New Delhi: Cautiousness has not just seeped into equity markets, cryptocurrency mart was equally affected by it on Wednesday. Major cryptocurrencies traded flat or with a negative bias and a large drop in volumes.
Among the top 10 names, Cardano was the biggest loser, down nearly 4 per cent. Polkadot and XRP dropped over 2 per cent. Others also declined. Solana and Binance Coin were up marginally.
“It was yet another choppy day for the crypto spectrum. Markets remained range-bound, and the total traded volumes dropped sharply. Traders are being cautious before placing aggressive trades. The coming 24 hours could likely remain another consolidation phase for the cryptocurrencies,” said Edul Patel, CEO and co-founder of Mudrex.
The global crypto market cap at $1.86 trillion, fell 1.22 per cent over the last day. The total crypto market volume over the last 24 hours stood at $92.81 billion, down 4.55 per cent.
The total volume in DeFi is currently $15.97B, 17.21 per cent of the total crypto market’s 24-hour volume. The volume of all stable coins is now $76.47 billion, which is 82.40 per cent of the total crypto market’s 24-hour volume.
Sentiments also took a hit after reports said the Biden Administration is stuck in contentious debt ceiling negotiations in the US that could lead to a government shutdown, and a possible default on its obligations to creditors.
Due to this, benchmark US 10-year rates have gained 25 basis points in five sessions and were last at 1.5513 per cent, having hit their highest since mid-June the day before, while the dollar index was at 93.752.
Meanwhile, a cross-border experiment on digital currency backed by the Bank of International Settlements and four central banks shows that e-cash can lead to faster and cheaper global money transfers.
The multiple central bank digital currency bridge project (mBridge), joined by the monetary authorities in Hong Kong, Thailand, China and the United Arab Emirates, has achieved a prototype that reduces the time of international transfers to seconds from days when using the traditional correspondent banking, according to a BIS report Tuesday.
Tech View by ZebPay Trade Desk
PancakeSwap (CAKE), by far the most popular decentralized exchange (DEX) on Binance Smart Chain (BSC), has gained a lot of traction in the blockchain space in recent months. CAKE, the native PancakeSwap utility token, is used for multiple purposes in the growing landscape of the platform. Its major functions are staking, yield farming, participating in PancakeSwap lottery, and processing and voting governance proposals through the platform & community governance portal.
CAKE after surging almost by 145 per cent from $10.85 to $26.6 faced stiff resistance at higher levels and witnessed a sharp correction, almost by 36 per cent making a low of $16.89. Although Cake has been trading in a downward trend for over a month, the asset has taken support at a very crucial level of $16.87 (61.8 per cent Fibonacci Retracement Level) and has started consolidating. Currently, prices are trading in a range from $20 to $17 and breakouts on either side with good volumes will further decide the trend for the asset.
(Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC)
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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