All major tokens were trading higher on Friday. Bitcoin posted decent gains, while Ethereum was up slightly. Solana, Cardano, Tron, and Avalanche zoomed in by 4% each. XRP and Polkadot gained 3% each.
The global cryptocurrency market capitalization was trading higher at $1.26 trillion, rising about 2% in the past 24 hours. However, total cryptocurrency trading volume fell by around 29% to $69.04 billion.
What’s cooking in India
Ahead of the cryptocurrency consultation paper, Reserve Bank Deputy Governor T Rabi Sankar said the soon-to-be-introduced central bank digital currencies (CBDCs) can “kill” the small case that exists for private virtual currencies.
The RBI has vehemently opposed cryptocurrencies like Bitcoin, saying there is no underlying value for such instruments which are essentially speculative in nature. It was made public with the same, although the government has yet to clarify its position.
Separately, India’s largest crypto investment app, CoinSwitch, on Thursday launched the Crypto Rupee Index (CRE8), India’s first benchmark to measure the performance of the rupee-based crypto market.
Giottos Crypto Platform has launched trading in the Optimism (OP) token, becoming the first Indian exchange to do so. OP is a layer 2 scaling solution from Ethereum that competes with Polygon (MATIC). Additionally, the OP/INR pair is currently live for trading at Giottos while deposits and withdrawals of the token will be enabled in the coming days.
Bitcoin retested the support level at $30,000 after price was rejected from resistance at $32,000 on Tuesday. BTC is trading in a narrow range, and it may rise above or exceed the current level, said Edul Patel, CEO and co-founder of Mudrex.
“As the bearish sentiment in the market continues, growth may be limited,” he added. “A close above $32,000 could be the initial level for bulls to overcome.”
The industry is currently in a wait and watch phase as inflation and recession fears haunt traders, said Kunal Jagdale, founder of BitsAir Exchange.
Jagdale added that despite recent gains in crypto markets, bearish sentiments persist. “Bitcoin and other altcoins will be muted. It would take several weeks to recover.”
- Alchemy is expanding its services to the Solana ecosystem, the web development platform 3 said. The beta is now live for users to sign up and will be released to the general public in the coming weeks, according to a statement. Press.
- Canonical Crypto, a newly launched venture capital firm, has raised $20 million for its inaugural fund to support infrastructure projects for blockchain development, with a preference for talent making the transition from Web 2 to Web 3.
- A German central banker has called for a bank-like international standards body for fintech innovations while dismissing decentralized finance (DeFi) as a “casino” for speculators.
- Cryptocurrency custody and settlement technology company Qredo has thrown its hat into the circle of compliance solutions aimed at bringing digital assets into compliance with Anti-Money Laundering (AML) guidelines set out by the Group. financial action (FATF).
Tech View by Coinstore Cryptocurrency Exchange
Cardano is leading the rise of the altcoin space. It has added almost 20% in the last 7 days. It is one of the few cryptocurrencies that performed well in this bearish phase, as it became the most profitable network for crypto transactions.
The ADA founder tweeted about the efficiency and resilience of the Cardano network, which may have sparked investor interest. The upgrade to Vasil hard fork this month has also added to the optimism around ADA and the upward trend in its prices is likely to continue for some time.
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