New Delhi: Major cryptocurrencies were trading with mild losses on Thursday. Crypto investors have turned cautious following the recent series of events in the last few weeks. Six out of top-10 digital tokens were trading lower at 9.30 hours IST, shedding as much as 5 per cent.

Australia’s securities regulator said it would consult market participants on proposals to identify appropriate crypto assets and set up good market practices for financial instruments that expose them to digital currency-backed assets.

Wild price swings have been a defining feature of Bitcoin. The increasing interest of investors has helped push it to a record high just shy of $65,000 in April, but a meltdown in the digital token market halved its value in mere weeks. At the halfway point of the year, the original and biggest cryptocurrency is up around 20 per cent year-to-date.

“Bitcoin prices have taken a beating in terms of percentage decline, thanks to the nationwide China crackdown on mining and the concern expressed by the US Federal Reserve. It stated it would start tapering its stimulus program to control its persistent demand for downside hedges,” said Zebpay TradeDesk.

“With sliding BTC prices, Tesla delisted the asset as a mode of payment, China banned mining and the Fed’s stance further strengthened the bearish outlook, pushing prices below $30,000 recently . The largest crypto assets, excluding the stablecoin (USDT), continue to dominate the market, with a combined market dominance of 70 per cent,” it added.

Major cryptocurrency exchange Binance said that sterling withdrawals from its platform had been reactivated, with users also able to buy digital coins with debit and credit cards. Binance customers complained that they were unable to deposit or withdraw sterling from the platform, days after regulators in Britain cracked down on some of its activities.

Tech View by
Giottus Cryptocurrency Exchange
Theta Network (THETA) is a blockchain powered network purpose-built for video streaming and delivery. It is a pioneer in this particular use case and THETA is currently among top 20 cryptocurrencies by market capitalization. THETA has seen one of the best rallies in the recent crypto bull run.

Its pricing has risen from sub $1 levels to all-time-high (ATH) of approximately $16. In recent weeks, tokens that grew parabolically in 2021 are shedding some gains, THETA being one among them. The fundamentals of THETA however remain strong, and the token has registered stronger cluster support than resistance.

THETA is making a double top in a four-hour timeframe and is on the neckline support and daily

support. It may prove to be difficult for THETA to break the double-top pattern. It is trading well below its 50-day exponential moving average (EMA) of $8.1, and beneath its EMA (100) of $6.78.

Katy Perry has just announced the upcoming launch of her NFTs on the THETA platform. However, that bit of news may be insufficient to carry THETA across its next resistance of $7.5.

Major Levels

Support: $6, $4.7, $3.9

Resistance: $7.5, $8.4, $10

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)