New Delhi: Cryptocurrency tokens were flying high on Tuesday despite ongoing tensions between Russia and Ukraine, with bitcoin leading the gainers.

Russia and Ukraine delegations adjourned their initial peace talks on the Belarus border without resolution to report back to their governments as European and U.S. sanctions began to bite into the Russian economy.

All of the top digital tokens were trading higher. Terra rose 24 per cent to become the seventh most valued token, followed by a 19 per cent rise in Avalanche. Bitcoin rose 15 per cent, whereas Shiba Inu gained 10 per cent.

The global cryptocurrency market cap today hit the $1.9 trillion mark, after rising about 12 per cent in the last 24 hours. Total cryptocurrency trading volume jumped 34 per cent to $109.19 billion.

What’s cooking in India
Homegrown IT major Tech Mahindra announced the launch of TechMVerse, its Metaverse practice to deliver interactive and immersive experiences in the Metaverse for its customers.

Global updates

  • Crypto funds saw net inflows last week, but there were stark regional differences during a volatile period in digital-asset markets as Russia invaded Ukraine.

  • Digital-asset investment funds saw $59 million of outflows in Europe, though their counterparts in the Americas netted inflows of $95 million during the week through February 25, a report from the digital-asset manager CoinShares showed.

  • The Ukrainian government is purchasing critical supplies, including gas, food and military equipment, using cryptocurrencies donated as the country stands against a Russian invasion. Around $10 million has already been spent.

Expert take
The crypto market saw sharp rallies across the board in the last 24 hours. The unwinding of net short positions by traders, driven by a short squeeze also added to the huge price spike, said CoinDCX Research Team.

The word on the street is that Russians are scrambling to shore up crypto in a bid to safeguard wealth and to circumvent strict capital controls put in place by the Russian government.

“We continue to favour a more cautious allocation in the market till it becomes more apparent that we are truly out of the woods,” he added.

Tech view by Giottus Crypto Exchange
Bitcoin (BTC) has managed to befuddle many traders the past few months, breaking several crucial supports and reclaiming them, only to lose them again. Macro geopolitical events have added more fuel to the volatility.

Now, after it surged beyond $41,000 last night, it finds itself having broken through a crucial September 2021 level, a daily key level and a past trendline resistance located around the $42,000 mark.


A rejection here may send BTC down to retest the trendline resistance around $42,000 followed by further upside. If the retest fails, we may see a revisit of the $40,000 levels in completion of a possible sub-wave 4 of an Elliott wave.

If this plays out, a final move up to $46,000 and beyond may be in play followed by a corrective wave to the $40,000 mark again. Right now, a correction to $36,000 levels cannot be ruled out should the Ukraine crisis move in the wrong direction.

Major levels:

Support: $43,400, $42,000, $39,600

Resistance: $45,000, $46,000


Source link