August 17, 2022

Crypto Prices Today: Bitcoin Hits $23,000 As Other Coins Rise

Crypto market soared on Thursday as the Federal Reserve hikes interest rates in line with market expectations. Many market observers believed markets had already accounted for the Fed’s rate hike, which the bank has been foreshadowing for over a week.

Powell’s comments over ‘no recession’ also supported the sentiments.

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

The global cryptocurrency market cap was trading sharply higher at the $1.06 trillion mark, rising more than 8% in the last 24 hours. However, the total trading volume jumped more than 49%, close to $92.43 billion.

Expert’s Take

Bitcoin and the rest of cryptos’ tight correlation with stocks continued as risk-assets such as tech stocks and crypto surged in response to the US central bank’s announcement.

“Fed Chairman Jerome Powell clearly mentioned that the US is not under recession as job growth is strong and consistent. This has led to positive sentiments in the market,” it added.

Crypto Global updates

Cryptocurrency exchange Kraken is under investigation for potential violation of US sanctions. They are currently accused of allowing users in Iran and elsewhere to trade digital-tokens. The New York Times reported, citing five people familiar with the matter.

More than $14.5 billion in crypto has been lost to hacks and scams since 2011. And DeFi (decentralized finance) is attackers’ new favorite target, says analytics firm Crystal Blockchain.

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

Regulators can better fight cybercrime by looking directly at the blockchain – but it will take a lot of extra effort, a study written for the German financial regulator BaFin has found.

Three funds of 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 trading update email.

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

Tech View by Giottus Crypto Platform

Polygon (MATIC) is a layer-2 scaling solution built over the Ethereum network that serves as a multi-chain infrastructural layer for building decentralized applications. MATIC’s price has surged by over 20% in the last ten days and is now trading at $0.87.

MATIC has been lately witnessing high whale activity and has seen good spurts in its price. It reached a high of $0.98 on July 18 after breaking a crucial resistance at $0.68.

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

MATIC broke above the channel early morning today, indicating a possible bullish reversal. MATIC needs to stay above the psychological support of $0.70 to continue gathering steam. On the daily charts, its RSI stands at a neutral 60, supported by increased trading volumes. MATIC has succeeded in remaining above its 100-day SMA and EMA. Consequently, it will have to move past the $1-hurdle to restore confidence.

Augustine Ojeh

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