The global crypto market lost 2 per cent today to close at $1.9 trillion as of 9 am IST as Bitcoin (BTC) and key altcoins shed some gains from earlier in the week. The trade volumes across exchanges saw a significant dip of 31 per cent in the last 24 hours as investors turned cautious.

BTC lost its momentum and slid by 2 per cent to close at $45,220. Having started the day above the $46,000 mark, BTC slipped below the $44,000 level intra-day but bounced back early today to its short-term support at $45,000. BTC trade volumes also had a strong decline of 19 per cent.

Ethereum (ETH) retraced some of its gains to close at $3,120, registering an overall dip of 3.4 per cent in the last 24 hours. ETH briefly breached $3,000 intra-day but pulled back up shortly. According to data agency Bybt, interest in Ethereum options has reached $4 billion, highest since May, pointing to overheated conditions in the ETH market signifying a possible pullback.

Most altcoins were in the red today with Internet Computer (ICP), Ripple (XRP), Polygon (MATIC) and Litecoin (LTC) losing around 4 to 7 per cent, reflecting the mood of the broader market. Cardano (ADA) remained the only cryptocurrency in the Top-20 to register gains driven by an expected announcement of smart contracts on the blockchain today.

BTC price actions are expected to remain range-bound for a few days. Any movement downwards may bring in $42,000 support levels into play. If the bulls are able to pull BTC through the $46,000-mark, momentum could push BTC towards $50,000 and beyond.

Top Gainers today:

1. The Graph (GRT): 10.6%
2. Chiliz (CHZ): 9.6%
3. Ravencoin (RVN): 6.5%

Top Losers today:

1. IoTeX (IOTX): -25.9%
2. Telcoin (TEL): -10.1%
3. Horizon (ZEN): -7.3%

The analysis includes the top 100 coins only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

1. Lionel Messi, the football star who recently signed a two-year contract with the Paris Saint-Germain (PSG) club, has received PSG tokens as part of his financial package. PSG tokens are blockchain-based digital assets powered by crypto startup Socios and are currently trading at $42 per token.
2. Singapore’s largest bank, DBS, has received regulatory approval in the country for crypto payment services that will allow institutional investors to use the bank’s crypto exchange to trade Bitcoin.
3. According to a filing with the US Securities and Exchange Commission, Neuberger Berman, an US investment firm, has planned to offer Bitcoin futures to clients.
4. TaxBit, a crypto tax software company, has raised $130 million in a Series B funding round led by IVP and Insight Partners, valuing the company at $1.33 billion.

DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.