Both monetary hawkishness and recession fears are likely to hurt riskier assets including cryptos. Even the analysts are not expecting any good news coming for the cryptos.
Barring the US dollar-pegged stablecoins, all the crypto tokens were trading sharply loweron Tuesday. Shiba Inu was down over 8 per cent, whereas XRP and Cardano tanked 7 per cent each. Dogecoin lost 6 per cent during the early hours in Asia.
The global cryptocurrency market cap was trading lower at $918.56 billion, plunging almost 3 per cent in the last 24 hours. However, the total trading volume surged as much as 65 per cent to $54.92 billion.
What’s cooking in India
After a steep layoff due to tumbling trading volumes, Indian crypto exchange WazirX has launched its first-ever crypto guide, a one-stop guide comprising videos and text where anyone can learn the basics of crypto.
This guide is designed to clarify crypto concepts and make them accessible to everyone. It covers everything from how to commonly use crypto jargon to how to interpret complex trading charts.
STAN has announced the roll-out of a first-of-its-kind official Non-Fungible Tokens (NFT) and Limited Digital Collectibles (LDCs) collection in collaboration with more than 50 well-known gaming creators and e-sports athletes in India.
With this move, STAN has now become India’s first platform (app) to launch the NFTs of gaming and esports industry content creators and gamers.
Bitcoin and Ethereum traded slightly lower on Monday as markets await the US inflation data, which is due on Thursday, said Edul Patel, CEO and co-founder, Mudrex. Bitcoin and Ethereum dropped up to 3 per cent, he added.
“The sellers are trying to strengthen their positions by pulling the price below the uptrend line,” he said. “Ethereum is down by over 65 per cent year to date and the selling could intensify,” he added.
Tech View by Giottus Crypto Platform
DYDX is a combination of a spot trading and derivatives trading exchange, offering trading for over 30 crypto assets. Its token – DYDX – was once a hot altcoin in 2021, listing at $3 and heading to $28 soon after. Currently, it is trading at $1.25 a token.
After being in a downtrend since July and consistently trading below its 50-day moving average since August, DYDX was amongst the top gainers yesterday. It added nearly 5 per cent to its value over the past 2 days, and faced a resistance trendline that sent it dumping.
Overcoming this barrier – located around $1.37 – may not be sufficient as it will contend with its 50-day moving average, located at $1.42. With its 4-hour RSI maxing out and correcting, there may be some consolidation at these levels.
If this is followed by an eventual break of the trendline and a higher high at $1.4, bullish targets of $1.47 (also the .618 retracement of its September drop) and $1.6 will be in play. There is plenty of support down below in case of a drop – at $1.2, $1.17 and more – where buyers may want to scoop up some DYDX.
For the first time in a single month, more than 12,000 Brazilian companies made crypto purchases in August, the South American country’s tax authority, Receita Federal reported.
European Union (EU) lawmakers voted 28 to 1 in favor of landmark new crypto laws, virtually assuring the passage of legislation that was signed off by the bloc’s national governments last week.
Polygon said Monday its zero knowledge-EVM public testnet went live, which the company described as ‘the next step for Ethereum’. Polygon is a scaling tool aimed to facilitate lower-cost transactions.
The latest difficulty adjustment is in, and it now requires 35.6 trillion hashes to mine one bitcoin (BTC), up a whopping 13.55 per cent from the previous measure, according data from
Circle’s dollar-pegged stablecoin USD coin (USDC) has returned to Earth after seeing impressive growth following the collapse of Terra in May.
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