With the exception of Dogecoin and Tether, all of the top ten digital tokens were trading upward. Ethereum increased by 7%, while Solana and Polkadot increased by 5%.
In comparison to the previous day, the worldwide crypto market capitalization increased by a little more than 1% to $2.64 trillion. The whole crypto market volume, on the other hand, increased by nearly 23% to $130.71 billion.
Finance Minister Nirmala Sitharaman told the Rajya Sabha that the government is reviewing the advertising monitor’s standards to determine what can be done to address concerns about deceptive commercials pushing bitcoin.
With an estimated 15 million Indians holding digital currencies, cryptocurrencies must be regulated like any other financial asset, according to a study released by the Observer Research Foundation. It would be unwise for India to ban private crypto assets when it has the ability to profit from them.
Institutional investors rushed to cryptocurrency products and funds in the first 11 months of the year, despite price drops in recent weeks, according to statistics from digital asset manager CoinShares.
ZebPay Trade Desk’s Tech View
OmiseGo, or OMG, is a cryptocurrency based on the Ethereum network. Users do not need to use a transitional exchange to transfer coins from one blockchain to another. Participants on the OMG Network can send ETH and ERC20 tokens much faster and for less money than they could on the Ethereum network.
It has a $1.21 billion market cap and 140,245,398 OMG coins in circulation. OMG was trading about $8.745 at the time of writing, representing a rise of nearly 6.55 percent over the previous 24 hours.
Last month, OMG hit an all-time high of $20.124. Since then, the stock has dropped over 63 percent, reaching a low of $7.45. However, around the important support level of $7.5, OMG formed a dragonfly doji (bullish reversal) pattern and began heading upwards.
Around $9.5-$10, the asset may find significant opposition (20-day moving average). We can predict a further advance up to $13 if the breakout occurs above the resistance with high volumes.