By Larry Wright
Excluding USDC and Solana, other top crypto assets traded lower early on Monday. Bitcoin and Ethereum retreated to lose vital price levels. Cardano, XRP, Dogecoin, Shiba Inu, and Terra also plunged.
Bitcoin and other alts appeared weak on Monday. That follows thinner trading actions over the past three days. BTC plummeted below the $39K support, while ETH failed to steady beyond $3,000. While writing these lines, Bitcoin traded at $38,899, dropping 3.50% over the past day. Ethereum lost 4% to hover at $2,916.
The long weekend saw light trading as market players contemplated the surging inflation, recession possibilities, and recent updates from the Russia-Ukraine conflict. For now, the crypto spectrum flashes red, following overnight losses.
Excluding USDC and Solana, other cryptos traded lower early today. XRP, ADA, LUNA, DOGE, and SHIB saw substantial losses. Also, BTC and Ethereum crashed to lose their crucial levels. The global crypto market value dropped to $1.81T, sinking over 3% over the past 24 hours. On the other side, the crypto market volume saw a 40% increase to $68.94 billion.
Expert’s View
Terra’s BTC holdings surged to 41,406 after the foundation purchased another 2,508 Bitcoin and seemed ready to achieve the $3 billion target.
The largest BTC holder, MicroStrategy, updated its customers about Bitcoin. The firm told its investors that it won stop purchasing and holding BTC. For now, MicroStrategy has 1,290,218 $BTC, their wallet valued at $5.1 billion.
BTC struggled over the weekend, and top alts followed the trend. CoinDCX Research Team trusts that shaping up regulatory clarity can mean introducing accredited interest in crypto. It believes the impending tax season stopped significant price actions as traders trim holdings and re-balance investment portfolios to accomplish their obligations.
Global News
The US Treasury tied North Korean Lazarus Group to the $625 million crypto heist from the Axie infinity’s Ronin Bridge.
Sina Estavi, a cryptocurrency entrepreneur, hit news wires in March last year after paying $2.9M for Dorsey’s first tweet non-fungible token. However, his re-selling efforts appeared to hit the ground as the highest bid offered just $6,800.
Stay tuned for crypto news.