August 17, 2022

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Top cryptocurrency prices today: Ethereum, Dogecoin drop; Shiba Inu, Avalanche jump up to 4%

New Delhi: The crypto market was trading with minor changes on Thursday as investor sentiment was subdued amid ongoing geopolitical developments and Fed meet minutes.

Crypto cart was trading mixed with six out of top -10 digital tokens in the red during early trade.

Among the gainers, Avalanche rose more than 4 per cent, followed by a 2 per cent rise in Shiba Inu. Solana dropped about 2 per cent, whereas BNB, Cardano and Dogecoin shed a per cent each.



The global crypto market cap was flat at $1.99 trillion. Furthermore, the total crypto market volume dropped more than 7 per cent to $69.68 billion.

Expert take
Russia’s next military moves are under close watch worldwide as investors remain partially sceptical of a complete de-escalation in initial tensions, said CoinDCX Research Team.

“Coupled with the many uncertainties of rising interest rates and quantitative tapering, the macroeconomic environment continues to be an extremely precarious one,” he added. “Unsurprisingly, risk-on assets like equities and crypto have remained relatively rangebound, with speculators unwilling to take a directional view.”

Global updates

  • Charlie Munger, the longtime business partner of Warren Buffett, said cryptocurrency should have been banned, calling it “beneath contempt.” He is better known as vice chairman of Buffett’s conglomerate Berkshire Hathaway Inc since 1978.

  • The Ontario Provincial Police and Royal Canadian Mounted Police ordered all regulated financial firms to cease facilitating any transactions from 34 crypto wallets tied to funding trucker-led protests in the country.

  • Ethereum wallet addresses are now in the mix for Twitter-native tipping, the company said. The social media giant added Bitcoin tips in September. Users can add their Ethereum wallets to the product as well, which is only a mobile feature.

  • Castle Island Ventures, a digital asset firm by Fidelity alums Nic Carter and Matt Walsh, has raised $250 million for a new crypto fund targeting startups in the monetary network, financial services, internet architecture spaces and Web 3.

  • Berkshire Hathaway bought $1 billion in shares of Brazilian digital bank Nubank in the fourth quarter of 2021, according to a 13F filing with the Securities and Exchange Commission.

Tech view by Giottus Crypto Exchange
OMG Network (formerly OmiseGo), is one of the popular layer 2s on Ethereum after Polygon. It is designed to facilitate ETH and ERC20 tokens transfers without the high fees or the large wait times.

Its token – OMG – has had its share of rallies and corrections – going from around $3.5 in August to over $20 in November. In the process, it’s provided a great opportunity for scalp traders, swing traders and investors.

Chart-OMG (2)ET CONTRIBUTORS

After a narrowing wedge it formed in January, OMG broke down from a confluence of its golden pocket resistance and the wedge. It corrected over 20% from $5.5 to $4.4 this week. Now, it is looking to break resistance at $4.9 and reclaim the local golden pocket at $5.85.

High time frame closes over this level can lead to a rally up to $6.2 and $6.9 – that would make for over 50% gains from its current levels. Support levels at $4.4 and $4 are likely to hold in case of further downtrend.

Major levels:
Support: $4.4, $4.0

Resistance: $4.9, $5.85, $6.2