Bitcoin Price: Best Cryptocurrency Prices Today: Binance Coin, XRP, Dogecoin Lost Up To 13%
The global crypto market cap plunged to $ 1.19 trillion, down 7.48% from the last day. The total crypto market volume over the past 24 hours was $ 62.12 billion, an increase of 27.76%.
The pullback comes amid a broader risk-free environment that has also seen U.S. stocks tumble amid fears of slower growth and a relentless spread of the delta variant of Covid.
Turkey’s Ministry of Treasury and Finance has announced that a bill to create a legal framework for crypto assets is ready for discussion. It comes shortly after El Salvador legalized Bitcoin, and Paraguay has shown a keen interest in doing so as well.
Deputy Minister Sakir Ercan Gül has announced that the crypto bill will be presented to the Grand National Assembly of Turkey at the start of the next legislative year, in October 2021.
Zebpay Trade Desk said that hopes for a friendly approach to regulation are high, as it will make the country an attractive source of investment for major crypto exchanges across the globe.
“Bitcoin took a hit this week, as it fell below $ 31,000 on Monday night,” he added. “The most likely general explanation is that of the Grayscale Bitcoin Trust, which saw a 16,000 BTC unlock event on Sunday, which a day later negatively impacted the market.”
Turkey’s central bank previously banned the use of cryptocurrencies as a medium of exchange and prevented banks from providing deposit and withdrawal services to crypto exchanges. The new legal framework is also likely to put in place several protective measures, such as security clearance and collateral.
Technical view by Giottus Cryptocurrency Exchange
Polygon Network (MATIC) has appreciated more than 100 times since the start of the year to reach its new all-time high (ATH of $ 2.7). MATIC has been in the accumulation phase for months. After breaking out, it broke past previous highs over longer periods of time and seemed unstoppable until the downtrend on Bitcoin (BTC) began in May.
Over shorter time frames MATIC has formed a descending channel, a temporary downtrend while the long term picture remains bullish. MATIC benefits from a strong support zone. It closed below the EMA20 as the RSI indicator is in oversold territory meaning there are no indicators of a channel breakout at this time.
Once BTC starts to regain lost momentum, MATIC will hopefully begin its uptrend towards its ATH. MATIC is in a consolidation phase after an aggressive pump, so this could be another buying opportunity for investors who missed the window earlier.
Support: $ 0.7, $ 0.61, $ 0.55
Resistance: $ 0.88, $ 1.04, $ 1.1
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the mentioned asset (s).)