New Delhi: Crypto tokens were trading lower on Monday after a sharp fall seen over the weekend. The total crypto market cap slipped below the $1 trillion mark again as the US Fed vowed to continue the monetary hawkishness adopted earlier this year.
Bitcoin fell below $20,000 on Sunday as part of a wider cryptocurrency-market retreat, amid concern about the Federal Reserve’s rate-hike path, Reuters reported.
Barring BNB, all other top tokens were trading in the red on Monday. Avalanche plunged as much as 10 per cent, whereas Polygon tumbled 5 per cent. XRP and Cardano declined 4 per cent each.
The global cryptocurrency market cap was trading lower at the $951.77 billion mark, falling as much as 2 per cent in the last 24 hours. However, the total trading volume dropped about 17 per cent close to $54.09 billion.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 8.45 hours, IST on August 29, 2022)
What’s cooking in India
Indian crypto exchange CoinSwitch Kuber CEO Ashish Singhal said “we are fully cooperating” with the Enforcement Directorate, two days after searches at five locations by the financial crimes agency. Disclosing the news of the searches on Thursday, the Bangalore cell of India’s Enforcement Directorate said ‘searches were conducted since we did not receive the desired cooperation from CoinSwitch Kuber’.
Expert take
Sathvik Vishwanath Co-Founder CEO of Unocoin said the weekend created a bloodbath, similar to last weekend, pushing the prices down as much as 10-12 per cent on various top cryptos.
“The weekend’s action was due to Fed’s chair revelation and increasing interest rates that have become detrimental for the crypto market,” he added.
Global updates
A pioneering software entrepreneur believes his nearly five-year-old blockchain company has found a way to open the $1.2 trillion diamond market to a wider group of investors.
Grayscale Investments LLC has been fielding questions from the US Securities and Exchange Commission over the firm’s ‘securities law analysis’ of tokens in some of its less-popular crypto trusts.
When members of the ENS DAO community go to its eth.link website, all they’ll see now is an empty page with a green domain expiration notice banner at the top.
Ethereum’s upcoming Merge could significantly impact the way DeFi protocols operate atop crypto’s most popular decentralized finance chain, according to a new DappRadar report published Friday.
Tech View by Proassetz Exchange
After trading within a flag pattern for 2 months, BTC has given a breakdown below it after which, it has faced a 7 per cent fall. The next support level is $17600.
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