The crypto market was mostly trading in green this Wednesday owing to the US Federal meeting looking for signals for rate hikes and tapering. Investors took this opportunity to pick up crypto coins at the lowest possible prices.
Apart from Tether and Polkadot, eight of the top ten digital coins traded lower at around 9:30 pm, IST. Dogecoin was up by 16%, owing to Musk’s support.
The global cryptocurrency market was capped at around 3% gains up to a $2.19 trillion mark as against last day. But the total market volume collected over 7% to $103.68 trillion.
The research Team at CoinDCX stated that the crypto market witnessed relief rallies as the buyers returned. Depending on the policy statement of FOMC coming out this week, a few sessions can be expected to remain range-bound and choppy.
There is a high chance of observing accelerated tapering and rate hikes, although they are most likely to be priced in following the latest sell-off.
Events in India
A few changes in the government’s proposed crypto framework are about to happen, which means that the framework might not be executed this year as planned by the parliament.
Many issues are being debated on the requirement for seeking feedbacks from the public for wider consultation and also whether the CBDC (Central Bank Digital Currency) unit launched by the central bank needs to be included in the bill or if it should be treated under the Reserve Bank of India Act.
Expert’s Take
Musk was quite skeptical about Bitcoin before crypto boomed, and although his peers granted him some Bitcoin, he was not very keen to keep them back then.
However, currently, Elon Musk is the new face of the cryptocurrency, Dogecoin, and WazirX has signaled that his company, Tesla, will soon adopt Doge as a currency for buying its cards. Those tech intellects who were previously against the use of cryptocurrencies have now stepped forward on a pro or neutral stand on it. It took months and years to comprehend the complete potential of the crypto market and WasirX hopes the world comprehends the potentiality too.
However, the crypto market is still in its infant stage, and one cannot state with certain facts that opportunities will grow in the future and new jobs will be created on the new frontier of digital currencies.
Global Events
Elon Musk, the billionaire and mercurial technocrat, is responsible for Dogecoin ignition as Tesla’s eyes to make merchandise purchasable with Dogecoin tokens and to evaluate how this progresses over time.
Musk was named ‘Person of the Year for 2021’ by Time magazine, feedback and he believes that Dogecoin is much better and convenient for making crypto transactions compared to Bitcoin.
BuyUcoin Crypto Exchange Tech View
Dogecoin rose by 21.8 percent soon after Elon Musk announced that Tesla would soon start to accept DOGE as a mode of payment to purchase its merchandise. The Shiba Inu DOGE tokens have witnessed a downtrend since October, and they slipped through the support level. The currency continues to be in the bearish zone RSI remains below the midline.
Additionally, Dogecoin continues to trade below EMA (20,50, 100), suggesting a downtrend. To obtain an uptrend, it needs to break resistance at 0.2235 USDT, or it is most likely to descend again toward 0.164 USD support.