New Delhi: It was a sea of deep red for the crypto tokens on Monday as the major cryptocurrencies were trading with big cuts, spooked by rising inflation worries.
The global cryptocurrency market cap was trading sharply lower at the $1.03 trillion mark, dropping more than 6 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed over 22 per cent to $92.98 billion.
Crypto spent much of the weekend in the red, following Friday’s CPI report that showed inflation rising, said CoinDCX Research Team. “Going into 2023, we expect major central banks to continue their trajectory of quantitative tightening and policy rate hikes.”
Crypto investors were largely expecting the US central bank to boost rates a half percentage point later this week in a bid to quell inflation, leading to a major ‘risk-off’ sentiment in the markets,” it added.
Ethereum’s longest-running testnet, Ropsten, is transitioning to a proof-of-stake algorithm. Within a day of going live, Ethereum’s testnet Ropsten successfully transitioned to PoS, said WazirX Trade Desk.
The merge being such a success, shows that the developers are on the right track which is a big confidence boost for the Ethereum community.
“An employee of Terraform Labs has stolen 80 Bitcoin worth nearly $2.39 million during the Terra’s UST and LUNA collapse in May. As expected, Terra 2.0 was not a success,” WazirX added.
While one may be still trying to grasp Web 3, former Twitter boss Jack Dorsey has already come out with Web 5. Jack Dorsey announced a new crypto project- ‘Web5: The Decentralized Web Platform’ on Twitter and in-person during a Web3 festival.
Hip-hop mogul Jay-Z and Block CEO Jack Dorsey are teaming up to take Bitcoin and financial education to the rapper’s childhood home. Dorsey announced the launch of Bitcoin Academy. The financial education program will be free for residents living at the Marcy Houses, a public housing complex in Brooklyn.
Binance founder and CEO Changpeng Zhao said the Securities and Exchange Commission (SEC) has been ‘asking questions’ about the BNB exchange token but the exchange hasn’t yet been subpoenaed.
Edward Snowden, a famous whistleblower and president of the Freedom of the Press Foundation, sees more value in cryptocurrencies in their use than as an investment.
Tech view by Proassetz Exchange
The downtrend in Bitcoin, which was confirmed on 5th Jan 2022 after giving a downward breakout below the Head & Shoulder pattern, still continues.
Since 9th May, BTC trend was sideways and it was trying to take support at its support zone ( $30125-$28650) but last week it managed to give a breakout below its support zone. Currently the trend is downward; a major support of $22,000 is now active.
(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.)