Business
oi-Roshni Agarwal
After a breather for some days, top cryptos again in trade on July 21, 2022 are seeing a draw-down by more than 9% on some of the tokens including Solana, Cardano and Chainlink among others. Bitcoin meanwhile is trading with a cut of 2%, still holding levels of $22K, while Ethereum has also corrected, lowering its weekly gains to just 36%.
Reportedly as per the Coindesk report, Bitcoin which is having its best week since March. Nevertheless, the rally somewhat stalled on the previous day on the news flow pertaining to a freeze from Zipmex-the Singapore-based exchange that as per reports has extended borrowings of $100 million to Babel Finance- a financially-distressed crypto company.
So, all in all the cryptoverse keeps pricing in the bad news. Though, following the news global crypto market cap is maintained at $1 trillion, declining over 4% over the previous day.
Also, at the same time there is reported that Vauld has filed a plea for protection from Singaporean creditors. The crypto as a while owes a sum of $402 million to creditors.
Hence while the crypto world continues to faint in the crypto winter, analysts have been warning of a prolonger crypto winter.
Story first published: Thursday, July 21, 2022, 13:18 [IST]
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