The US Commerce Department’s report confirming that the world’s largest economy was in recession by the traditional definition of two consecutive quarters of negative gross domestic product hit sentiment on Wall Street.
Top crypto tokens were trading mixed on Friday. Ethereum and Bitcoin fell slightly, while XRP climbed 9%. Polkadot gained more than 4%, followed by a 2% rise at Polygon and Solana.
The global cryptocurrency market capitalization traded slightly higher at $942.84 billion, rising less than 1% in the past 24 hours. However, the total trading volume fell by 16% to nearly $69.93 billion.
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What’s cooking in India
The Enforcement Directorate (ED) has frozen Rs 21.14 crore of online forex trading application OctaFX and related entities in various bank accounts after carrying out searches at their premises following allegations that the activity of private enterprise was contrary to the Foreign Exchange Management Act (FEMA).
Much of the defrauded amount was used to purchase cryptocurrencies and assets through M/s Zanmai Labs, the parent company of crypto exchange WazirX, the agency said.
Bitcoin showed signs of recovery on Thursday as it traded higher after a large sell-off, said Edul Patel, CEO and co-founder of Mudrex. However, it failed to hold above the $20,000 level in its last two attempts.
Volatility has increased in recent weeks and market participants have reacted to rising inflation and swings in the US dollar, he added.
Tarusha Mittal, COO and co-founder of UniFarm, said the overall crypto market capitalization remained below the $1 trillion mark as most crypto assets, including Bitcoin and Ether, remained stable during the daytime.
Small retail payments in Sub-Saharan Africa are fueling exceptional crypto adoption and usage, with the region achieving the highest proportion of crypto retail payments under $1,000 in the world, according to Chainalysis.
Crypto exchange Bittrex, custodian BitGo and six other companies have joined the Crypto Market Integrity Coalition, a self-regulatory organization aimed at combating manipulation of the crypto market.
WonderFi Technologies plans to offer stock trading to clients through one of its crypto trading platforms, Bitbuy. It will offer split trading and investing in thousands of US stocks, publicly traded securities and ETFs.
Cryptocurrency exchange Binance said customers can now join a mining pool for ETHW, the forked version of Ethereum that retains the original proof-of-work underpinnings of the blockchain.
Technical view by BuyUcoin cryptocurrency exchange
MATIC, the native token of the polygon network, has seen a jump of more than 4% in the last 24 hours. Polygon is built on the Ethereum network, and the success of the merger raised hopes for networks similar to Polygon.
Investors are looking at Polygon with a lot of positivity and MATIC is one of the very few coins that are going against the grain of the current crypto market.
MATIC’s fundamentals look really solid and the price momentum could continue if the macro factors surrounding the financial markets show signs of improvement.
(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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Crypto Price Today: Bitcoin Holds $19,000; XRP, Solana, Polygon Earn Up to 9%
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