Major cryptocurrencies extended losses on Wednesday mirroring largely negative trends in global equities. The global crypto market cap stood at $934.9 billion with a volume of $87.1 billion in the past 24 hours.
Bitcoin — the world's largest and most popular virtual currency — fell 5.3 percent to $18,723.9. Its market value stood at $358.2 billion. The trade volume was at $42.2 billion.
Edul Patel, CEO and co-founder of Mudrex, said, "It is likely that BTC might test the support around the lower zone as BTC struggles to hold its current levels."
Patel said that the current dip could be because of high selling orders over the past week. 'If buyers can make a move above the $20,000 level, we might see BTC bouncing back soon."
Patel added, "Bulls might attempt to recapture the $20,000 price level if BTC can trade above the overhead resistance level. If BTC keeps facing continued rejections, it might dip to the $18,000 support level."
Ethererum or Ether — the second largest virtual currency — slumped 7.8 percent to $1,511.7 with a market capitalisation of $183.8 billion. The trade volume of Ethereum was $21.9 billion in the last 24 hours.
On Ethereum, Patel said, "Ethereum Merge is now less than two weeks away, and the price of the coin continues to hold at $1,600. As the activities ramp up, the interest might likely create more demand in the coming days."
Meme-based virtual currency Dogecoin was seven percent down with a trading volume of $450.5 million. Shiba Inu and Solana were trading 4.9 percent lower at $0.000012 billion and $30.9 billion respectively.
The Indian equity benchmarks —
BSE Sensex and
NSE Nifty50 — started Wednesday's session in red tracing losses across major global markets.
