Over the last three days, Bitcoin (BTC) has held support at $37,000, which could lead to short-term upside goals towards the $40,000-$45,000 levels. At press time, the leading cryptocurrency was trading about $38,564, up 1.34% in the last 24 hours. As most technical indicators are neutral, a definitive break over $40,000 could promote fresh buying, but for now, narrow consolidation price zones could help traders’ short-term positions.
Bitcoin (BTC) fell to lows of $37,169 on Mar. 7 as investors weighed the upcoming Biden administration executive order on crypto regulation. In a piece of positive news, Thailand’s cabinet has decided to ease up on cryptocurrency taxation laws to promote and develop the industry that has surged in the second-largest economy in Southeast Asia, Reuters reports.
As the Finance Minister told a news conference, a value-added tax will total 7% for cryptocurrency trading. The tax exemption will be in effect from April 2022 to December 2023, which will also cover the trading of CBDC, yet to be issued by the central bank, he stated.
According to CoinGecko data, meme token, Shiba Inu remains 128,463% up over the last 1 year. At a present price of $0.0000229, Shiba Inu is down 73.4% from its all-time highs of $0.000088 reached in October 2021. Despite this, Shiba Inu remains the best performer amid major cryptocurrencies over the past 12 months.
Bitcoin (BTC) and other major cryptocurrencies showed slight gains on Tuesday. Bitcoin held above the $38,000 for a second day, remaining 12% below the levels it reached a week earlier. Ethereum gained 3.19% over the past 24 hours, while growth in other majors ranged between 3% and 19%.
Top gainers in the last 24 hours are MobileCoin (MOB, +44.91%), Kyber Network Crystal (KNC, +23.16%), Zcash (ZEC, +17.93%), Ankr Network (ANKR, +10.98%), Terra (LUNA, +9.66%), Monero (XMR, +8.66%), Arweave (AR, +8.60%).
Speaking on the price gains, on-chain analytics, Santiment says: ”Crypto prices are moving the right direction again over the past 24 hours. Bitcoin has risen modestly to above $39.2k once again, and Ethereum is back above $2,600. Notable gainers are ZEC (+16%), TON (+13%), AR (+10%) and XMR (+9%)”.
Courtesy: SantimentMeanwhile, as the market slightly rebounded, top whales grabbed 121 million GALA tokens. As reported by WhaleStats, two large transactions of Gala purchases were recorded on the blockchain hours ago.
The first transaction of an ETH whale’s purchase of 80,326,883 Gala or $17,573,995 was followed by another purchase by an ETH whale of 41,000,000 Gala or $8,970,021 worth. In the last 24 hours, These large entities have also purchased MATIC, LINK, SRM, FTX, FTM, SAND, MANA, IMX, LRC according to transactions reported by blockchain data tracker, WhaleStats.
Image Credit: Santiment, Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
