The global cryptocurrency market cap was trading higher at the $988.57 billion mark, rising close to 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped more than a per cent to $63.69 billion.
What's cooking in India
Cryptocurrency exchanges and blockchain companies are trying to cobble together their own independent association after Internet and Mobile Association of India (IAMAI) dismantled Blockchain and Crypto Assets Council (BACC).
Industry insiders said preliminary talks are on between key stakeholders, but a new association will take time to form as key stakeholders are still to find a common ground.
Expert take
During the whole week, Bitcoin was fluctuating. It seems that BTC is in a double bottom pattern, said WazirX trade desk.
The cryptocurrency market has been nothing short of a financial soap opera in 2022, and the drama continued this week when the lender Celsius Network filed for bankruptcy protection.
Celsius Network listed a $1.19 billion deficit on its balance sheet in a bankruptcy court filing on Thursday, a day after the cryptocurrency lender filed for Chapter 11.
Beleaguered crypto lending firm Celsius Network is owed $439 million by Indianapolis-based private lending platform EquitiesFirst, according to a Financial Times report, citing two unnamed sources.
Russia President Vladimir Putin has signed a law banning digital payments across the nation, according to a policy amendment. The law was approved by the Russian Assembly, known as the Duma, on July 8.
Tech View by Proassetz Exchange
The trend of Bitcoin is downward and trending below a downward trendline. But in short term, this is trending inside an upward channel. Therefore the current movement is range bound.
It has active support of $17000 and resistance of $22600, any breakout of either side with volume will lead a breakout from the current zone. If a weekly close above $22600 is seen then a bull run to $28000 is possible.
(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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