New Delhi: Crypto markets remained under pressure over the weekend following the spike in inflation numbers, which has waned the hopes of a less aggressive US Federal Reserve.

Bitcoin slipped below $17,000 levels, while Ethereum was trading below the $1,250 mark. Adding to the woes of traders, the liquidity in the crypto market remained thin, signaling lesser liquidity for the digital assets.

Barring the US dollar pegged stablecoins, all other top crypto tokens were trading lower on Monday. Dogecoin tumbled about 9%, while XRP, Solana, Shiba Inu, Polkadot and Polygon tumbled 4% each.

The global cryptocurrency market cap was trading higher around $840 billion, dropping as much as 2% in the last 24 hours. The total trading volume rose more than 23% to $29.23 billion.

What’s cooking in India
India, the intergovernmental forum of some of the world’s largest economies – just as much of the world is pondering whether stricter regulation of the industry is needed.

India has at times sought to ban and severely limit crypto usage within its borders, and as of December 1 assumed the presidency of the Group of 20.

Global updates
The Lightning Network, Bitcoin’s layer 2 scaling platform, has a privacy problem. Receiving payments, requesting refunds, and opening and closing payment channels- all raise privacy concerns for users of the payment network.

The Uniswap Foundation is putting to vote a series of governance changes that it said would streamline voting in the decentralized autonomous organization that manages Uniswap, one of the most popular venues for decentralized crypto trading.

Grayscale Investments, manager of the world’s biggest publicly traded bitcoin fund, said a new decentralized finance (DeFi) fund has started trading on over-the-counter markets. released proof-of-reserves data from auditing firm Mazars Group that showed its clients’ assets are fully backed one to one.

Tech View by Proassetz Exchange
Bitcoin is still in a range bound area holding a strong support level of $16,000, $15,000 and $12,600. Any breakout above $18,000 can push the price to $19,000. Overall, it is still inside a range bound zone trading between its support zone and resistance zone of $15,000 and $18,000, the expert said.

Chart-BTC (2) (1)

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

Leave a Reply

Your email address will not be published. Required fields are marked *