New Delhi: The crypto market continued to advance as signs of an easing of the conflict between Russia and Ukraine boosted investor confidence.

With the exception of the dollar-pegged USD coin, all other major digital tokens were trading higher at the start of trading on Wednesday. Avalanche rose 11% each, followed by a 4% rise in Ethereum and BNB each.

The global crypto market cap fell 6% to $1.84 trillion. Meanwhile, the total crypto market volume increased by almost 14% to $81.86 billion.

What’s cooking in India
Tough talks by senior Reserve Bank of India (RBI) officials on cryptocurrencies are making the Indian crypto community nervous. RBI Deputy Governor T Rabi Sankar has called for an outright ban on cryptocurrencies.

Earlier, RBI Governor Shaktikanta Das said at a monetary policy press conference that private cryptocurrencies pose a threat to the country’s macroeconomic and financial stability, and investors should guard against risks. in mind.

Expert grip
As tensions ease over the Russia-Ukraine conflict, the crypto market has strengthened, indicating renewed risk appetite among traders, the CoinDCX research team said.

At the start of 2022, the global crypto industry has already faced multiple regulatory hurdles and pushbacks from traditionalists, but held its own.

After years of arguing against the use of cryptocurrency, over numerous concerns such as money laundering scams and other illegal activities, Russia has finally taken a stand on the regulation of digital assets, has declared WazirX Trade Desk.

“Russia intends to treat cryptocurrency as an ‘analogue of currencies’ rather than a financial asset. Simply put, it will treat crypto as a foreign currency,” he added. “Before February 18, they will prepare a draft law on the circulation of digital currencies in the Russian Federation.”

Global Updates

• JPMorgan, the largest bank in the United States, said it had become the first lender to arrive in the metaverse, after opening a lounge in Decentraland, a virtual world based on blockchain technology.

• New rules are urgently needed to give banks certainty to manage crypto assets on behalf of large clients who want to enter the fast-moving market, a senior executive at US bank JPMorgan Chase has said.

• Fidelity International announces its first bitcoin exchange-traded product (ETP) at Deutsche Börse in Frankfurt and SIX Swiss Exchange in Zurich.

• Deutsche Bank’s “The Future of Cryptocurrencies” report found that less than half of crypto traders and investors surveyed would cut their investments or exit the market altogether even if prices fell by 80%.

• Binance Smart Chain (BSC), the layer 1, or base, blockchain of crypto exchange Binance, has announced a major rebranding and push for expansion, CoinDesk reported.

Technical view
by BuyUcoin

Solana’s price has jumped 6.53% at the time of writing. While continuing to trade inside the descending channel, it is gradually correcting towards the strong support at $85, and the RSI is between 30 and 50 levels. This indicates that the bears are in control, however, the bulls are trying to drive the price up and they have increased it by 15%.

The bulls need to be more powerful to drive up the price of SOL. A breakout and close above the 20-day EMA ($105) will be the first indicator of strength, followed by $120 as the next potential breakout point (resistance level). Another positive rally and a close above $120 could mean that the current downtrend is coming to an end.

(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)