Barring the US dollar-pegged Tether and Dogecoin, all of the top digital tokens were trading higher. Terra zoomed 17 per cent, followed by an 8 per cent rise in Bitcoin and Solana each. Avalanche rallied 7 per cent.
The global cryptocurrency market cap today is $1.81 trillion, a rise of 3 per cent in the last 24 hours. Total cryptocurrency trading volume on the last day was at $155 billion. Popular trends of the industry right now are Defi and Play to Earn.
CoinDCX Research Team said that after Russia’s invasion of Ukraine yesterday, risky assets from equities to cryptos tumbled. Following the biggest single-day fall in months, the majority of assets have since bounced back strongly.
Considering the other macroeconomic risk factors, including skyrocketing inflation and looming quantitative tightening, heightened volatility has been and will likely continue to be the ‘new normal’ for the remainder of 2022, it added.
What’s cooking in India
Crypto-sphere was busy with new advertising guidelines, ongoing discussions between government and industry about taxation, news on why India’s crypto regulation may have been delayed and a day-long conference about NFTs.
India’s advertising guidelines were highly anticipated because the government had sought to stop misleading ads on cryptocurrencies. Public interest in the phenomenon has been rising steadily in India as it has elsewhere.
Expert Take
Crypto assets were back in action after the Ukraine crisis. The rise in equity markets turned investors to digital tokens as the risk appetite of investors improved. However, it is too early to say that the worst is behind us and it’s time to be cautious over investments, said Kunal Jagdale, Founder, BitsAir Exchange.
“Bitcoin is behaving like an ultimate risky asset, showing wild swings on news flow. The momentum is still upbeat about the economic outlook and that risky assets should stabilize once the crisis impact is better understood,” he added.
Global updates
- Stablecoins, which are virtual tokens pegged to traditional currencies such as the U.S. dollar, held gains on Thursday in the midst of a sell-off in risk assets such as stocks and bitcoin after Russia launched a full-scale invasion of Ukraine.
- US cryptocurrency exchange Coinbase Global Inc reported a surge in quarterly trading volumes on a sequential basis as volatility in prices drew in retail traders but warned that growth would slow in the current quarter.
- In other news, China’s Supreme Court ruled Thursday that virtual asset transactions constitute “illegal fundraising,” paving the way for judicial prosecution of the crypto industry.
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