With the exception of the stablecoin USD Coin, all crypto tokens were trading sharply higher on Monday. Avalanche zoomed over 13%, while Cardano and Shina Inu posted double-digit gains. Polkadot and Solana advanced 9% each.
The global cryptocurrency market capitalization was trading higher at $1.26 trillion, jumping more than 5% in the past 24 hours. However, total cryptocurrency trading volume soared more than 8% to $55.27 billion.
What’s cooking in India
According to a survey, India ranks first out of 26 countries that took part in the survey. 34% of respondents in India said they had played P2E games while in Hong Kong and the United Arab Emirates the figures were 29% and 27%, respectively.
This shows that despite government regulations, people are still embracing the crypto space in one way or another. While India is obviously leading the way, the survey shows that the country’s adoption rate could increase, exceeding 34%.
“Appetite for risky assets continued to decline, with Asia-based tech stocks recording $63 billion in capital flight this year. Crypto assets that typically have a high correlation to tech stocks also fell, bitcoin heading for its ninth straight weekly loss.” said the CoinDCX research team.
Concerns about global growth spurred by rising interest rates and supply chain disruptions were the dominant themes in investors’ narratives, with many leaning toward capital preservation in these volatile times, he said. he adds.
Uniswap achieved two major milestones this month, with the DEX surpassing $1 trillion in volume and reaching approximately 3.9 million cumulative users this month. Despite market volatility, trading is growing and hitting milestones, WazirX Trade Desk said.
“Uniswap Labs also announced earlier this month that the DEX will be extended to two EVM-enabled chains, Gnosis Chain and the Polkadot-based para-chain Moonbeam Network,” he added.
- Bitcoin (BTC) and Ether (ETH) have lost crucial support levels over the past 24 hours amid weakening sentiment for the broader crypto market – a move that caused more than $520 million of liquidations, according to the data.
- Tesla CEO Elon Musk is once again helping his favorite cryptocurrency, Dogecoin, gain momentum. The billionaire tweeted that goods for SpaceX, his space exploration startup, will soon be available for purchase with dogecoin.
- According to the company’s CEO, FTX, a fast-growing crypto exchange, is willing to spend billions of dollars to buy stakes in other companies as it seeks to expand the product line it offers to his clients.
- Decentralized finance investors are betting on Ethereum’s overhaul to help unfreeze the market’s two-plus-month crypto winter.
Tech View by Proassetz Exchange
The Bitcoin bull and bear fight is still ongoing. The bulls are defending the $28,000 support level so far and a good demand zone is seen with support at $28,000 and $25,000.
As long as BTC holds the $28,000 support, expect a bounce. The loss of the $28,000 support will lead to a level of $25,000. According to resistance, $32,000 is playing quite well, any break above $32,000 will cause a rally towards $35,000.
(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.)