In the early hours of trade on Thursday, the cryptocurrency market fell. The agony in cryptocurrencies was so severe that Bitcoin barely held over $20,000 levels.
Token investors’ confidence is being weakened by worries about a global economic downturn and growing inflationary pressure. All other crypto tokens were trading in the red on Thursday, with the exception of Unus Sed Leo, which rose roughly 4%, and meme coins Dogecoin i Shiba inu.
Solana i polka dots were the biggest losers, both down roughly 8% and 6%, respectively. The price of Ethereum and BNB both fell by 5%, while the price of Bitcoin fell as well.
More than 2% of the world’s total cryptocurrency market capitalization has been lost in the previous 24 hours, trading at $892.00 billion. In the meanwhile, the total value of all cryptocurrency trades increased by almost 11% to $62.65 billion.
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India’s Impact on Crypto Market
The once-hot cryptocurrency industry has gone into a deep freeze as prices have dropped by almost 80% in the last several months. After a brief period of skyrocketing prices, a crypto winter has set in. Market pessimism has led stock exchanges to take a mixed approach to working capital management.
Celebrities were not responsible for 92% of Indian crypto-related advertising offences between January 2022 and May 2022, according to the Advertising Standards Council of India.
Citigroup has published a number of remarks on the rise of Metaverse digital real estate and mortgages backed by cryptocurrencies, even as the cryptocurrency markets have taken a knock.
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For the next three weeks, the Web3Talk series Unifarm will focus on safe cryptocurrency investments and the full potential of cryptocurrencies as an asset class, the platform for collaborative wealth creation said today.
Cryptocurrency experts and enthusiasts are invited to participate in a series of discussions to assist them to generate passive income from their assets.
An Expert’s Opinion
It was disappointing that the SEC turned down Grayscale Investments’ request to convert its $13.5 billion Bitcoin Trust into a position bitcoin ETF on Wednesday, despite the growing consensus that this would make bitcoin exposure easier and more accessible for investors.
It’s important that, despite the report’s pessimism, industry participants continue to build and create solutions that assist improve the crypto ecosystem despite its unfavourable conclusion.
Global News Updates
Grayscale, one of the world’s largest digital asset managers, applied to establish a spot bitcoin exchange-traded fund (ETF) on the NYSE Arca platform, but the US securities authority rejected the application.
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A Deutsche Bank (DB) analysis stated that the crypto markets might continue to tumble due of the intricacy of the system. It’s also a concern about macro risk.
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Source: https://insidebitcoins.com/news/solana-and-polkadot-both-lost-up-to-8-of-their-value