While Etherum stayed above $1,900 ahead of its much-anticipated merger rumour on Tuesday, Bitcoin dropped below $24,000. The most recent humiliation for the cryptocurrency sector included a claim that Indian regulators were looking into at least 10 exchanges for allegedly helping foreign companies use cryptocurrency to launder money. On Tuesday afternoon, trade in the top crypto tokens was mixed. Uniswap decreased by 5%, while Dogecoin and Shiba Inu, two meme tokens, increased by up to 6%. Avalanche and Polygon both had a 2% decline. The market capitalization of all cryptocurrencies was trading slightly lower at $1.14 trillion, down as much as 1% over the previous day. However, the overall trade volume fell by over 6%, or around $68.95 billion. According to a government source, the ED investigation into the alleged money laundering by the cryptocurrency exchange WazirX and the accompanying disputes among its backers has highlighted the “darker side” of cryptocurrencies. According to UNCTAD, the trade and development arm of the United Nations, more than 7% of Indians owned bitcoin in 2021. The Bengaluru-based company involved in the fast loan apps case has assets of Rs 370 crore, according to the Enforcement Directorate (ED).

expert opinion

The $25,000 barrier was attempted but failed to be broken.According to Mudrex’s CEO and co-founder, Edul Patel, it dropped to the $24,200 mark. The negative momentum is below the immediate support level, which is close to the $23,500 zone, he said.

worldwide updates

The cryptocurrency lender Celsius Network, which declared bankruptcy in July, seems to be in significantly worse financial problems than was previously indicated.On Sunday, Acala, a Polkadot-based decentralised finance (DeFi) platform, depegged its native USD stablecoin, which saw a 99 percent drop in value after hackers created 1.28 billion tokens by exploiting a flaw in a newly implemented liquidity pool.A 29-year-old developer who is allegedly connected to the Tornado Cash protocol

According to JP Morgan, after the network switches from a proof-of-work system to a proof-of-stake one, the role of Ethereum miners abruptly changes, requiring them to look for alternate sources of income. In anticipation of its Merge upgrade in September, Ethereum (ETH), the smart contract-based platform for dApps, has been seeing strong demand. With significant gains of over 90% over the previous 30 days, ETH’s market share in the cryptocurrency industry has surpassed 20%. ETH is currently trading at $1,900, down 5% from the previous day.

After successfully testing its horizontal barrier in the middle of July, ETH has made numerous higher lows and is heading in the direction of $2,000 as it charts an upward trajectory. Nevertheless, attempts to To attempt another effort at a price rally, ETH must successfully test the psychological resistance of $2,000 first. All technical signals point to a “buy” signal, and its RSI is a strong 63. The immediate support in the event of a drop is $1,870, followed by $1,770 (.382 fib level).

The ETH/BTC pair has also broken through recent resistance at 0.075 to reach fresh local highs, crossing 0.08 lately. The current price of the pair is 0.078. Investors should be cautious of the possibility of “selling the news.”

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