Red hot US inflation numbers spooked traders across the globe. Markets are expecting another series of aggressive rate hikes by the US Fed to tame rising prices.
Major crypto tokens were trading with big cuts as Solana plunged 11 per cent, followed by Avalanche which was down over 9 per cent. Polygon and Bitcoin dropped 8 per cent each. XRP and Ethereum shed 6 per cent each.
The global cryptocurrency market cap tanked sharply to $997.97 billion, down as much as 6 per cent in the last 24 hours. However, the total trading volume increased by over 12 per cent, close to $101.37 billion.
What’s cooking in India
5ire, the 5th-generation blockchain network, has recently acquired a stake in Network Capital (NC) and named Utkarsh Amitabh as Chief Marketing Officer. NC will now be rebranded as ‘NC powered by 5ire.’
NEAR Foundation, the Swiss non-profit that oversees the governance and development of the NEAR protocol, has announced the launch of a regional hub in India dedicated to blockchain talent development and innovation.
The hub marks a strong commitment from NEAR to invest in India, which hosts the most talented developers and Web3 creators but is also one of the largest startup and entrepreneur communities in the world.
The start of the week was pretty bearish as about 80 per cent of the coins and tokens ended up in the red zone, said Sathvik Vishwanath, Co-Founder & CEO, Unocoin.
Volatility was observed with coin LUNC, which on Monday lost about one-fourth of its price, he added. “Leading coins like bitcoin and ethereum were also trading with big cuts. All eyes are on the Ethereum to see its price action before and after merge.”
Twitter shareholders have voted in favour of Elon Musk’s $44 billion takeover bid for the social networking giant, according to Bloomberg. Shareholder approval was required for the completion of the deal.
California Gov. Gavin Newsom is set to sign a recently passed bill that would require digital asset exchanges and other crypto companies to obtain a license to operate in the state.
Tech view by BuyUcoin cryptocurrency exchange
ATOM is gaining momentum. Cosmos (ATOM) plays a crucial part in enabling various chains to communicate with each other and its native token has been on investors’ radar for quite some time. The series of upgrades announced by the cosmos is making it a lucrative bet for short to mid-term investors.
Cosmos is emerging as a promising platform for the proof of stake model and the surge in ATOM speaks volumes about how investors have appreciated a more energy-efficient crypto ecosystem.
It is slightly difficult to differentiate if the current rally in ATOM is independent or coupled with the overall surge in the crypto market led by heavyweights like Bitcoin and Ether.
(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.)