Bitcoin dipped marginally but sustained above $20,000, whereas Ethereum was also under some pressure. Market experts see the volatility in the crypto market to continue in the near term.
The top tokens in the crypto cart were trading mixed on Wednesday. Memecoins like Shiba Inu rose over 21 per cent, whereas Dogecoin surged 8 per cent. Cardano and Polkadot plunged close to 4 per cent each.
The global cryptocurrency market cap was trading around the $900 billion mark, dropping marginally by less than a per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged merely over a per cent to $70.75 billion.
What’s cooking in India
Job postings for cryptocurrency, blockchain and NFTs have grown 804 per cent between April 2020 to April 2022, according to a report by a global job portal. It also revealed an acceleration in the market’s demand. In 2022, the increase was 315 per cent.
The Covid-19 pandemic has fast-tracked the adoption of technology across functions in India, technology professionals are more in demand than ever before, especially with expertise in newer areas like cryptocurrency, NFTs and blockchain, the report showed.
Expert take
Most of the crypto assets were trading in the green but the current rally may not bring the bulls back into the market due to recession fears looming over financial markets, said Tarusha Mittal, COO and Cofounder, Unifarm.
“Investor interest in tech stocks and tech-based crypto assets has withered away as the macroeconomic conditions remain unfavorable. The hawkish stance taken by Fed will keep the investors on their toes in the coming weeks,” she said.
Soon after the BTC price went below $20,000, there was a misconception that Binance had bought Bitcoin but it was not true, said WazirX Trade Desk. Binance’s CEO clarified by tweeting that the number of users deposited in Binance has increased hence the balance of Bitcoin is increasing, it added.
Global updates
– 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.
Tech view by BuyUcoin cryptocurrency exchange
DOGE is back in the top 10 crypto token list after Elon Musk’s latest statement. The popular meme coin DOGE has surged more than 20 per cent after the world’s richest man Elon Musk in an interview with Bloomberg said he will continue to support DOGE.
DOGE has a market cap of $8.8 billion. The Dogecoin rally is mostly driven by breaking news and supportive tweets by Elon musk. It is difficult to say for how long this momentum will last.
DOGE needs to find a real-world use case as it was originally designed to be a medium of payment. The rally in the meme coin space is expected to be short-lived as it is not driven by strong fundamentals.
(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.)
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