Major Cryptos Decline After Bitcoin Briefly Hits $24,000 Mark

Major cryptocurrencies as of writing this copy at around 3:15 pm are trading with losses. Bitcoin is down by over 2% at $23,588, Ethereum down by over 1% at $1754. Other cryptos such as Cardano, Polygon, Avalanche lose up to 7%. Nevertheless, the meme-token Dogecoin is seen gaining by over 1% and trades at $0.0178.

Earlier in the session today, bitcoin briefly hit the $24,000 mark providing cues that investors are still opting for riskier assets. The total crypto market volume soared sharply by over 75% in the last 24 hours. The global crypto market cap however took a hit by 1.84% over the previous day and last stood at $1.11 trillion.

Crypto market for the last few days is gaining amid encouraging clues that inflation shall ease soon and won't fuel a steep economic downturn.

A WazirX analyst mentioned that the next key resistance level for BTC is expected at $32,300 and the next support is expected at $19,000.

Back in India, global crypto exchange Binance said it would do away with off-chain fund transfers with WazirX. This is three days after the Enforcement Directorate raised issues on such transactions. The ED said it lately undertook searches on one of the directors of Zanmai Labs and ordered to freeze his bank accounts having Rs. 64.67 crore.