The cryptocurrency markets were up on Thursday, led by Bitcoin, Ethereum, BNB, and Solana. In the last 24 hours, the global cryptocurrency market capitalization increased by 3.3% to over $1.71 trillion.

Bitcoin was up 3.63% at $44,486, while Ethereum up 2.52% to $2,421. Other altcoins gained by 3-6%, including BNB, Solana, Cardano, Avalanche, Polygon, Polkadot, Internet Computer, and Shiba Insu. XRP, Dogecoin, Tron, and Toncoin increased 1-3%.

This increased demand and volume for Bitcoin could be due to the Bitcoin ETF mania and good mood surrounding it. Altcoins may see potential gains with high volume in the coming weeks as Bitcoin’s dominance declines.

Bitcoin has successfully broken through its $44,000 resistance level and is now targeting $46,000.

DeFi’s total volume is currently $4.53 billion, accounting for 8.31% of the total cryptocurrency market’s 24-hour volume. According to CoinMarketCap data, the entire amount of stablecoins is now $50.82 billion, accounting for 93.3% of the whole crypto market’s 24-hour volume.

Bitcoin, the world’s largest cryptocurrency, has seen its market capitalization rise to $873 billion in the last 24 hours. According to CoinMarketCap, Bitcoin now has a dominance of 51.28%. In the last 24 hours, BTC volume jumped by 38.2% to $23.8 billion.

Bitcoin’s immediate resistance is above $44,800, and $45,000 might be the start of another solid gain. If Bitcoin experiences a correction, it will find support at $44,300.

The Financial Intelligence Unit has issued a show-cause notice to nine offshore cryptocurrency exchanges after they were found to be operating illegally in India by failing to comply with the country’s anti-money laundering law.

In Short

• The FIU has sent a show cause notice to 9 foreign cryptocurrency exchanges.
• The FIU advised MeitY to block the URLs of all 9 cryptocurrency exchanges.
• All nine cryptocurrency exchanges have been removed for non-compliance with India’s anti-money laundering law.

The Financial Intelligence Unit (FIU), under India’s Ministry of Finance, has issued a show-cause notice to 9 offshore cryptocurrency exchanges and asked the Ministry of Electronics and Information Technology (MeitY) to block their URL in India. The proceedings were initiated for alleged non-compliance with the Indian anti-money laundering law. According to the notice sent by FIU, these 9 cryptocurrency exchanges, including Binance and Kucoin, are operating illegally in India. The nine exchanges that received the show cause notice include Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfenex.

“As part of enforcement action against offshore entities, the Financial Intelligence Unit of India (FIU IND) has issued enforcement notices to the following nine offshore virtual digital asset service providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA),” reads the show cause notice.

Bitcoin lost more than a percent but managed to stay above $28,000, while Ethereum also fell more than a percent but managed to stay above $1,550.

On Thursday, bullish emotions in Bitcoin and other crypto tokens lessened after revisions to a spot bitcoin ETF application in the US strengthened the upward movement. The changes were meant to highlight how sponsors will protect clients’ bitcoin in custodial accounts and to disclose risks associated with the uncertain regulatory environment.

Bitcoin fell back into the red following a steady ascent, losing more than 1% but remaining over the 28,000-level. However, its greatest peer, Ethereum, depreciated along similar lines, falling more than 1% to just remain over the $1,550-level. In the early morning, the majority of altcoins were trading downward.

Bitcoin has continuously traded above the $28,200 mark in the last 24 hours, after asset management Fidelity’s submission to the US Securities and Exchange Commission of a modification to its planned spot Bitcoin ETF application. The addendum details Fidelity’s measures to protect customers’ Bitcoin in custody accounts while also disclosing associated risks.

The market is waiting for updates from the Economic Club of New York, where Federal Reserve Chair Jerome Powell is set to speak later today, shortly before the US central bank’s next interest-rate decision blackout period begins.

With the exception of Tron, the bulk of popular crypto assets were trading lower on Thursday. Toncoin dropped by more than 5%, while Litecoin fell by 3%. Solana and Polygon both fell more over 2%, while Cardano and XRP fell along similar lines.

The worldwide cryptocurrency market cap was trading much lower, having plummeted below $1.08 trillion in the last 24 hours. However, total trade volumes fell by more than 12% to $39.81 billion.

Bitcoin has remained above $28,000 despite increases due to false rumours of ETF acceptance, followed by a price fall. Despite the fact that approximately $100 million was liquidated within hours, investors appear to be noticing the stability of the BTC price following its fall.

Avalanche, on the other hand, has been preparing for its acceptance in India, as Polygon Labs and OKX have seen the departure of a key employee each, who has joined Ava Labs for their expansion in the country.

Bitcoin was back in action on Wednesday, gaining up to 3% to reclaim the 29,000-mark, while Ethereum climbed more than 2% to break through the $1,850 barrier.

Following Fitch’s action, Bitcoin and other key crypto assets were trading higher on Wednesday. The worldwide rating agency reduced the United States’ long-term ratings from AAA to AA+. This downgrade comes at a time when corporations’ results are very good.

Bitcoin was back in action on Wednesday, with the largest crypto asset gaining up to 3% to reclaim the $29,000 level. However, its largest peer, Ethereum, was trading higher, up more than 2% and trading beyond the $1,850 mark. The majority of altcoins were trading higher.

In the last 24 hours, Bitcoin has risen above $29,000. This increase may be due to MicroStrategy’s decision to sell $750 million in stocks and use the proceeds to purchase more bitcoin. Another possible cause is Fitch’s recent rating of the US dollar, which indicates anxiety about debt and fiscal deterioration.

This position, interestingly, contrasts sharply with the reaction observed in 2012, when corporations responded nervously to S&P’s downgrading of US debt. Investors are now looking forward to the Litecoin hardening event. Meanwhile, Ethereum has been trading in the $1,800 to $1,900 region for the previous week, and is presently trading around $1,867.

Except for the US dollar-denominated Tether, all of the big crypto coins were trading higher on Wednesday. Polygon gained about 4%, while Litecoin and BNB gained 3% apiece. During the early trading hours, Cardano, XRP, Dogecoil, and Polkadot were all trading 2% higher.

The worldwide cryptocurrency market cap was trading much higher, reaching $1.19 trillion after gaining more than 2% in the last 24 hours. However, total trade volumes increased by roughly 32% to $39.93 billion.

Bitcoin (BTC) has reversed its bearish trend after touching an overnight low of $28,500. It is currently trading near $30,000, a key resistance level to overcome for bullish price action. BTC dominance has surpassed 50% once more, signalling that Bitcoin will continue to lead the market in terms of volatility and movement in the short term.

In anticipation of Federal Reserve Chair Jerome Powell’s statement before Congress, investors chose to place safer bets, and Bitcoin’s downward trend continued. It was weak near the $22,500 mark.

It is important to note that investors are paying close attention to Powell’s comments because any sign of a more hawkish attitude on interest rates could increase market volatility, especially in the space of cryptocurrencies.

The sustained losses in the cryptocurrency market, however, started following the publication of a number of encouraging US economic indicators, showing that the economy is strengthening and that the nation no longer needs government assistance in the form of low interest rates.

As a result, traders and buyers became concerned about inflation and the potential for interest rate increases.

Worries about rising inflation and a bearish crypto market

The value of the worldwide cryptocurrency market has been declining this week; as of early Tuesday, it had fallen from $1.11 trillion last week to $1.03 trillion. Bitcoin (BTC), the first and most well-known cryptocurrency, has been unable to arrest its decline and has fallen considerably below the $23,000 mark.

Future Data and the US Currency

The bullish US dollar has also been putting weight on the cryptocurrency market. The US dollar has been generally strengthening, with gains seen on Tuesday ahead of Federal Reserve Chair Jerome Powell’s forthcoming testimony before Lawmakers.

It is crucial to note that market participants will be carefully monitoring Powell for any meaningful cues that he might change his mind about only a few more rate hikes this year and that he is concerned about the recent uptick in US economic activity and inflation.

Bitcoin Price

The 24-hour selling volume is $16 billion, and the price of one bitcoin is currently $22,400. In the last day, Bitcoin has decreased by 0.25%. With a $432 billion live market cap, Bitcoin is currently the market winner.

According to technical analysis, the BTC/USD pair is currently consolidating, with trading taking place in a constrained band between $22,000 and $22,500. If this range is broken, whether to the upside or downside, there could be a major price change in the Bitcoin market.

A bullish breakout that pushes the price of bitcoin towards the $22,800 or $23,250 levels may occur if the BTC/USD pair surpasses the $22,500 level. On the other hand, a recovery might occur if the support levels at $22,000 or $21,750 are maintained.

Early on Friday morning, leading coins all fell into the red, causing a massacre in the cryptocurrency market. The oldest cryptocurrency in the world, Bitcoin (BTC), fell below the $22,000 threshold, falling 3.38 percent in a single day. Other well-known altcoins, including as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), saw significant declines. Render Token (RNDR) suffered the most loss out of the group, with a drop of more than 13% in just one day. For the second straight day, Rocket Pool (RPL) maintained its dominance as the top gainer thanks to a 24-hour increase of more than 7 percent.

At the time of writing, the market capitalization of all cryptocurrencies was $1.02 trillion, down 3.48 percent over the previous 24 hours.

Bitcoin price today
According to CoinMarketCap, the price of one bitcoin was $21,829.82, a decrease of 3.35 percent over the previous day. The price of Bitcoin was Rs 18.70 lakhs, according to Indian exchange WazirX.

Ethereum price today
At the time of writing, the price of ETH was $1,543.94, reflecting a 4.95 percent 24-hour decline. According to WazirX, the price of ethereum in India was Rs. 1.35 lakhs.

Dogecoin price today
According to data from CoinMarketCap, the 24-hour loss for DOGE, which is presently trading at $0.08185, was 6.11 percent. Dogecoin’s pricing in India was Rs 7.30, according to WazirX.

Litecoin price today
In the past day, Litecoin fell by 4.15 percent. It was now selling at $92.25 at the time of writing. The cost of LTC in India was Rs 7,930.07.

Ripple price today
The price of XRP was $0.3852, down 1.78 percent over the previous 24 hours. The price of ripple was Rs 33.10, according to WazirX.

Solana price today
Solana price was $20.83, down 7.25 percent over the previous 24 hours. WazirX said that SOL cost Rs 1,965 in India.

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