By Franklin Smith
The global crypto market cap hovered lower at $916.63B, losing 3% within the past 24 hours. On the other hand, the overall crypto trading volume saw a marginal decline to $54.18 billion.
Digital assets continued to decline today, stretching weekend losses. Nevertheless, the crypto market slump was limited.
For now, traders remain alert as they wait for the latest U.S consumer price index data this Wednesday. The report would likely influence expectations over the next move by Fed later in the month.
Excluding Shiba Inu and Solana, other cryptocurrencies traded in the red on Monday. Cardano declined 2%, while Unus Sed Leo lost nearly a percent.
Meanwhile, the global crypto market capitalization slumped by over 3% within the past 24 hours to $914.16. Meanwhile, the overall crypto trading volume lost 5% to $53.46 billion.
Expert Take
Bitcoin has hovered in a consolidation period, hovering between $17.5K and $22.5K for nearly a month. WazirX predicts more turmoil for the token as global macros remain deteriorated. Furthermore, the globe stares at recession.
Kenya has presented the highest crypto adoption rate. Data from United Nations shows that 8.5% of Kenyans (4.25M individuals) own digital currencies.
Global News
At the NFT mania peak last summer, 3AC (Three Arrows Capital), then a giant financial manager, collaborated with pseudonymous NFT collector Vincent Van to introduce Starry Night Capital, a non-fungible token (NFT) fund that targeted to raise $100M.
Crypto exchange Blockchain.com stares at a $270M loss lent to 3AC, with Three Arrows Capital going bankrupt.
The crypto lender Celsius paid loans amounting to $223 million to Maker Protocol, freeing up $450M in collateral. Now, it might resort to similar strategies with two other leading DeFi platforms, Compound and Aave.
Proassetz’s Tech View
XLM exhibits a downward trend. The alternative token presents sideways actions within a flag setup. While Stellar uses $0.10 as dependable support, the value area also represents a supply zone. XLM rebounding from this supply territory can welcome an impressive upswing towards $0.117.
What are your thoughts about the prevailing market situation? When will the turmoil end? You can use the comment section below for your comments.