Bitcoin nears $20,000; Solana, Shiba Inu gain

New Delhi: Crypto tokens continued to slide on Monday, extending their weekend losses. However, the fall in crypto tokens was limited.

Traders are keenly awaiting the latest US consumer price index reading, expected Wednesday. The report could influence market expectations over the Federal Reserve’s next move, at a meeting later this month.

Barring Solana and Shiba Inu, all other crypto tokens were trading in the red. Cardano dropped 2 per cent, whereas Unus Sed Leo tumbled up to a per cent.

The global cryptocurrency market cap was trading lower at the $914.16 billion mark, dropping more than 3 per cent in the last 24 hours. Meanwhile, the total cryptocurrency trading volume dropped 5 per cent to $53.46 billion.

What’s cooking in India
CrossTower is partnering with Ripple, a leader in enterprise blockchain and crypto solutions, to add NFTs minted on the XRP Ledger, the ultra-fast, low-cost and carbon-neutral blockchain, to the CrossTower NFT marketplace.

The marketplace enables developers to quickly onboard NFT projects by giving them access to infrastructure including wallets, payments, liquidity support, and more, accelerating time-to-market for projects.

Expert take

Bitcoin has been in a consolidation phase, trading between the range of $17,500 and $22,500 since almost a month. The global macros are not looking that great, while the whole world is on the verge of entering a recession, said WazirX Trade Desk.

“Kenya has shown the fastest growth in crypto adoption. As per United Nations, 8.5 per cent of Kenya’s population, or 4.25 million individuals, possess digital currencies, which is the highest adoption rate in Africa, a UN research discovered,” it said.

Global updates

  • At the peak of last summer’s NFT mania, Three Arrows Capital, then a behemoth managing billions of dollars, partnered with pseudonymous non-fungible token collector Vincent Van Dough to launch Starry Night Capital, an NFT fund that aimed to raise $100 million.
  • Cryptocurrency exchange stands to lose $270 million from lending to Three Arrows Capital, the over-leveraged hedge fund now the subject to a liquidation order in the British Virgin Islands.
  • Celsius, the liquidity-strapped crypto lender, this week paid down $223 million of loans on the blockchain the Maker Protocol to free up $450 million in collateral, now might be trying a similar strategy with two other big decentralized-finance (DeFi) platforms – Aave and Compound.
  • The US Treasury Department published a fact sheet outlining how it could work with foreign regulators to address the cryptocurrency sector.
  • The Federal Deposit Insurance Corporation is taking a look at claims by crypto broker Voyager that its customer accounts were protected by that US agency in the event of a company collapse, an agency spokesperson confirmed.
  • The penultimate test environment network merge before the Ethereum blockchain makes its long-awaited move to proof-of-stake from proof-of-work has successfully been completed.

Tech View by Proassetz Exchange

The intermediary trend of XLM is a downtrend. It is giving a sideways move inside a flag pattern.

ET Bureau & Agencies

Though there’s good support at $0.10, it can also be known as the supply zone. If it bounces from its supply zone then we can see a good upward movement nearing $0.117.

(Views and recommendations given in this section are the analysts’ own and do not represent those of Please consult your financial adviser before taking any position in the asset/s mentioned.)

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