Bitcoin Remains Above $23,000; BNB and Polkadot add up to 4%

New Delhi: Despite light trading over the weekend, the crypto market was able to hold onto gains on Monday as investors mostly appeared to have recovered from Friday’s surprisingly strong jobs report.

However, the gains have been capped. Investors will be watching Coinbase’s earnings report.

All of the top crypto tokens were trading with decent gains on Monday. Avalanche was up over 9%, while Solana was up 7%. BNB gained 6%, followed by a 5% rise in Cardano and Polkadot each.

The global cryptocurrency market capitalization was trading higher at $1.12 trillion, rising 3% in the past 24 hours. However, the total trading volume jumped by more than 4%, almost $44.63 billion.

What’s cooking in India
A public row between CEO of global cryptocurrency platform Binance Changpeng Zhao (known as CZ) and WazirX co-founder Nischal Shetty has affected around 15 million registered users (as of August) of the indian crypto exchange.

Meanwhile, Zanmai Labs, which operates WazirX in India, is exploring the legal route amid an ownership dispute with the world’s largest exchange by volume, sources say.

The Law Enforcement (ED) Directorate said it had recently investigated one of the directors of M/s Zanmai Lab Pvt Ltd, owner of popular cryptocurrency exchange WazirX.

Expert grip
The overall crypto market moved sideways throughout the week, with no significant price changes, WazirX Trade Desk said. “Bitcoin-backed US dollar went live in El Salvador via lightning.”

BuyUcoin CEO Shivam Thakral said Ether is outperforming most crypto assets with its impressive rally and is poised to become the best performing crypto asset of 2022.

“It will be interesting to see the impact of Coinbase’s second quarter earnings report on the overall crypto market, which is scheduled for Tuesday,” he added.

Global Updates

• Victim of an email cyberattack, Bridge Finance’s cross-chain protocol says its investigation shows the stock likely originated from North Korea-associated Lazarus Group.

• Crypto data website DeFiLlama changed the way it presents a key decentralized finance (DeFi) metric in response to a recent CoinDesk post.

• The supposedly bullish “merger” of leading smart contract blockchain Ethereum – a key step in its historic move to a more environmentally friendly system – will likely take place in September.

• There is speculation of a move to Ethereum Classic once proof of work disappears from the mainchain, but mining pools remain divided on where they will turn in a post-merger world.

Tech View by Proassetz Exchange
After experiencing a strong downtrend in the primary trend and hitting a low of 0.2751 on July 18, Algo is trading sideways and giving choppy moves inside a flag pattern. Currently, it is trading in a limited area.

Although the $0.2575 support level is quite strong and the move is likely to be higher until it does not break its support level.

(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 a position in any assets mentioned.)