All major tokens were trading higher on Friday. Bitcoin posted decent gains, whereas Ethereum was marginally up. Solana, Cardano, Tron and Avalanche zoomed 4 per cent each. XRP and Polkadot gained 3 per cent each.
The global cryptocurrency market cap was trading higher at the $1.26 trillion mark, rising about 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged about 29 per cent to $69.04 billion.
What’s cooking in India
Ahead of the consultation paper on cryptocurrencies, Reserve Bank Deputy Governor T Rabi Sankar said the soon-to-be-introduced central bank digital currencies (CBDCs) can “kill” whatever little case that exists for private virtual currencies.
The RBI has been vehemently opposed to cryptocurrencies like Bitcoin, saying there is no underlying value for such instruments which are essentially speculative in nature. It has gone public with the same, even as the government has yet to make its stance clear.
In other news, India’s largest crypto investing app CoinSwitch on Thursday launched the Crypto Rupee Index (CRE8), India’s first benchmark index to measure the performance of the rupee-based crypto market.
Giottus Crypto Platform, has launched trade of Optimism (OP) token, becoming the first Indian exchange to do so. OP is a layer 2 scaling solution of Ethereum that competes with Polygon (MATIC). Additionally, the OP/INR pair is currently live for trade in Giottus while deposits and withdrawals of the token will be enabled in the upcoming days.
Expert take
Bitcoin retested the support level at $30,000 after the price was rejected from resistance at $32,000 on Tuesday. BTC is trading in a tight range, and it may break above or below the current level, said Edul Patel, CEO and Co-founder of Mudrex.
“As the bearish sentiment in the market continues, the growth could 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 fears over inflation and recession haunt traders, said Kunal Jagdale, Founder, BitsAir Exchange.
Jagdale added that despite the recent gains in the crypto markets, the bearish sentiments persist. “Bitcoin and other altcoins will be grooving to a muted tone. It would take several weeks to recover.”
Global updates
- Alchemy is expanding its services to the Solana ecosystem, the Web 3 developer platform said. The beta version is now live for users to sign up and will be released to the wider public in the coming weeks, according to a press release.
- Canonical Crypto, a newly opened venture capital firm, has raised $20 million for its inaugural fund to back 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-style international standard-setter for financial-technology innovations while dismissing decentralized finance (DeFi) as a “casino” for speculators.
- Cryptocurrency custody and settlement technology firm Qredo has thrown its hat into the ring of compliance solutions aimed at bringing digital assets in line with anti-money laundering (AML) guidance set out by the Financial Action Task Force (FATF).
Tech View by Coinstore cryptocurrency exchange
Cardano leads the surge in altcoin space. It has added almost 20% in the past 7 days. It is one of the few cryptocurrencies which has performed well in this bearish phase as it has emerged as the most cost-efficient network for crypto transactions.
The ADA founder tweeted about the Cardano network’s efficiency and resilience which may have sparked investors’ 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 expected to continue for some time.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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