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NEW DELHI: Major cryptocurrencies traded lower on Wednesday after investors took some profits off the table following a decent rally in the last 2-3 days. Nine out of the top 10 digital tokens were trading with cuts at 9.30 hours IST, with Polkadot leading the losers.

After another weekend of wild price swings, the crypto market got its mojo back following tweets from Musk, who fended off criticism over his market influence and said Tesla sold Bitcoin but may resume transactions using it. Investors are keenly awaiting Tesla’s next earnings update – due next month – for any disclosure of changes to its position.

Goldman Sachs Group is moving beyond the world of Bitcoin and expanding into Ether. The bank plans to offer options and futures trading in Ether, the coin that fuels the Ethereum network, in the coming months.

On the other hand, some fund managers say Bitcoin is a hallmark of speculative excess and froth is still going strong, even after a 35 per cent plunge last month. About 80 per cent of fund managers surveyed by Bank of America called the crypto market a bubble.

There are still skepticism among some professional managers about whether crypto is a viable asset class, given its extreme volatility and regulatory uncertainty.

“We are witnessing a positive build-up of momentum across the major cryptos. Though prices have not shown huge spikes across Bitcoin, Ethereum and other major altcoins, the technicals point to a healthy buildup. Overall markets are exhibiting stability,” said Edul Patel, CEO and Co-founder, Mudrex.

Crypto Cart: Quick Glance
(Source: coinmarketcap.com, data as of 09.30 hours, IST on June 16, 2021)

  • Bitcoin: $40,086.73, down 0.97 per cent
  • Ethereum: $2,527.11, down 2.29 per cent
  • Tether: $1.00, down 0.01 per cent
  • Binance Coin: $361.56, down 3.10 per cent
  • Cardano: $1.55, down 1.50 per cent
  • Dogecoin: $0.3166, down 2.99 per cent
  • XRP: $0.8647, down 2.56 per cent
  • USD Coin: $1, up 0.03 per cent
  • Polkadot: $23.86, down 5.30 per cent
  • Uniswap: $$23.33, down 3.46 per cent

Note: Price change in last 24 hours

Tech View by ZebPay Trade Desk

Polygon (Matic), 15th largest cryptocurrency, has shown phenomenal growth over the past week or so, suggesting that the asset has gained significant interest among investors and traders, especially since Mark Cuban decided to back the Indian-origin cryptocurrency.

Polygon forms a Layer 2 scaling solution, which has been backed by Binance and Coinbase. The project aims to provide mass adoption of cryptocurrencies by resolving the problems of scalability that persist on many blockchains.

ETMarkets.com

Technically on a 12-hour timeframe, Matic has made a ‘Dragonfly Doji’ pattern (Trend Reversal Pattern) and has surged almost by 47 per cent up to $1.71 from its recent low of $1.159.

The asset is facing resistance or profit booking around $1.72. Hence, for Matic to further rally it needs to break and close above $1.726 levels.

Major levels

Support: $1.159, $1.424

Resistance: $1.726, $1.989

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.)

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By ariox