The global cryptocurrency market cap was trading higher at the $1.28 trillion mark, jumping more than 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume added about a per cent to $82.39 billion.
Expert’s take
Edul Patel Co-Founder & CEO of Mudrex said Bitcoin, Ethereum, and most cryptocurrencies rose after witnessing a steep fall. Bitcoin is currently trading above the $30,000 mark as buyers reacted to the oversold conditions, he added.
Patel said that Bitcoin could face resistance above $33,000, while support lies at $27,000. The upward trend could be limited as momentum still appears to be negative on the charts.
Rising inflationary worries and concerns over global economic slowdown is weighing on the sentiments of riskier assets, including cryptos, said said Kunal Jagdale, Founder, BitsAir Exchange.
“Among the crypto markets, Bitcoin has been able to hover around the $30,000 level, surpassing the pessimism. Whether it can continue to swim against the sentiment tide, time will tell,” he added.
Global updates
Tether, the world’s largest stablecoin, said on Thursday it has boosted its holdings of U.S. government debt while cutting exposure to riskier assets, the first look at its reserves since the token was rocked by the crypto sector’s recent sell-off.
Terraform Labs founder Do Kwon on Wednesday morning announced an on-chain governance proposal even as results from a preliminary online poll on a hard fork plan found minimal backing among community members.
Nomura’s new digital-asset subsidiary, announced earlier this week in a move that potentially catapults the Japanese investment bank ahead of US and European rivals, will start by focusing on cryptocurrencies, the unit’s newly appointed CEO Jez Mohideen said.
Blockchain gaming company Azra Games has raised $15 million in a seed funding round led by Andreessen Horowitz, the venture capital firm that is also known as a16z.
The capital will help fund Azra’s first game, a science fiction/fantasy collectibles and mass combat role-playing game code-named Project Arcanas.
Tech view by BuyUcoin cryptocurrency exchange
Kusama rallied on unlock announcement. Kusama (KSM), the native token of Kusama Network, surged by almost 12% after the news broke on the internet that 1.1 million KSM tokens are unlocked by its parent network. The increased supply of the token sparked a massive buying from the investors which resulted in KSM’s best rally in recent times.
Two years ago, KSM was trading at less than a dollar and today its price is hovering around $80, this data suggests that early investors of KSM are sitting on massive gains at the moment.
Kusama is a part of a larger polka dot unit and a lot of projects are using it for live testing of their applications. The future of KSM looks promising and its future success will depend on macroeconomic factors surrounding the financial markets.
(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.)
