Synopsis
Major crypto tokens like Bitcoin traded lower due to negative ETF flows. Bitcoin fell by 3% to $62,322.09. Other cryptos like Ethereum (4.04%), XRP (2.97%), and Dogecoin were also affected.
Major crypto tokens traded in the red on Monday as negative ETF flows weighed on the asset. Bitcoin (BTC) fell over 3% and was trading at $62,322.09 around 12:20 pm India time. The other major cryptos such as Ethereum (4.04%), XRP (2.97%), Dogecoin (XRP (2.97%), Avalanche (5.19), Tron (1.12%), Cardano (3.68%), Solana (7.28%), BNB (3.79%), Toncoin (4.89%) and Polygon (4.41%).
From the peak of $73,000, the Bitcoin prices have slid by nearly 17%.
The crypto market continues to fall and remains choppy with the BTC declining due to negative ETF flows and poor macro data from prior weeks, a CoinDCX Research Team note said. BTC has fallen below the key level of $64k, with key support levels at $60,700 and $56,700, and resistance at $67,100 and $71,650, it added.
Crypto Tracker
TOP COIN SETSWeb3 Tracker6.18% BuyDeFi Tracker4.48% BuySmart Contract Tracker3.81% BuyAI Tracker3.09% BuyCrypto Blue Chip – 50.70% BuyTOP COINS (₹) Bitcoin5,131,120 (1.1%)BuyBNB48,034 (1.03%)BuySolana11,928 (0.89%)BuyEthereum282,497 (0.26%)BuyTether83 (0.0%)Buy
ETMarkets.com
As for Ethereum (ETH), it is trading sideways and needs to break from either the range low or high for a clearer direction. Significant support levels for ETH are $3435 and $3350, while resistance levels are $3650 and $3950, the CoinDCX note said further.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »
Contrary to the current trends, the surge in BTC prices has been on the back of strong ETF inflows in this crypto asset. Commenting on the recent trends, Rajagopal Menon, Vice President, WazirX said that over the past few weeks, there have been notable inflows into Bitcoin exchange-traded funds (ETFs). Last week alone, approximately $2 billion was invested, adding to a total of about $4 billion over the past two and a half to three weeks. This influx signals a very healthy interest in Bitcoin ETFs, he said.
However, he warns investors against conflicting metrics on the face of this apparent surge in investment. “While open interest in futures contracts has risen, other indicators like funding rates have not shown the same aggressive trend. This discrepancy hints at a complex interplay of market forces, primarily driven by sophisticated trading strategies employed by hedge funds,” Menon said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
