Bitcoin broke through the $25,500 mark, while Ethereum fell below $1,400. The crypto giants were trading near their 18-month lows. The fall in prices underscored investors’ wariness of risk.
Avalanche plunged more than 15%, dropping out of the top 15 tokens. Solana, Cardano and XRP plunged 11% each. Polkadot fell 9%.
The global cryptocurrency market capitalization was trading sharply lower at $1.03 trillion, falling more than 6% in the past 24 hours. However, total cryptocurrency trading volume soared over 22% to $92.98 billion.
Crypto spent much of the weekend in the red, following Friday’s CPI report which showed rising inflation, the CoinDCX research team said. “In 2023, we expect major central banks to continue their path of quantitative tightening and higher policy rates.”
Crypto investors were largely expecting the US central bank to hike rates by half a percentage point later this week in an effort to quell inflation, which would lead to significant “risk” sentiment. “in the markets,” he added.
Ethereum’s oldest testnet, Ropsten, is transitioning to a proof-of-stake algorithm. A day after going live, Ethereum’s Ropsten testnet successfully transitioned to PoS, WazirX Trade Desk said.
The merger being such a success shows that the developers are on the right track, which is a big confidence boost for the Ethereum community.
“A Terraform Labs employee stole 80 Bitcoins worth nearly $2.39 million during the collapse of Terra’s UST and LUNA in May. As expected, Terra 2.0 did not was a success,” added WazirX.
While we may still be trying to figure out Web 3, former Twitter boss Jack Dorsey has already released Web 5. Jack Dorsey announced a new crypto project – “Web5: The Platform Decentralized Web” on Twitter and in person at a Web3 festival. .
Hip-hop mogul Jay-Z and Block CEO Jack Dorsey are teaming up to bring Bitcoin and financial education to the rapper’s childhood home. Dorsey announced the launch of Bitcoin Academy. The financial education program will be free for residents of Marcy Houses, a public housing complex in Brooklyn.
Binance Founder and CEO Changpeng Zhao said the Securities and Exchange Commission (SEC) had “inquired” about the BNB exchange token, but the exchange has not yet been subpoenaed.
Edward Snowden, famous whistleblower and president of the Freedom of the Press Foundation, sees more value in cryptocurrencies in their use than as an investment.
Technical view by Proassetz Exchange
Bitcoin’s downtrend, which was confirmed on January 5, 2022 after giving a breakout below the Head & Shoulder pattern, is still continuing.
Since May 9, the BTC trend was sideways and it was trying to take support in its support zone ($30,125 – $28,650), but last week it managed to give a break below its support zone. Currently, the trend is downward; a major support of $22,000 is now active.
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