By Franklin Smith
Cryptocurrencies mimicked equity markets to record muted gains. That’s after impressive U.S retail spending plus industrial reports.
Excluding the dollar-tied stablecoins, all crypto assets traded lower on Wednesday. Polkadot lost 4%, followed by 2% declines in Bitcoin, Avalanche, and Cardano.
Large-cap cryptos traded with slight cuts as bearishness dominated markets, with investors wary about risk asset classes. Nevertheless, stablecoins remain on the radar following the Terra crisis.
Digital currencies followed equity markets to register muted gains after impressive U.S industrial production and retail spending statistics.
Excluding U.S dollar tied stablecoin, all assets traded with slight drops early on Wednesday. Polkadot declined by 4%, whereas Bitcoin, Avalanche, and Cardano lost over 2% each.
The global crypto market cap dropped to $1.28 trillion, reflecting a 2.26% 24hr loss. On the other side, the overall crypto trading volume lost 8.82% to $78.34 billion.
Expert View
WazirX revealed that Do Know plans a new Terra chain, excluding algo stablecoin UST. The new platform will concentrate on DeFi protocols, their other selling factor besides stablecoins. Meanwhile, the old platform would be Terra Classic. Wazir added that these chains would coexist like ETH, ETC.
It added that Luna classic stakers, holders, and Terra Classic app developers would receive the new tokens through airdrops.
The Indian Market
Indian ASCI (Advertising Standards Council of India) warned celebrities to be circumspect when featuring crypto-associated ads since cryptocurrencies remain unregulated.
Meanwhile, trading site WazirX unveiled the 2nd edition of the semi-annual Transparency report (for Oct. 2021 – March 2022), highlighting the firm’s partnerships and initiatives within the past six months to secure investor interest.
Global News
Blockchain investment company Fortis raises $100M for a crypto fund, focusing on an altcoin that bridges decentralized finance (DeFi) and the traditional marketplace. The funds required customers to have more than $2.5M net worth for investment eligibility.
The crypto world shows bearishness today. Bitcoin failed to sustain yesterday’s bullishness that had it beyond $30,000. The world’s largest digital coin might hover beneath this area before gathering enough upside strength.
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