Crypto prices, which have largely correlated to stocks, dovetailed again with major indices. Rising inflationary worries and looming fears of recession continued to weigh on investor sentiments and cryptos are struggling to get over them.
Barring the stablecoin USD Coin, majority of the tokens were trading lower on Thursday. However, the losses were capped. Avalanche plunged 3 per cent, followed by a 2 per cent fall in Bitcoin, Solana and Shiba Inu each.
The global cryptocurrency market cap was trading lower at the $1.24 trillion mark, dropping as much as 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged more than 21 per cent to $66.44 billion.
Expert take
Darshan Bathija, CEO and Co-Founder, Vauld, said though Bitcoin saw a slight surge, the digital asset was back trading near the $30,000 level.
“ETH blockchain’s testnet – Ropsten – transitioned to Proof-of-stake on Wednesday. This is an important development as the Ropsten Merge marks an important milestone towards Ethereum’s mainnet Merge, which is slated for later this year,” he added.
Global updates
Crypto investment firm Arrington Capital, which has more than $1.6 billion in assets under management, has partnered with the Moonbeam Foundation for a new $100 million ecosystem fund for Polka Dots EVM-compatible Moonbeam parachain.
France should recognize decentralized autonomous organizations and non-fungible tokens in its legal system, a leading lawmaker said in a report published, hitting out at European crypto regulation, whose approach, he said, has largely been defensive.
Skolem Technologies has raised $20 million in Series A funding that was led by Galaxy Digital, according to a statement Wednesday.
A wide-reaching, bipartisan crypto bill emerged Tuesday from U.S. Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand, who are seeking to extend a comprehensive set of regulations across digital assets in the U.S. and have given industry lobbyists something meaty to debate.
Tech View by Giottus Crypto Platform
ADA is the native token of Cardano – an open-source layer-1 network that aims to build smart contracts and applications on its network. It is among the top 10 cryptocurrencies currently. ADA, like most altcoins, has been reeling under the effects of the bear market.
It has lost almost 80 per cent of its value since its September 2021 all-time high of over $3. But as Bitcoin’s run of consecutive red weeks ended last week, ADA seems to have gained appetite too. ADA is currently trading at $0.64, up over 13% in the last seven days.
ADA successfully broke above its long term trendline resistance at $0.60 after several attempts. It is now exhibiting a changed market structure, with higher highs and higher lows.
To sustain its momentum, ADA needs to break the psychological resistance level of $0.70 (which is also situated around the .618 Fibonacci retracement level of its May drop), before it can move further. In case of a failure to reclaim highs, we could see ADA testing support at $0.60 and $0.52 next.
Cardano will soon undergo its next hard fork ‘Vasil’ later in the month. The anticipation and speculations around the hard fork could prove to be a possible trigger for a rally.
Major Levels
Resistance: $0.66, $0.70, $0.79
Support: $0.60, $052
(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.)
