Trading over the long weekend was light as investors continue to process rising inflation, the possibility of a recession and the latest developments from Russia’s unprovoked invasion of Ukraine.
Barring Solana and USD Coin, all other crypto tokens were trading lower on Monday. XRP, Cardano, Terra, Dogecoin and Shiba Inu shed 2 per cent each, whereas Ethereum and Bitcoin retreated about a per cent each.
The global cryptocurrency market cap was trading lower at $1.85 trillion mark, declining little more than a per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed over 21 per cent to $60.32 billion.
What’s cooking in India?
Several cryptocurrency exchanges are facilitating peer-to-peer (P2P) deals while some platforms are directly accepting deposits from coin buyers to overcome curbs imposed by banks and payment companies amid the Reserve Bank of India (RBI) voicing its reservations on virtual digital assets.
Indian crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency through a widely-used state-backed transfer network, spurring users to renew demands for regulatory clarity.
Expert’s take
“Terra bought 2,508 BTC, taking their total holdings to 42,406. They are on track to reach their goal of $3 billion,” said WazirX Trade Desk.
The largest single Bitcoin holder, Microstrategy, has updated its investors about Bitcoin. The shareholders were given a letter saying that they won’t stop buying and HODLING Bitcoin, it added. They have 1,29,218 Bitcoins in their wallets amounting to almost $5.1 billion.
Bitcoin struggled for direction over the long weekend and major altcoins followed suit, said CoinDCX Research Team. “With regulatory clarity also starting to shape up, we might soon be entering a new era of accredited interest in digital assets.
“It appears the looming tax season has put some form of lid on any significant price appreciation, as investors sell assets and rebalance portfolios to fulfil their respective obligations,” it added.
Global updates
The US Treasury Department alleged that North Korean hacking group Lazarus is tied to a more than $600 million theft of cryptocurrency from the Axie Infinity-linked Ronin bridge.
A lawsuit filed in the US District Court for Connecticut alleges that co-founders of the OlympusDAO decentralized finance project cheated an early funder out of nearly 4 million in OHM tokens, which are now worth at least $20 million.
Crypto entrepreneur Sina Estavi made headlines in March 2021 when he paid $2.9 million for an NFT of Twitter boss Jack Dorsey’s first tweet. But his efforts to re-sell it have run aground, with a top bid of just $6,800 as of Thursday.
Tech View by Proassetz Exchange
After having a short-term upward move, ALGO faced resistance at $0.99 after a downward move and constant fall. Currently, it is trading above the support level of $0.68. We might see a jump in price if it doesn’t break the support level. A breakout above $0.81 with volume can push the price further.
Agencies
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
