The global cryptocurrency market cap was trading significantly lower, falling up to $1.17 trillion-mark as it jumped as much as 2 per cent in the last 24 hours. 
The global cryptocurrency market cap was trading significantly lower, falling up to $1.17 trillion-mark as it jumped as much as 2 per cent in the last 24 hours. Bitcoin and other top crypto tokens were trading lower on Thursday as the recovery of the previous day fizzled out shortly. However, Bitcoin remained range-bound, but the pain in altcoin was more intense. Crypto traders awaited the uncertain decision of the US Securities and Exchange Commission (SEC) over the approval of spot bitcoin ETF applications.
Bitcoin was back in red on Thursday after a day's short-lived recovery as the largest crypto token dropped as much as 2 per cent but managed to hold 29,000-mark. However, its largest peer, Ethereum, was trading a per cent lower and slipped below $1,850-levels. Altcoins were bleeding in the early trade.
Bitcoin surged to $30,000 yesterday after the positive developments from Fitch downgrade of US Treasurys and Microstrategy plan to purchase more bitcoin. However, soon after a news website wrote about Binance could face U.S fraud charges, BTC immediately started to drop, said Edul Patel, CEO & Co-founder at Mudrex.
"Currently, it is trading above the $29,100 level. On the other hand, institutional investors await the US SEC's decision on the approval of a Bitcoin Spot ETF. The second largest crypto, Ethereum, is trading below the $1,850 mark. Despite the excitement surrounding Litecoin's halving event, the coin's value plummeted by more than 5 per cent in the last 24 hours," he said.
Barring the US dollar pegged USD Coin, all top crypto tokens were trading sharply lower on Thursday. Litecoin plunged about 6 per cent, while Bitcoin Cash was down 5 per cent. Dogecoin dropped more than 4 per cent, while XRP, Cardano, Polkadot and BNB shed 4 per cent each for the day.
The global cryptocurrency market cap was trading significantly lower, falling up to $1.17 trillion-mark as it jumped as much as 2 per cent in the last 24 hours. However, the total trading volumes dropped about 14 per cent to $34.47 billion.
Image: Crypto-chart-price
Tech View by WazirX Trade Desk
The Metal DAO (MTL) serves as a utility token, presently responsible for governing the stablecoin known as Metal Dollar (XMD). Moreover, MTL grants various trading discounts to its holders when utilizing the Metal Pay cash & crypto app. Customers of Metal Pay who possess 10,000 or more MTL tokens can avail the benefit of 0% fees on all their cryptocurrency purchases.
Image: Chart-MTL
The MTL token price has surged by over 10% in the last two days. On the daily timeframe, the MTL/USDT trend is approaching the upper trendline of the triangle pattern with a build-up of buying volume and the daily RSI has crossed 60. The next resistance is expected at $1.54 and an immediate support is expected at $1.38 levels.
(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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