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The cryptocurrency market was slightly weaker in the early Asian hours on Tuesday. Bitcoin and Ethereum are trading flat, while BNB price is falling thanks to a lot of love from regulators. US regulators have been keeping a close eye on cryptocurrencies lately.
Bitcoin remained below $22,000, with further weakness in the largest cryptocurrency token. Its largest peer, Ethereum, fell another percentage point in early trading to nearly $1,500. However, some altcoins have come under severe pressure.
Bitcoin continued to fall over the past 24 hours as market sentiment continued to weaken ahead of the upcoming US inflation report. Bitcoin traded at a multi-week low on Monday. Idul Patel, co-founder and CEO of Mudrex, said the bulls had lost momentum to the bears.
“Bitcoin's immediate support is at $21,650 and resistance is at $21,800. On the other hand, Ethereum price also fell to a one-month low. It is quoted between 1,400 and 1,500 dollars "to achieve a price recovery in the medium term."
With a few exceptions, all major cryptocurrency tokens traded lower on Tuesday. BNB fell 6 percent, while Polygon, Litecoin and Shiba Inu rose 3 percent. Among the top gainers, Tron was up more than 3 percent and Solana was up 1 percent.
The global cryptocurrency market capitalization has fallen to close to the trillion-dollar mark, down about one percent in the last 24 hours. However, total trade volume increased by about 36 percent to $56.46 billion.
Encrypted updates
Banco do Brasil, Brazil's largest state bank, has made it possible to pay taxes in cryptocurrencies, the bank said in a statement. The service is only available to clients who have deposited cryptocurrencies with Bitfy, a startup specialized in blockchain solutions in which BB's venture capital army has invested.
Stablecoin issuer Paxos will stop issuing new US dollar tokens under the direction of the New York Department of Financial Services, and the news comes just after the US Securities and Exchange Commission (SEC) announced a threatened stock legal.
The New York Department of Financial Services told Reuters that Paxos Trust Company's handling of the Binance stablecoin left it open to abuse by bad actors. Members of the Aave community are considering a proposal to freeze Binance's BUSD platform after the SEC filed a lawsuit against token issuer Paxos.
Note: The price has changed in the last 24 hours.
WazirX Trade Desk Technical Presentation
Cardano (ADA) has seen continuous growth since the beginning of the year, rising 60% in those 45 days. The community is eagerly awaiting the SECP update, which promises to bring many new and interesting developments and improvements. only.
Cardano has always believed in security and consensus. The Valentine update aims to improve these important aspects, especially when it comes to building decentralized cross-chain applications with Plutus. The ADA weekly chart features a distinctive “cup and handle” pattern. ADA's next resistance is expected to be at $0.4, with immediate support expected at $0.34.
(The opinions and recommendations expressed in this section are those of the analysts and do not reflect the views of Business Today. Please consult your financial advisor before taking any position on the assets mentioned.)
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