Top Cryptocurrency Prices Today: Bitcoin, Solana, Ethereum, Avalanche Lost Up to 4%

New Delhi: Major crypto tokens were trading lower on Friday following hawkish comments from the Federal Reserve, which plans aggressive rate hikes. With the exception of dollar-pegged USD coins, all major crypto tokens were trading lower in the early hours of Friday. Solana fell 4%, followed by a 3% drop in Bitcoin, Ethereum, BNB, Dogecoin, Luna and Avalanche.

The global cryptocurrency market capitalization was trading nearly lower at $1.88 trillion, with marginal gains over the past 24 hours. However, total cryptocurrency trading volume soared around 18% to $106.72 billion.

What do we cook in India?
Bharti Airtel Chairman Sunil Mittal backed FM Nirmala Sitharaman’s recent call for governments around the world to come up with an appropriate global regulatory regime to keep up with new-age cryptocurrencies that can cause serious problems.

The telecommunications billionaire added that India is one of the most important nations in a deeply divided world because it has always valued its democratic system.

The Indian crypto industry is facing another challenge as many Indian banks and payment service providers have discontinued their services to crypto exchanges. Users were unable to make fiat deposits to their crypto exchange wallets.

Expert advice
“Tight monetary policy has hit speculative assets such as stocks and cryptocurrencies the hardest this year,” said Edul Patel, CEO and co-founder of Mudrex. “However, the indicators remain bullish for a short time.”

While, on the other hand, Decred is up almost 14%, outperforming the market. There is no clear catalyst behind the DCR rally with the broader market falling, he added.

Fed boss Jerome Powell’s hawkish comment is weighing on the crypto market. The U.S. central bank should be proactive in tackling rising inflationary numbers, said Kunal Jagdale, founder of BitsAir Exchange.

“The risk of higher borrowing costs and a potential economic recession makes safe havens an attractive bet and investors are therefore avoiding risky assets. However, the general feelings are optimistic,” he added.

Global Updates
Bitcoin mining hosting company BitRiver has called the sanctions imposed by the US Office of Foreign Assets Control (OFAC) an attempt to favor US companies, according to a statement provided to CoinDesk.

U.S. Representative Jared Huffman (D-California) enlisted nearly two dozen fellow Democrats to urge federal environment officials to devote greater scrutiny to the consequences of cryptocurrency mining.



Technical view by OKX
The XMR privacy coin has not slowed down since late February. The coin has seen a solid uptrend from around 130 USDT to almost 300 USDT today. Many see nascent sanctions against Russia and other countries as a possible reason for the push, as users seek privacy ahead of a changing macro-global view.

Agencies

XMR is reaching a previous resistance zone – a similar place where a drop occurred in October. For now, buyers are firmly in control.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Top Cryptocurrency Prices Today: Bitcoin, Solana, Ethereum, Avalanche Lost Up to 4%


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