Polygon drops 3%; Bitcoin, Ethereum and Solana fall 1% each

New Delhi: Crypto tokens saw some profit order as traders tempered bets that the Federal Reserve would raise interest rates by 100 basis points in an effort to curb rising prices.

Higher interest rates will make more risky assets such as cryptocurrencies and equities less attractive as investments. However, the top crypto token – Bitcoin – continued to trade above the $ 20,000 mark.

Except for XRP, all other top crypto tokens traded higher on Friday, but winnings were limited. Ethereum, BNB, Dogecoin, Shiba Inu got up to one percent each.

The global market value of cryptocurrency traded higher at $ 927.24 billion, rising more than 3 percent in the last 24 hours. Meanwhile, total trading volume for cryptocurrencies increased by 3 percent to $ 76.70 billion.

Expertise
Bitcoin has jumped from the $ 20,000 level after bulls pushed the coin up, said Edul Patel, CEO and co-founder of Mudrex.

“Ethereum has outperformed Bitcoin by witnessing a 10 percent increase in the last session after Shadow Fork 9 went live before the merger,” he added. “We can probably witness this trend for another 24 hours as well.”

Global updates

• The cost of producing bitcoin (BTC) has dropped to around $ 13,000 from around $ 20,000 in early June as miners battle the bear market and mining efficiency increases, according to investment bank JPMorgan.

• Plaid, an online platform that collects users’ financial information, said it is expanding its reach to include accounts from cryptocurrency exchanges, starting with Finance.US, Kraken and Gemini.

• Circle Internet Financial published a detailed – but unaudited – statement of its reserves for the company’s USD coin, which showed $ 42.1 billion in short-term US government bonds and $ 13.6 billion in cash.

• NFT marketplace OpenSea has laid off around 20% of employees, CEO Devin Finzer announced in a tweet. OpenSea joins a number of crypto companies, many of them stock exchanges, which have laid off employees or stopped hiring in recent months.

• Uniswaps UNI rose nearly 20 percent during the last 24-hour period after broker Robinhood Markets added the token to its crypto-trading platform.

• Bankruptcy lending platform for cryptocurrency Voyager Digital’s native coin voyages have more than tripled in three days. According to an observer, the move appears to be driven by a short squeeze.

• Physical futures cryptocurrency exchange CoinFLEX now allows customers to withdraw 10% of their account balances, excluding flexUSD stablecoin.

• Web3 gaming company UnCaged Studios has raised $ 24 million in a Series A share funding round, with the participation of Griffin Gaming Partners, Vgames, Maverick Ventures Israel, Drive by DraftKings and 6th Man Ventures.

Technical display of BuyUcoin cryptocurrency exchange
Celsius (CEL) spun after bankruptcy news. CEL, the original symbol of the troubled cryptocurrency lender Celsius, is down 58%.

CEL had reached an all-time high of $ 8 in 2021 and is currently trading below the $ 1 mark. After the cryptocurrency lender announced a withdrawal of withdrawals, sentiment shifted around the token to the negative side.

It is very difficult to predict whether CEL will witness an upward trend in the near future, but the crypto community will follow the bankruptcy process closely to see if retail investors can secure their investments in Celsius. Investors should stay away from investing in a falling knife.

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