Crypto tokens were hammered badly last week amid geopolitical turmoil, rising inflation rates and the explosive failure of Terra (LUAN) that hurt sentiment. The tokens over the past few sessions, however, have been forecasting a slight recovery from recent lows.
All tokens in the top 15 list were trading higher on Monday. Cardano rose around 14%, followed by a 12% rise in Solana. Avalanche climbed 7% and BNB advanced 5%.
The global cryptocurrency market capitalization was trading sharply higher at $1.31 trillion, rising nearly 3% in the past 24 hours. However, the total volume of cryptocurrency exchanges fell by around 10% to $78.40 billion.
What’s cooking in India
Most investors have seen their portfolios sink deep into the red as the carnage continues in the crypto market due to a confluence of factors including inflation, rising interest rates, the Ukraine conflict. -Russia, stablecoin volatility and the recent crash of the Terra ecosystem.
Indian retail investors aren’t the only ones weathering the impact of the outage of Terra, a blockchain that ran “algorithmic” stablecoins Luna and UST.
Indian venture capital firms that had exposure to the Terra ecosystem were also hit by a broader crash in the cryptocurrency market.
As the price of BTC fell below $30,000, Bitcoin whales viewed this as a buying opportunity and bought around $1.2 billion worth of Bitcoin, WazirX Trade Desk said.
“Around $1.2 billion worth of Bitcoins were moved from Coinbase to unknown wallets simultaneously, this means whales are buying the dip where the fear and greed index is around 10, which is extreme fear “, he added.
Terraform Labs founder Do Kwon in a forum post submitted 30 minutes ago offered a “Terra Ecosystem Recovery Plan.” Kwon’s plan amounts to a reboot of the entire Terra blockchain.
Shares exposed to cryptocurrencies rallied sharply on Friday after a sharp slowdown this week caused by falling cryptocurrency prices, weak earnings and fears over stablecoins.
Tesla CEO Elon Musk said he was determined to take over social media giant Twitter for $42 billion after suspending it earlier on Friday.
Tech View by Proassetz Exchange
BTC dumped sharply last week and touched the $26,000 level, and rebounded creating strong support at $28,000, holding the $28,000 daily support very well so far.
The weekly close also confirmed the support level. If that proves to be major support and breaks through the $32,000 mark with good volumes, the bulls can take control from here. Any movement related to a range between $30,000 and $32,000 can also prove to be a good stable zone.
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)