday as investors chose quality tokens at lower prices. Bitcoin hit the $ 50,000 mark as concerns over the Omicron variant eased across the world and investors shifted to riskier assets.

With the exception of the dollar-pegged USD coin, the remaining nine of the 10 digital tokens were trading higher at 9.30 IST. Binance Coin led the winners with an 8% rally, followed by Ethereum and Cardano which gained 5% each.

The global crypto market cap jumped about 5% to $ 2.37 trillion from the last day. Meanwhile, the total crypto market volume grew 14% to $ 137.77 billion.



What’s cooking in India

The new cryptocurrency bill should empower regulators and government agencies, including the Securities and Exchange Board of India (Sebi), the Reserve Bank of India (RBI) and the tax department, to review Know Your data Customer (KYC) investors that crypto exchanges have collected from customers.

India could see apps like Robinhood emerge in the next few years if cryptocurrencies are classified as an asset class. Robinhood, listed on the Nasdaq, is a mobile application that allows users to conduct commission-free transactions in stocks, exchange-traded funds, and cryptocurrencies. Although there are similar ‘discount brokers’ in India, none of them currently allow crypto trading.

Expert advice
Since the start of the week on a weak start, the price of Bitcoin has recovered slightly, pulling up other leading cryptocurrencies like Ethereum and Binance Coin, the CoinDCX research team said.

“Especially with the global spread of Omicron, the International Monetary Fund (IMF) expects the development of the pandemic to further harm global economic growth and recovery,” he added. “With the gloomy outlook for the pandemic and the economy, gold prices are rising as investors hedge in the traditional safe haven metal.”

Global update
A Bitcoin mining operation opens this month northeast of Niagara Falls on the site of the last operating coal plant in New York state.

Statewide, a former aluminum factory in Massena, already one of the largest cryptocurrency sites in the United States, is expanding.

Technical view by Giottus Cryptocurrency Exchange
Arguably the most popular Layer 2 blockchain in the crypto market, Polygon (MATIC) has enjoyed a long rise in recent times. It already supports other large crypto projects such as Aave (thanks to its inexpensive fees and quick payment times) and has grown in value after implementing Miden, a knowledge-building solution. zero (ZK) which helps evolve the Polygon network.

Despite the crypto market crash over the weekend, it continues to trade above $ 2.2, indicating new strength and signs of rising.

AND CONTRIBUTORS

While MATIC corrected to $ 1.57 during the brief crash, its bullish structure remained intact, allowing for a quick rebound. It is now facing the same resistance it had recently switched to support – at $ 2.31 and $ 2.4. Its BTC ratio has hit a new local high, however, some consolidation can be expected – either through an increase in BTC or a correction in MATIC.

If a correction were to come, its previously well-tested support levels of $ 1.97 and $ 1.88, both based on the Fibonacci pulls of its recent dip, should come to the rescue again. In the medium term, MATIC looks extremely bullish and may soon reach new highs.

Major levels
Pickup: $ 1.97, $ 1.88, $ 1.73

Resistance: $ 2.31, $ 2.4

The time is in UTC and the daily time is 12:00 to 12:00 UTC

(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset (s) mentioned.)

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