Bitcoin, after breaching $20,000 levels, was back above the key psychological levels. Ethereum was also holding $1,350 levels, whereas altcoins dropped.
Barring the US dollar-pegged Tether, Tron and Uniswap, all other crypto tokens were trading lower on Friday. BNB dropped 4 per cent, followed by a 3 per cent fall in Shiba Inu. Dogecoin, Solana and Bitcoin shed 2 per cent each.
The global cryptocurrency market cap was trading lower at $958.92 billion, dropping more than a per cent in the last 24 hours. However, the total trading volume dropped more than 7 per cent to $55.56 billion.
What’s cooking in India
Bengaluru-based crypto startup weTrade has launched a new feature named ‘weSave’ that provides users with an opportunity to save and avail fixed interest on their stable cryptocurrency investments. Users can earn up to 14 per cent interest per year that is credited daily, TDS free and has no lock-in period. Thus, users can withdraw their investment at their convenience.
Also, cricket NFT platform Rario has partnered with Indian cricket player Deepak Hooda to introduce his non-fungible tokens (NFTs).
Expert Take
“Crypto markets have remained resilient this past week, with overall market capitalization hovering near the $1 trillion mark, while Bitcoin has been trading range-bound around $20,000,” said
Chaturvedi, Crypto Ecosystem Lead, CoinSwitch.
Despite it trading above the $20,000 level, Bitcoin is still struggling to make a sharp move above its psychological threshold, said Edul Patel Co-Founder & CEO, Mudrex. “However, the dominance of Bitcoin has increased to 41 per cent, indicating that market participants are keen on choosing it over other cryptos for its stability,” he added.
Global Updates
Crypto lender Celsius’ top executives withdrew a little over $17 million in cryptocurrency between May and June 2022, right before the company suspended withdrawals and filed for bankruptcy, according to the court records.
Lido, the leading liquid staking system on Ethereum, said Thursday it will support a wrapped version of its popular staked ether token to Ethereum layer 2 networks Arbitrum and Optimism.
The European Union has confirmed a sweeping ban on providing crypto services to Russians as it tightens sanctions in the wake of what it calls “sham” secession votes in four Ukrainian regions.
The community governing MakerDAO, the decentralized autonomous organization (DAO) behind stablecoin DAI, has allocated $500 million for investing in U.S. Treasuries and corporate bonds.
Crypto exchange Binance got a license to operate in Kazakhstan. The license from the Astana Financial Services Authority will enable Binance to have the status of a regulated platform that can operate as a digital asset and custody services.
