Bitcoin, other crypto tokens back in the green

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Bitcoin, other crypto tokens back in the green

On Friday, Bitcoin and other crypto tokens were back in the green on the back of positive sentiment in the global economy after the improvement in the US debt ceiling. The traders were also reacting to hopes of a standstill interest rate by the US Federal Reserve, which pushed the risk sentiments up.

Bitcoin was back in green as the largest cryptocurrency, Bitcoin, flirted with the $27,000 mark during the day. Likewise, Ethereum's largest peer, Ethereum, rose just a percent as it regained $1,850 levels. A majority of Altcoins were also trading higher, rising in tandem.

The last 24 hours have seen a surge in the value of the crypto market, resulting in a range-bound market. The crypto fear and greed index took a 2-point hit yesterday and remains in the neutral zone with 52 points. Investors are taking a cautious approach toward crypto markets, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.

In other news, EA Sports and Nike Virtual Studios are collaborating to bring Nike NFTs from its SWOOSH platform to the EA Sports gaming ecosystem. This is set to provide the audience with a more immersive experience and new levels of customization within the EA Sports ecosystem, he said.

In addition to the Shiba Inu and US dollar-pegged stablecoins, all other top crypto tokens were trading up on Friday. The gain was more than 5 percent, with Litecoin, Avalanche, and XRP among the gainers. Other top gainers included Cardano and Dogecoin.

The global cryptocurrency market cap, which rose more than a percent in the last 24 hours, was trading sharply higher. The total trading volume dropped more than 15 percent to $29.64 billion.

The price is dipping below the $27,000 mark, causing the stock to lose its value. On-chain datareveals an interesting trend as smaller Bitcoin investors, called'shrimps', have aggressively accumulated the largest cryptocurrency, with wallet balances less than 1 BTC. Over the past month alone, the supply held by shrimps has surged by 24,600 BTC, to an all-time high of 1,31 million BTC, the company said in a statement.

The European Union has taken a significant step towards regulating the crypto industry by signing into law the Markets in Crypto-Assets framework. This framework, introduced in 2020, seeks to establish a robust regulatory system for crypto assets within the EU. It is expected to go into effect in 2024, signaling the beginning of regulation for crypto firms operating in the EU.

Although the asset holds support in longer-term periods, polygon MATIC is in a bearish trend. It is trading at close to $0.9 today. The MATIC price trend is in a falling wedge pattern and is looking for a breakout, ideally back above $1.00 and its 200-day MA.

The RSI has made a comeback in the past week and is moving upwards indicating an upcoming rally. MATIC's price action, like all Altcoins, is determined by BTC and financial markets' performance. If MATIC fails to withhold the $0.82 support level, it might encounter renewed selling pressure.

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