New Delhi: Crypto market was trading lower on Monday as worries over inflations and economic slowdown resurfaced, dimming the a ppetite for riskier assets.
The crypto Fear & Greed index has improved over the past few days but fear is not over yet. On the other hand, all eyes are set on the US Federal Reserve’s monetary policy meeting this week.
The global cryptocurrency market cap was trading lower at the $1.01 trillion mark, dropping about 4 per cent in the last 24 hours. However, the total cryptocurrency trading volume jumped over 4 per cent, close to $65.44 billion.
The Monday selloff is being noticed in all Global Markets owing to the fact that the upcoming Federal Meeting (FOMC) is scheduled for 26-27th July, said CoinDCX Research Team.
Asia’s central banks have made their stance on regulating cryptocurrencies clear. Some countries welcome it as a new technology, while others want it prohibited, said WazirX Trade Desk.
“Finland’s authorities recently announced the sale of 1900 bitcoins confiscated from criminals in 2018 for $47 million. The government still has around 90 bitcoin valued at roughly $2 million,” it added.
The bear market that’s hitting all corners of the digital assets industry isn’t over yet and could see some more pain over the next few quarters, according to crypto-focused bank Silvergate Capital.
Trades involving the Grayscale Bitcoin Trust, Terra’s luna (LUNA) and terraUSD (UST) tokens eventually led to the blowup of beleaguered crypto fund Three Arrows Capital, its founders told Bloomberg.
Crypto trading platform FTX is planning to offer early liquidity to customers of bankrupt crypto lender Voyager Digital. The joint proposal comes two weeks after Voyager filed for Chapter 11 bankruptcy.
The Bank of Central African States is being pushed to introduce a common digital currency that can be used across its six member states, according to Bloomberg.
Crypto lender Nexo has positioned itself in recent months as a potential acquirer of ailing crypto firms. An analysis of crypto lender Nexo’s attestations reveals just how much its deposits have declined in recent months.
Tech View By Proassetz Exchange
The overall trend of MKR is downward. In the short-term, it is trading upward with a support level of $926. Recently, it has given an upward breakout from a flag pattern. If this condition continues then we might see a trend change and a bull pattern will be active.
(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.)