Most cryptos traded lower today. Tron and BNB were the only risings, while BTC and ETH were among the leading losers. Meanwhile, Solana and Avalanche lost 5% each.
The crypto market saw muted actions as tokens contemplated directions following the Terra fiasco. Nevertheless, the marketplace presents relief rebounds after each dip. The cryptocurrency space remained weak regardless of the stocks upswings during Monday sessions. Looming recession and escalating inflation still spook the markets.
Most assets in the cryptocurrency space hovered lower on Tuesday. Tron and BIB remained the only large-cap players gaining, while BTC and Ethereum led the losers. Meanwhile, Solana and Avalanche lost 5% each.
The cumulative crypto market value hovered near $1.26 trillion losing more than 2% within the previous 24 hours. Nevertheless, the overall crypto trading volume saw a nearly 35% increase to $83.81 billion.
Indian Market
CoinDCX Ventures head Rohit Jain remained flooded by aspiring cryptocurrency entrepreneurs even with updates about a potential crypto winter.
Amidst the massive crypto crash, high tax by the Indian regime, severe trading volumes, and continued global uncertainty, Indian entrepreneurs continued introducing new cryptocurrency ventures backed by massive angel funding.
Expert View
Bitcoin witnessed bearish consolidations since April’s early sessions and traded within a constricted range within the past couple of weeks. For now, the leading crypto trades at $29,200, the lowest mark since January last year. Mudrex’s Edu Patel believes Bitcoin would plunge beneath current value areas to hit its support again. He added that the Terra crash scared institutions and investors out of the marketplace.
BitsAir Exchange founder Kunal Jagdale stated that crypto extended range-bound actions due to geopolitical tensions, impending recessions, and increasing inflationary worriers. He added that the crypto spectrum lacks near-term optimism. Jagdale believes positive moves in the stock market can see cryptos enjoying a relief rally.
Global News
South Korean police move to freeze LFG’s (Luna Foundation Guard) cash due to this month’s UST stablecoin fall. That is according to KBS’s Monday report.
Sumitomo Mitsui Trust, a Japanese bank, will build a company to offer crypto custody services (reports from Nikkei Asia).
Meanwhile, Fed Reserve revealed that a dozen % of adults held crypto in 2019. Fed discovered that amidst a study to measure US consumers’ economic health.