Crypto Price Today Live: Bitcoin Hits $23,000; Ethereum, Polygon, Polkadot zoom up to 17%


New Delhi: The crypto market soared on Thursday as the Federal Reserve raised interest rates in line with market expectations. Many market watchers believed the markets had already explained the Fed’s rate hike, which the bank had been foreshadowing for more than a week.

Powell’s “no recession” comments also buoyed sentiment.

Top crypto tokens were trading sharply higher on Thursday. Ethereum, Polkadot and Polygon were up over 13% each, while Polygon and Avalanche jumped 10% each. Bitcoin and Cardano were up 9% each.



The global cryptocurrency market capitalization was trading sharply higher at $1.06 trillion, rising more than 8% in the past 24 hours. However, the total trading volume jumped over 49% to almost $92.43 billion.

Expert grip
Bitcoin and the rest of the close correlation between cryptos and stocks continued as risky assets such as tech stocks and crypto surged in response to the US central bank’s announcement, the team said. CoinDCX research.

“Fed Chairman Jerome Powell made it clear that the US is not in a recession because job growth and wage measures are strong and not consistent with a recession. This has led to positive sentiments in the market,” he added.

Global Updates
Cryptocurrency exchange Kraken is under federal investigation for potential violations of US sanctions by allowing users in Iran and elsewhere to buy and sell digital tokens, The New York Times reported, citing five people close to the file.

More than $14.5 billion worth of crypto has been lost to hacks and scams since 2011, and DeFi (decentralized finance) is the new favorite target for attackers, according to analytics firm Crystal Blockchain.

Web3 digital identity service provider Unstoppable Domains has raised a $64 million Series A funding round led by Pantera Capital, with participation from Polygon, CoinDCX and CoinGecko.

Regulators can best tackle cybercrime by examining the blockchain directly — but it will take a lot of extra effort, according to a study written for German financial regulator BaFin.

Three funds from Cathie Wood’s Ark Investment Management sold a total of more than 1.4 million shares of Coinbase Global, the crypto exchange said in its daily update email.

Web3 media company Trustless Media has raised $3.25 million in a seed funding round led by Sam Bankman-Fried’s Alameda Research with participation from Ava Labs and Red DAO.

Tech View by Giottos Crypto Platform
Polygon (MATIC) is a layer 2 scaling solution built on the Ethereum network that serves as a multi-chain infrastructure layer for building decentralized applications. The price of MATIC has jumped over 20% in the past ten days and is now trading at $0.87.

MATIC has recently witnessed high whale activity and seen good surges in its price. It hit a high of $0.98 on July 18 after breaking crucial resistance at $0.68.

AND CONTRIBUTORS

Since then, MATIC has been trading in a descending parallel channel, forming a series of lower highs. A descending parallel channel represents a continuation pattern. Any break above the pattern represents a bullish reversal, and a break below represents further bearish momentum.

MATIC broke above the channel early in the morning today, indicating a possible bullish reversal. MATIC needs to stay above the psychological support of $0.70 to continue gaining momentum. On the daily charts, its RSI sits at a neutral level of 60, supported by an increase in trading volumes. MATIC managed to stay above its 100-day SMA and EMA and will need to break above the $1 mark to restore market confidence.

Main levels
Resistance: $0.98, $1.0, $1.18

Support: $0.8, $0.7

(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 a position in any assets mentioned.)

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