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In cryptocurrencies, Bitcoin price today slipped below the $42,000 level as the world’s most popular and largest digital token was trading around 1% lower at $41,678. Bitcoin has fallen nearly 10 % since the start of the new year ( year-to-date or YTD).
“Bitcoin corrected further to fall below $42,000. On the larger weekly time period, Bitcoin is still trading at the support levels. The immediate support for Bitcoin from this position is at $40,000. Meanwhile, El-Salvador, the first country to adopt Bitcoin as a currency has now onboarded close to 70% of their unbanked population on their official Bitcoin wallet called Chivo which translates to about 44 million people,” said Siddharth Menon, COO of WazirX.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, plunged more than 2% at $3,104, as per CoinDesk. On the other hand, Dogecoin price tanked a per cent at $0.16 whereas Shiba Inu plummeted over 3% to $0.000028. Similarly, Binance Coin was 1.5% lower at $463.
“The daily trend for ETH is treading along an ascending channel pattern. However, a downward breakout from this pattern could see a bearish cycle for Ethereum with the next immediate support at $2,730. Meanwhile, Opensea, the most popular NFT marketplace, acquired Ethereum wallet maker Dharma Labs, a strategic move to further grow the NFT marketplace,” Menon added.
The performance of other cryptos were mixed as Cardano, XRP, Polkadot, Tether, Litecoin plummeted over the last 24 hours, whereas Solana, Terra, Stellar prices were trading with gains. Meanwhile, the global cryptocurrency market cap today slipped 2% to $2.09 trillion, as per CoinGecko.
Crypto funds witnessed fifth straight week of outflows, said digital asset manager CoinShares’ report, as digital asset investment products saw net outflows of $73 million for the week ended 14 January.
(With inputs from agencies)
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