Barring the stablecoin USD Coin, majority of the tokens were trading higher on Wednesday. Cardano rallied more than 10 per cent, whereas Avalanche jumped 6 per cent. Bitcoin, Ethereum and XRP gained 5 per cent each.
The global cryptocurrency market cap was trading sharply lower at the $1.26 trillion mark, rallying more than 4 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 4 per cent to $84.4 billion.
Expert take
Charles Tan, Chief Marketing Officer, Atato, a crypto custodian wallet, as saying that the overall sentiment in the crypto market is on the positive side, even as Bitcoin dipped below the $30,000 mark before reclaiming the $31,000 level.
“The crypto market requires some relief which may come from the inflation cooling off and the Fed relaxing the monetary policy and interest rates. It is important to note that the US will release a consumer price index on coming Friday,” he added.
MoneyGram is collaborating with Stellar Development Foundation to launch a service that will allow users to seamlessly send and convert stablecoins into fiat, said WazirX Trade Desk.
“Users with Stellar network wallets will be able to convert their crypto into Circle’s USD Coin once the service is launched (USDC). They can then withdraw the stablecoin via the MoneyGram network,” it added.
Global updates
A wide-reaching, bipartisan crypto bill emerged Tuesday from US Senators Cynthia Lummis and Kirsten Gillibrand, who are seeking to extend a comprehensive set of regulations across digital assets in the US and have given industry lobbyists something meaty to debate.
The metaverse may be in its infancy, but it could represent a revenue opportunity of as much as $13 trillion and have a major impact on not just key tech players, but also cryptocurrencies, according to a report from Citi.
The use of public blockchains results in fragmentation which means crypto could never be a suitable means of payment, economists from the Bank for International Settlements (BIS) said.
IRA Financial Trust, the crypto retirement account provider that in February lost $37 million to theft, sued Gemini – its custodian and trading partner – for allegedly sloppy security protocols that it claimed led to its customers’ accounts getting drained.
A letter detailing the utility of bitcoin and stablecoins for people facing political repression and economic hardship has been sent to the US Congress by 20 human rights activists.
Indonesian cryptocurrency exchange Pintu has raised $113 million in a Series B funding round with investments from venture capital firms Intudo Ventures, Lightspeed Venture Partners, and Pantera Capital and investment advisory firm Northstar Group.
Tech view by BuyUcoin cryptocurrency exchange
Chainlink surges on Solana integration. Chainlink (Link) has witnessed double-digit growth in the past 24 hours mainly due to Solana integration and long-term staking strategy. A link has rallied more than 11 per cent and is currently trading around the $9 level which shows heightened interest from the investor community.
AgenciesThe latest Solana integration is expected to bring a lot of Defi projects to Chainlink to leverage its price feeds and the fact that the Solana Defi ecosystem is a rapidly growing ecosystem, is expected to drive the growth of Link as well.
The current upward trend might gain momentum if overall macroeconomic factors surrounding the crypto market improves but investors should trade with caution as the market is currently in a corrective phase.
(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.)
