Thursday, February 22, 2024

Bitcoin remains above $42,000 despite losses

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Bitcoin, the largest cryptocurrency by market value, was down about 2.71 percent on Wednesday. Despite this, Bitcoin has maintained the level of more than $42,000. Its price was trading at around $42,218. It was at more than $42,000 for the third consecutive day. However, the price of Bitcoin has decreased by $688 in the last three days. The important resistance level for this is $44,500 and support level is $42,500.

included in major cryptocurrencies Ethereum The price was down by about 0.75 percent at around $2,220. For this, the next resistance level is $2,380 and support level is $2,250. Apart from this, the falling cryptocurrencies included Ripple, Cardano, Polkadot and Tron. In the last one day, the market capitalization of crypto was down by 0.27 percent to about $ 1.65 trillion.

Rajagopal Menon, vice president of crypto exchange WazirX, told Gadgets360, “The reason for the fall in the price of Bitcoin is due to traders liquidating their positions amid the increase in funding rates. This has weakened the sentiment in the market somewhat. Bitcoin “There has been an increase in trading volume ahead of the decision from securities regulator SEC regarding ETFs.”

If Bitcoin ETF is approved, investment in this most popular cryptocurrency can be made through crypto exchanges as well as through normal market exchanges. Late last month, Binance, one of the largest crypto exchanges, was found guilty of violating anti-money laundering laws in the US. Because of this, a fine of $ 4.3 billion (approximately Rs 35,827 crore) was imposed on Binance. Its Chief Operating Officer, Changpeng Zhao, had announced his resignation. This was a big blow to the crypto market. Cases of crypto related scams have increased in the last few years. Recently, Prime Minister Narendra Modi had emphasized on making rules for the crypto segment. He said that there is a need to maintain pace with the development of technology. In some countries, rules are being made for this segment. This can strengthen the confidence of investors in this market and strengthen the market.

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