Synopsis
Bitcoin was trading 2.7% higher at $57,268, while Ethereum surged 5.3% to $3,071. Other prominent cryptocurrencies, including BNB, Solana, XRP, Toncoin, Dogecoin, Cardano, Tron, Shiba Inu, Polkadot, and Polygon, surged by up to 7%.
Cryptocurrency markets traded higher on Tuesday as investors awaited Federal Reserve Chair Jerome Powell’s testimony, hoping for supportive remarks on potential rate cuts following signs of a cooling US labor market.
Powell is set to appear before Congress on Tuesday and Wednesday, with investors betting that recent soft labor market data has significantly increased the likelihood of a rate cut in September to about 80%.
At 12:58 PM, Bitcoin (BTC) was trading 2.7% higher at $57,268, while Ethereum surged 5.3% to $3,071. Meanwhile, the global cryptocurrency market cap also gained by 3.8% to around $2.12 trillion in the last 24 hours.
Crypto Tracker
TOP COIN SETSCrypto Blue Chip – 5-8.36% BuySmart Contract Tracker-9.64% BuyWeb3 Tracker-11.06% BuyAI Tracker-13.30% BuyNFT & Metaverse Tracker-16.62% BuyTOP COINS (₹) Solana11,958 (3.91%)BuyEthereum257,777 (2.43%)BuyBitcoin4,818,043 (1.32%)BuyBNB43,147 (0.26%)BuyTether84 (0.18%)BuyIn Monday’s trade, Bitcoin had fallen to the $55,000 level after the German government transferred 16,309 Bitcoin from its holdings to crypto exchanges and market makers.
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View Details »“Bitcoin has recovered partially and is currently trading above $57,000. Its daily chart shows a pattern of lower highs and lower lows, with strong support around $55,000. Every dip below $56,000 is met with strong buying activity and a spike in volume,” said Vikram Subburaj, CEO of Giottus Crypto Platform.
The CoinDCX Research Team commented, “Despite selling pressure from the German government moving BTC to exchanges, the crypto market has shown resilience with positive returns in the last 24 hours. Technically, BTC needs to reclaim $58,500 for a bullish sign, while ETH needs to stay above $2,875.”
Other prominent cryptocurrencies, including BNB, Solana, XRP, Toncoin, Dogecoin, Cardano, Tron, Shiba Inu, Polkadot, and Polygon, surged by up to 7%.
The volume of all stablecoins is now $82.4 billion, which is 93.63% of the total crypto market 24-hour volume, according to .
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.127 trillion. Bitcoin’s dominance is currently 53.55%, according to . BTC volume in the last 24 hours surged 36.6% to $35.9 billion.
Tech view by Rajagopal Menon, Vice President, WazirX
Technical indicators show that the hourly MACD is losing pace in the bearish zone, suggesting weakening downward momentum. The hourly RSI for BTC/USD has risen above the 50 level, indicating increasing buying interest. Major support levels are at $55,500 and $54,500, while resistance levels stand at $57,650 and $58,500. This suggests that Bitcoin is poised for potential upward movement if it can overcome these resistance points.
(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)
