Crypto prices, which were broadly correlated with stocks, dovetailed again with major indices. Rising inflation worries and looming recession fears continued to weigh on investor sentiment, and cryptos are struggling to weather them.
Aside from stablecoin USD Coin, the majority of tokens traded lower on Thursday. However, casualties were limited. Avalanche plunged 3 percent, followed by a 2 percent drop in Bitcoin, Solana, and Shiba Inu each.
The global cryptocurrency market cap traded lower at the $1.24 trillion level, falling as much as 2 percent in the past 24 hours. However, total cryptocurrency trading volume collapsed by more than 21 percent to $66.44 billion.
Darshan Bathija, CEO and co-founder of Vauld, said that although bitcoin saw a slight increase, the digital asset was trading near the $30,000 mark again.
“The test network of the ETH blockchain – Ropsten – switched to Proof-of-Stake on Wednesday. This is an important development as the Ropsten merge marks a major milestone towards the Ethereum mainnet merge planned for later this year,” he added.
Crypto investment firm Arrington Capital, which has more than $1.6 billion in assets under management, has partnered with the Moonbeam Foundation for a new $100 million ecosystem fund for polka dots EVM-compatible devices Moonbeam Parachain teamed up.
France should recognize decentralized autonomous organizations and non-fungible tokens in its legal system, a leading lawmaker said in a published report targeting European crypto regulation, which it says its approach is largely defensive.
Skolem Technologies has raised $20 million in Series A funding led by Galaxy Digital, according to a statement Wednesday.
A sweeping, bipartisan crypto bill was presented Tuesday by U.S. Sen. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand, who want to expand a sweeping rulebook for digital assets in the U.S. and have given industry lobbyists something meaty to debate.
Giottus Crypto Platform Tech View
ADA is the native token of Cardano – an open-source Layer 1 network that aims to build smart contracts and applications on its network. It is currently among the top 10 cryptocurrencies. ADA, like most altcoins, has fluctuated under the impact of the bear market.
It has lost almost 80 percent of its value since its all-time high of over $3 in September 2021. But as Bitcoin’s streak of consecutive red weeks ended last week, ADA also seems to have worked up an appetite. ADA is currently trading at $0.64, up over 13% in the last seven days.
ADA successfully broke its long-term trendline resistance at $0.60 after multiple attempts. It now shows a changed market structure with higher highs and higher lows.
To maintain its momentum, ADA needs to break the $0.70 psychological resistance level (which also sits around the 0.618 Fibonacci retracement level of its May decline) before it can move any further. If it fails to retake highs, we could see ADA testing support at $0.60 and $0.52 next.
Cardano will soon undergo its next hard fork “Vasil” later this month. The anticipation and speculation surrounding the hard fork could prove to be a possible trigger for a rally.
Resistance: $0.66, $0.70, $0.79
Support: $0.60, $052
(The views and recommendations in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in the assets mentioned.)