Recession fears in the global economy and rising inflationary pressure are weighing on sentiment in the digital token market.
Except for Unus Sed Leo, which gained about 4 percent, and memecoins Dogecoin and Shiba Inu, all other cryptocurrencies were trading in the red on Thursday.
Among the losers, Solana fell about 8 percent, while Polkadot fell more than 6 percent. Ethereum and BNB each fell 5 percent, and Bitcoin was also in the red.
The global cryptocurrency market capitalization was trading at the $892.72 billion mark, falling more than 2 percent in the last 24 hours. Total cryptocurrency trading volume, however, rose more than 11 percent to $62.65 billion.
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The cryptocurrencies that were the flavor of the season until roughly last year have seen a sudden drop in every matrix of exchanges (trading volumes, value, and profitability) as a crypto winter kicks in following a huge drop in prices in the last months.
The sudden shift in market sentiment from exuberance to fear has prompted exchanges to resort to a mix of short-term and long-term measures to manage working capital.
Influencers, rather than celebrities, were behind more than 92 percent of cryptocurrency-related ad violations in India between January 2022 and May 2022, according to data released by the Advertising Standards Council of India.
Banking giant Citigroup has made a series of comments about cryptocurrency-backed mortgages and the rise of digital real estate in the metaverse amid a pullback in crypto markets.
Unifarm, a collaborative wealth creation platform, today announced the launch of its Web3Talk series with a special focus on safe investment in crypto and utilizing the full potential of crypto as an asset class.
The talk series will be an audience-led event where crypto industry experts will engage with the crypto community and enthusiasts, enabling them to generate passive income from their crypto investment.
The SEC on Wednesday rejected Grayscale Investments’ request to convert its $13.5 billion Bitcoin Trust into a points-based bitcoin ETF, despite a growing consensus that the product is a cheaper and more accessible way for investors to trade. expose bitcoin, CoinDCX said. Research team.
“While the outcome is less than desirable, it is crucial that industry stakeholders do not lose faith in the potential of crypto assets and continue to build and develop products that support the growth of the crypto ecosystem,” he added.
The US securities regulator has rejected a proposal to list a bitcoin exchange-traded fund (ETF) by Grayscale, one of the world’s largest digital asset managers, on the NYSE Arca.
Crypto hedge fund Three Arrows Capital (3AC) has gone into liquidation, a person familiar with the matter told Reuters, in the latest sign that the market downturn is taking its toll on the crypto industry.
A report published by blockchain research firm Nansen draws a straight line from Terra to the falling price of lido staked ether (stETH).
The free fall in crypto markets could continue due to the complexity of the system, Deutsche Bank (DB) said in a report. Macro risk is also a concern.
Giottus Crypto Platform Tech View
APE Coin, the governance token of the popular NFT BAYC (Bored Ape Yacht Club) series, quickly became a top 50 cryptocurrency by market capitalization after its launch on March 17, 2022.
In its short lifespan, APE reached an ATH of $24, lost 83% of its value and is trading around $4.5 today. The crypto market turmoil hit APE hard: it lost 65% of its April profits in May.
However, the coin appears to be on the road to recovery after the release of a BAYC-themed music video of Eminem and Snoop Dogg. APE has broken its declining trendline resistance, flipping it to support. It is trading near its .236 fib level of $4.6.
APE needs to break above the psychological resistance at $5.5 to confirm a real bounce. The next resistance is its 50-day moving average at $6. Despite improving trading volumes, APE’s RSI shows a neutral signal at 44. In case APE fails to maintain its momentum, it will have to retest its trendline at $3.7.
Resistance: $5.5, $6, $6.2
Support: $3.7, $3
(Opinions and recommendations provided in this section are those of analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in any of the listed assets.)