Fed’s action brought a reality check for the riskier assets, including cryptos, which wiped out the buoyancy seen in digital tokens boosted by in-line inflation numbers earlier this week.
The global cryptocurrency market cap was trading lower around $850 billion, slipping more than a per cent in the last 24 hours. The total trading volume dropped about 27% to $33.8 billion.
What’s cooking in India
CoinSwitch, the India-based crypto investing app, has revealed an all-new brand identity, which includes a new logo, colors, font, and mobile app.
The company is on its way to becoming the first Indian crypto company to diversify into other asset classes as part of its mission to make money equal for all.
“The prices of most cryptocurrencies fell as the market continued to react to the recent interest rate hike by the Federal Reserve,” said Edul Patel, CEO and Co-Founder of Mudrex.
“This may have been caused by traders taking profits after three days of gains. Bitcoin’s support is currently at $17,100, and its resistance is at $17,550,” he added.
Chaturvedi, Crypto Ecosystem Lead, CoinSwitch said that the FTX Fiasco continued to unfold during last week, which culminated in SBF’s arrest in the Bahamas, with both the SEC and the CFTC putting charges of fraud and misappropriation of funds.
“Though, no real clarity emerged on the contagion effects as Genesis’ financial state remained murky. Contrarily, crypto markets seemed to have found a footing and have settled higher at almost $900 billion market capitalisation,” Chaturvedi added.
Archblock, a core developer of unsecured lending protocol TrueFi, is working with Adapt3r, a subsidiary of alternative asset manager MJL Capital, to bring US-regulated community banks to decentralized finance.
Binance, the largest crypto exchange by volume traded, is not the next FTX, according to CryptoQuant. The Seoul-based analytics firm points to on-chain data to support claims made in a recent audit that Binance is overcollateralized.
The Ethereum Name Service (ENS) decentralized autonomous organization (DAO) members voted to elect stewards for three working groups for the forthcoming year.
Web3 domain provider Unstoppable Domains will integrate in early 2023 with Ethereum’s popular blockchain explorer, Etherscan, as well as Polygonscan, the company said.
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