The global crypto market faced a wave of corrections on Saturday and declined by 1.9 per cent to close the day at $2.06 trillion as of 10 am IST. After a strong start to the weekend, bears took control of the market amidst overbought conditions in the Bitcoin (BTC) and Ethereum (ETH) markets. Total trade volumes dipped significantly by 11 per cent today and went below $100 billion.

BTC moved upwards early today before getting rejected near the $50,000 resistance sparking a sharp fall towards $48,000. BTC trade volumes fell by a steep 14 per cent. BTC closed the day at $48,140, down by 2 per cent in the last 24 hours. Its support levels are forming at $47,600 and $47,000.

ETH, following BTC’s trajectory, failed to break the $3,300 resistance and ended the day at $3,160 with a 2.8 per cent decline. ETH faces breakout support at $3,000 as buyers are expected to step in if the downturn extends. Both BTC and ETH have registered a loss on the weekly timeframe.

It was a mixed day for the altcoin market with only five of the top 25 list registering gains. Cardano (ADA), Ripple (XRP) and Dogecoin (DOGE) declined by 3 to 4 per cent while Solana (SOL), Terra (LUNA), and Bitcoin Cash (BCH) gained up to 8 per cent. SOL and LUNA continue to move up the ranks this month in the top 20 list based on strong fundamentals and institutional support.

BTC has consolidated in the $46,000-49,000 region for most of this week. BTC is expected to face more selling pressures around the $48,000 mark but a retest of $50,000 is likely in the upcoming week given increased activity among the whales.

Top Gainers today:

1. Bitcoin Gold (BTG): 20.3%

2. Arweave (AR): 15.4%

3. NEAR Protocol (NEAR): 10.3%

Top Losers today:

1. Celo (CELO): -9.5%

2. THORChain (RUNE): -8.8%

3. XinFin Network (XDC): -6.3%

The analysis includes the top 100 coins only as of 10 am IST

Source: CoinMarketCap

Crypto News at a Glance:

1. Square CEO Jack Dorsey has announced that the company’s new venture, TBD, will build an open platform to create a decentralized exchange for Bitcoin. The platform will be open-source and open-protocol for all crypto wallets.

2. Canadian-based Accelerate Financial Technologies has pledged to plant 3,450 trees for every $1 million (Canadian Dollars) invested in its Bitcoin exchange-traded fund (ETF) to make it carbon-negative.

3. Blockchain-based role playing game MIR4 has been launched in 170 countries alongside utility coin DRACO, which gamers can use in MIR4′s in-game e-commerce and earn while they play.

4. Global crypto exchange Binance has removed trading pairs and payment options in Norwegian krone with immediate effect in a move to proactively tackle regulatory challenges.

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