Bitcoin barely held the $19,000 mark, whereas Ethereum was again trading in the red. Any surprise from the US Fed may lead to another selloff in the crypto space, experts believe.
XRP was a standout gainer with a 9 per cent rise, whereas Dogecoin, Shiba Inu and Cardano added 2 per cent each. Bitcoin, Polygon and Avalanche dropped over a per cent each.
The global cryptocurrency market cap was trading marginally lower to $926.78 billion, dropping about half a per cent in the last 24 hours. However, the total trading volume dropped over 9 per cent, close to $67.86 billion.
What’s cooking in India
NFT platform Rario today announced the Indian T20I team’s young speedster Arshdeep Singh’s exclusive partnership with the platform to launch his own non-fungible tokens (NFTs).
In other news, BuyUcoi cryptocurrency exchange has announced a strategic partnership with cricket NFT platform Jump.trade to enable seamless monetization of NFTs on its marketplace.
- Huobi Global, a crypto exchange, is registered in the Republic of Seychelles, is enabling cryptocurrencies to be purchased with fiat currency in Latin America through a partnership with the online payment solution AstroPay.
- Venture capital firm Andreessen Horowitz (a16z) led the $51.5 million Series B funding round for Sardine, a real-time fraud prevention product for financial technology and Web3 customers.
- Digital Transformation Capital Partners, which started as the venture capital arm of German telecom company Deutsche Telekom and operates independently, has completed the first closing of its latest fund with $300 million in committed capital.
Tech view from BuyUcoin cryptocurrency exchange
Ether nosedived after the merge. The world’s most popular altcoin, Ether, is down by over 16 per cent in the past 7 days as the pressure mounts on crypto assets ahead of the next Fed meeting.
The movement in Ether prices should not be coupled with the merger because the current price fluctuation is mostly driven by the macroeconomic factors surrounding the financial market.
As per some media reports, another rate hike will be on the table in today’s Fed meeting which is keeping the investors on their toes. Any relaxation in monetary policies in the coming weeks will prove beneficial for the overall crypto market.
(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.)