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New Delhi: Major Cryptocurrencies were trading lower on Friday in the crypto market. The digital token market has turned jitter ever since Beijing's regulatory crackdown. The crypto market tanked as much as 7 per cent from the previous day, with all top-10 digital currencies trading lower at 9.30 hours IST.

The past 24 hours witnessed quite a sell-off across the cryptocurrency spectrum. Multiple factors contributed to this profit booking. Barclays in the UK stopped its customers from depositing money into crypto exchanges.

Global Financial institution, Bank of America Corp. created a new team dedicated to researching cryptocurrencies, marking Wall Streets latest push to capitalize on investors frenzy for digital assets. Alkesh Shah will lead the effort, which will also cover technologies tied to digital currencies.

Back home, Many cryptocurrency traders, shut out of the Indian crypto market by local banks, are now being restrained from buying virtual currencies from overseas markets.

India's largest private sector bank

Tech View by ZebPay Trade DeskBitcoin is likely to move out of its seven-week trading range of $30,000 to $40,000. Analysts believe that several indicators tracking the cyclical nature of price volatility suggest that a big move is on the horizon. Bollinger bandwidth, which is a measure of volatility, and is calculated by dividing the spread between its band, by the 20-day average of the asset's price, has declined to a 2 month low of 0.15.

BTC saw similar action in December and April after the bandwidth fell to 0.15, and during both periods major movement was seen. Bollinger analysis places volatility bands 2 standard deviations away from either side of the 20-day price average. BTC has witnessed this phenomenon repeatedly in the past too, when it saw big moves during the 2017 bull run, namely when each time the bandwidth fell to 0.15.

Time is in UTC and the daily time frame is 12:00 AM - 12: 00 PM UTC

(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.)

Original post:
Top cryptocurrency Prices Today: Ethereum, Dogecoin and Polkadot shed upto 7% - Economic Times