The rising fears of economic recession, interest rate hikes and strength in dollar are hurting the riskier assets, including cryptos.
All top crypto tokens were trading sharply lower on Wednesday. XRP plunged 11 per cent, whereas Bitcoin, Ethereum, Solana and Polkadot dropped 7 per cent each. Cardano and Polygon were 6 per cent down each.
The global cryptocurrency market cap was trading sharply lower at $911.80 billion, dropping more than 5 per cent in the last 24 hours. However, the total trading volume zoomed over 16 per cent, close to $94.45 billion.
Expert take
Popular altcoins witnessed a significant dip in their values as the broader selloff in the Asian markets created selling pressure across crypto assets, said Mahin Gupta, Founder, Liminal.
“The rise of the dollar is putting further pressure on the sovereign currencies around the globe and investor focus is shifting away from high-risk assets and they are parking their money in safe investment avenues in anticipation of better times,” he added.
Global Updates
Rario, a licensed cricket digital collectibles platform, announced South African Fast Bowler Lungi Ngidi, and batter Temba Bavuma’s exclusive partnership with the platform to launch their own non-fungible tokens (NFTs).
Luxury auction house Christie’s is launching an on-chain platform for non-fungible token (NFT) art, becoming the first global auction to facilitate fully on-chain sales.
The California Department of Financial Protection and Innovation filed cease-and-desist orders against 11 little-known crypto firms Tuesday, alleging they were misappropriating customer funds or violating state securities laws.
Bahamas-based crypto exchange FTX is moving its U.S. headquarters to Miami, only four short months after cutting the ribbon on its headquarters in Chicago.
coto has announced their 5,000 exclusive cotoOG NFTs for community creators, who can claim this exclusive, customized, limited-edition NFT . It’s valuable and badge worthy and as special as all community creators on the platform.
Tech view by BuyUcoin Crypto Exchange
Uniswap (UNI), the governance token of Uniswap, has gained more than 15 per cent in the past 7 days as Uniswap foundation has announced positive initiatives to create an environment of trust within the Defi space.
Uniswap has announced grants worth $1.8 million to various projects to facilitate research and development to enable healthy growth of the Defi ecosystem. Uniswap has a 60% market share of volumes across DEX platforms which makes it a dominant force in Defi.
The growth momentum is expected to sustain with improvement in the macroeconomic factors surrounding the financial markets. Uniswap is currently among the top 20 crypto assets by market cap.
(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.)
