Barring Solana, all other nine out of top-10 digital tokens were trading higher during early trade on Monday. Solana has lost about 65 per cent of its value in the recent selloff.
The trading volumes remained light with many investors continuing to assess troubling economic conditions and a pronounced decline in equity markets.
The global crypto market cap added over a per cent to $1.63 trillion. However, the total crypto market volume dropped about 36 per cent to $83.93 billion.
Crypto traders, apparently, are pricing in fears that the Fed will move quickly over the next few months to tighten monetary conditions that have been at historically loose levels since the coronavirus struck the economy in March 2020.
Expert Take
Bitcoin, the king of the cryptocurrency industry, has taken a tumble recently but it is too early to say that the crypto market is dead, said WazirX Trade Desk.
“It is safe to say that the likelihood of a cryptocurrency dying is unlikely. When the fundamentals are holding or getting better while the price is falling, one can say that it is an opportunity instead of a threat,” it added.
Global updates
After several users complained about issues with logging back to their accounts on Crypto.com after the platform was hit by a $34 million hack, its CEO Kris Marszalek has been forced to respond on social media how best they can get back their accounts.
The second-largest blockchain network by market capitalization after Bitcoin has become the dominant venue for some of the hottest cryptocurrency innovations, from decentralized finance (DeFi) to non-fungible tokens (NFT).
In other news, Tantra Labs, a cryptocurrency-focused trading firm that offered an interest-bearing investment product, is being wound down after reporting “performance degradation” and failing to raise fresh capital.
Apart from this, Silicon Valley-based online trading app Robinhood has announced that it has begun rolling out crypto wallets to 1,000 users from the top of the wallets waitlist.
Streamlining NFTs
T-Series has partnered with Hefty Entertainment, a division of Hungama Digital Media, to launch digital art pieces and non-fungible tokens (NFTs) for some of their films.
The studio is in the process of finalizing the digital arts for the first NFT drop, which will include Akshay Kumar’s digital creative art from the movie ‘Bhool Bhulaiyaa’, John Abraham’s rare illustration art from the movie ‘Satyamev Jayate’ and other items.
Tech View from Proassetz Exchange.
After breaking below the support zone of $42,650 – $39,770 a sharp sell-off continued in BTC and now its trading in a range between the resistance of $42,712-$39,810 and the support of $31,630-$28,880. At present, avoid taking long positions till there is no clear sign of reversal.
(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.)