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Crypto market was trading sharply lower on Thursday as the sentiments were jittered after US Federal Reserve’s official hinted that there is no respite in aggressive rate hikes. The central bank would remain vigilant about stamping out high inflation, reiterating its hawkish tone.
After only a single day, Bitcoin slipped below $23,000-mark during the early Asian markets as the numero-uno crypto token plunged 3 per cent. Ethereum, the second largest crypto asset tanked 3 per cent but held above $1,600-levels. However, the pain in altcoins was more severe.
Barring the US dollar pegged stablecoins, all the top crypto tokens were trading sharply lower on Thursday. Shiba Inu tanked more than 8 per cent, whereas Avalanche was down 7 per cent. Dogecoin and Solana were down 6 per cent each, while Polkadot and Litecoin tumbled 5 per cent.
The global cryptocurrency market cap was trading lower at $1.05 trillion mark, dropping more than 3 per cent in the last 24 hours. Similarly, the total trading volumes declined almost 4 per cent close to $59.49 billion.
Bitcoin continues ranging at $22,700-23,400 and Ethereum at $1600-$1680. With the ranging markets, there are many growth metrics that point that new users or dormant users are returning back to the space, said CoinDCX Research Team.
“There has been a certain increase in the interest of Decentralized Protocols, with Total Value Locked across different staking protocols hitting $74.6 Billion, increasing by 26 per cent from December 2022, it said.”
Crypto updates
Leading MakerDAO community participants have proposed creating a liquidity market called Spark Protocol for lending and borrowing crypto assets focused on DAI, Maker’s $5 billion stablecoin, according to a proposal posted on Wednesday in Maker’s governance forum.
Robinhood Market’s board of directors authorized the company to pursue purchasing most or all of the 55 million shares that Emergent Fidelity Technologies bought in May 2022, Robinhood said in its fourth-quarter earnings report.
Tech View By WazirX Trade Desk
Chromia (CHR) is an open-source public blockchain conceived of by Swedish company Chromaway AB. The Chroma token (CHR) was launched in May of 2019. The technology behind the Chromia blockchain is adapted from an earlier technology called ‘Postchain’, a solution provided by Chromaway AB for enterprise clients. Chromia is a microcap crypto project trading at 177th rank with $153 million Market Cap as per coinmarketcap website.
The CHR coin gained more than 30 per cent in the last 7 days compared to Bitcoin, which is up around 1 per cent in the same period. As per the chart OP has broken out of a descending trendline on a weekly timeframe. It is also trading above the 21-week moving average which is a positive sign, it is showing good strength compared to the rest of the crypto market from last 7 days.
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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