Bitcoin Approaches $20,000; Solana, the Shiba Inu wins

New Delhi: Crypto tokens continued to slide on Monday, extending their weekend losses. However, the fall in crypto tokens was limited.

Traders are anxiously awaiting the latest US consumer price index, expected on Wednesday. The report could affect market expectations for the Federal Reserve’s next move, at a meeting later this month.

Apart from Solana and Shiba Inu, all other crypto tokens traded in the red. Cardano fell 2 percent, while Unus Sed Leo fell up to one percent.

The global cryptocurrency market capitalization traded lower at $914.16 billion, falling more than 3 percent in the past 24 hours. Meanwhile, total cryptocurrency trading volume fell 5 percent to $53.46 billion.

What is cooking in India
CrossTower is partnering with Ripple, a leader in enterprise blockchain and crypto solutions, to add NFTs minted on the XRP Ledger, the ultra-fast, low-cost and carbon-neutral blockchain, to the CrossTower NFT Marketplace.

The marketplace enables developers to rapidly onboard NFT projects by giving them access to infrastructure including wallets, payments, liquidity support and more, accelerating time-to-market for projects.

Expert take

Bitcoin has been in a consolidation phase, trading between $17,500 and $22,500 since almost a month. The global macros are not looking too good, while the entire world is on the verge of entering a recession, WazirX Trade Desk said.

“Kenya has shown the fastest growth in crypto adoption. According to the UN, 8.5 percent of Kenya’s population, or 4.25 million individuals, own digital currencies, which is the highest adoption rate in Africa, a UN research found,” it said.

Global updates

• At the height of last summer’s NFT craze, Three Arrows Capital, then a behemoth managing billions of dollars, partnered with pseudonymous non-fungible token collector Vincent Van Dough to launch Starry Night Capital, an NFT fund that had as goal of raising $100 million.

• Cryptocurrency exchange Blockchain.com stands to lose $270 million on loans to Three Arrows Capital, the over-leveraged hedge fund now subject to a liquidation order in the British Virgin Islands.

• Celsius, the cash-strapped crypto lender, this week paid off $223 million in loans on the Maker Protocol blockchain to free up $450 million in collateral, and may now be trying a similar strategy with two other major decentralized finance (DeFi) platforms – Aave and Compound.

• The US Treasury Department published a fact sheet outlining how it can work with foreign regulators to address the cryptocurrency sector.

• The Federal Deposit Insurance Corporation is taking a look at claims by crypto broker Voyager that its client accounts were protected by the US agency in the event of a company collapse, a spokesperson for the agency confirmed.

• The penultimate testbed network merges before the Ethereum blockchain makes its long-awaited move to proof-of-stake from proof-of-work has been completed.

Tech View by Proassetz Exchange

The intermediate trend of XLM is a downtrend. It gives a sideways movement inside a flag pattern.

Although there is good support at $0.10, it can also be known as the supply zone. If it bounces off the supply zone, we could see a good move to the upside approaching $0.117.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset(s) mentioned.)