Barring the stablecoin USD Coin, all crypto tokens were trading sharply higher on Monday. Avalanche zoomed more than 13 per cent, whereas Cardano and Shina Inu posted double-digit gains. Polkadot and Solana advanced 9 per cent each.
The global cryptocurrency market cap was trading higher at the $1.26 trillion mark, jumping more than 5 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed over 8 per cent to $55.27 billion.
What’s cooking in India
According to a survey, India ranks first out of the 26 countries that took the survey. 34 per cent of the people polled in India said they’ve played P2E games whereas, in Hong Kong and UAE, the numbers stood at 29 per cent and 27 per cent, respectively.
This shows that despite the government regulations people are still adopting the crypto space one way or the other. While India obviously leads the way, the survey shows that the country’s adoption rate might rise, crossing 34 per cent.
Expert take
“Appetite for risk assets continued to fall with Asia-based tech stocks seeing a capital flight of $63 billion this year. Crypto assets which typically have a high correlation with tech stocks also plummeted, with bitcoin headed for its ninth-straight weekly loss,” said CoinDCX Research Team.
Global growth concerns spurred by rising interest rates and supply chain disruptions were the dominant themes within investor narratives, with many leaning towards capital preservation during these volatile times, it added.
Uniswap has hit two significant milestones this month, with the DEX topping $1 trillion in volume and hitting around 3.9 million cumulative users this month. Despite the volatile markets, exchanges are growing and reaching milestones, said WazirX Trade Desk.
“Uniswap Labs also announced earlier this month that the DEX will be expanded to two EVM-compatible chains, Gnosis Chain and the Polkadot-based para-chain Moonbeam Network,” it added.
Global updates
- Bitcoin (BTC) and ether (ETH) lost pivotal support levels in the past 24 hours amid weakening sentiment for the broader crypto market – a move that caused over $520 million in liquidations, data shows.
- Tesla CEO Elon Musk is once again helping his pet cryptocurrency, Dogecoin, gain some momentum. The billionaire tweeted that merchandise for SpaceX, his space exploration startup, will soon be able to be bought with dogecoin.
- Fast-growing crypto exchange FTX is prepared to spend billions of dollars to buy stakes in other companies as it looks to grow the suite of products it offers customers, according to the firm’s chief executive officer.
- Decentralized-finance investors are betting on Ethereum’s revamp to help thaw out the market’s more than two-months-long crypto winter.
Tech View by Proassetz Exchange
Bitcoin bulls and bears fight is still on. Bulls are defending the $28,000 level of support so far and a good demand zone is seen with both $28,000 and $25,000 support.
As long as BTC holds the $28,000 support, expect some bounce. Losing the $28,000 support will lead to $25,000 level. As per resistance $32,000 is playing good enough any breakout above $32,000 will lead to a rally towards $35000.
(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.)
This news is republished from another source. You can check the original article here
Be the first to comment