Investors continued to find comfort in faint signs that the global economy was cooling and that the Federal Reserve might be able to tone down its monetary hawkishness later in the year, which boosted morale mildly.
Bitcoin and Ethereum dropped a per cent each, whereas Avalanche and Solana plunged 3-4 per cent each. Dogecoin zoomed 11 per cent and Tron gained 4 per cent.
The global cryptocurrency market cap was trading around $51 billion mark, dropping marginally in the last 24 hours. However, the total cryptocurrency trading volume zoomed more than 15 per cent to $57.19 billion.
What’s cooking in India
India’s largest digital assets exchanges are bracing for a drawn-out crypto winter — one with some unwelcome local twists.
With token prices plummeting, customers unable to transfer money to their accounts and a dreaded transaction tax on cryptocurrencies just around the corner, exchanges like WazirX have put expansion plans on the back burner.
– As the price of bitcoin last week dropped to its lowest level since 2020, investors trimmed their positions in funds designed to profit from further declines in the cryptocurrency, suggested a CoinShare report.
– Bitcoin miner Bitfarms sold almost half its stash of the cryptocurrency in the past week for about $62 million to reduce debt as miners feel the squeeze of the crypto market downturn.
– Crypto lending platform BlockFi announced that it has secured a $250 million revolving credit facility from FTX, BlockFi CEO Zac Prince said in a tweet on Tuesday.
– Magic Eden, the leading non-fungible token (NFT) marketplace on Solana, has raised $130 million in a Series B funding round co-led by Electric Capital and Greylock.