NEW DELHI: Cryptocurrency counters were mixed on Friday in the international and domestic markets amid concerns over India banning the currencies.
In dollar terms, Binance Coin was among the biggest gainers, up nearly 4 per cent. Bitcoin climbed over a per cent and Ethereum was up over 3 per cent, data on CoinMarketCap showed. Solana was the top loser, down over 1 per cent.
A few blockchain and crypto-focused funds are rethinking their investment strategy amid speculation that trading in virtual currencies would be banned. They are planning for contingencies to ensure they do not face a situation like in 2018 when the Reserve Bank of India cut banking access for the crypto and blockchain community.
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Earlier, a government bulletin said the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.
Meanwhile, amid all the confusion crypto exchanges have rushed to soothe investor concerns amid regulatory uncertainty.
The global crypto market cap was up 1.59 per cent at $2.62 trillion mark compared to the last day. The total crypto market volume zoomed about 2 per cent to $141.54 billion.
Tech View by ZebPay Trade Desk
BAT has been on a spree, rising over 60% over the past 24hrs. The asset hit its new all-time high of $1.86 today, making it the 67th largest asset by market capitalization which at the time of writing stands at $2.65bn. It has a circulating supply of 1,492,503,789 BAT coins and a max. supply of 1,500,000,000 BAT coins. Much of BAT’s appreciation started following a partnership between Brave Browser and Solana. The two companies will collaborate to bring wallet features for the Solana blockchain into Brave’s Web2 desktop and mobile browsers.
BAT after consolidating between $0.6 to $0.75 gave a massive breakout and made the high of $1.46. The asset faced stiff resistance around $1.5 and corrected 34% from its recent top and again started consolidating. BAT gave a breakout above the range but was unable to breach the resistance 0f $1.5 on the second attempt and witnessed profit booking at higher levels. Post this move, the asset was trading in a range between $1 to $1.15. However, it finally gave a breakout on the upper side with good volumes and skyrocketed to the new all-time high of $1.86. The prices have surged almost by 67% within two days. Bat can face resistance at the psychological level of $2 whereas $1.6 and 1.45 can act as strong support for the asset.
(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.)