Barring stablecoins, the majority of the tokens were trading with gains. Avalanche and Solana zoomed 7 per cent each, whereas Cardano gained 5 per cent. Bitcoin, Ethereum and Polkadot gained 4 per cent each.
The global cryptocurrency market cap was trading quite higher at the $1.27 trillion mark, rising more than 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed over 18 per cent to $51.28 billion.
What’s cooking in India
Terra investors around the world lost billions of dollars when the algorithmic-stablecoin project crashed but they recovered a small part of their bets when a new token was distributed as compensation. Investors in India aren’t as fortunate.
Because the country’s tax system is punitive to crypto investing, TerraUSD and Luna token holders who got the new coin — known as Luna 2.0 — in a so-called airdrop face a double whammy.
The development was revealed to the public when Ripple announced a new job vacancy for Senior Project Manager, Central Banks in Bengaluru.
The job vacancy suggests that Ripple may be opening a new office in India. Bengaluru is often called the “Silicon Valley of India”, hence it is of no surprise that the company chose this exact location for its offices.
Buyers remained on the sidelines, as Bitcoin dropped to the $30,000 level. The crypto fear and greed index, which gauges market sentiment, showed that investors were by and large still bearish, said Darshan Bathija, CEO and Co-Founder of Vauld.
“Over the past weeks, we have also seen Bitcoin dominance increase. Usually, in bearish markets, alts underperform compared to Bitcoin as they have a higher risk profile,” he added. “The risk-off approach means that investors will stay away from high-risk investments at the moment.”
NFTs are no longer about JPEGs with no utility. Here is the first commercial property that’s been listed as an NFT, said WazirX Trade Desk in its morning note.
“The NFT is listed on OpenSea and gives the purchaser exclusive rights to acquire the building, all its uses rights & related deed covenants,” it added.
- In a historic move, Japan’s parliament passed a legal framework around stablecoins on Friday, providing a safety net for investors in the wake of last month’s terraUSD collapse that resulted in multibillion-dollar losses, according to Bloomberg.
- Video game retailer GameStop, reporting its quarterly results, received a cash flow boost of $76.9 million from the sale of IMX tokens it had received as part of its partnership with non-fungible token (NFT) scaling platform Immutable.
Tech View from Proassetz Exchange
The primary trend of TRX is upward, its intermediary trend went sideways after making a high of $0.18 in April 2021. Currently, it is trading inside a symmetrical triangle.
The support level of $0.0745 is strong and has already provided a good bounce. The resistance of $0.095 can play a key role; if a breakout with volume is seen around $0.095 then a bull run can be expected with new support of $0.095.
(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.)