The flow of bad crypto news was slower than it has been most days over the past six weeks. However, the gloom and fear in the crypto industry still persist.
Barring the Unus Sed Leo, which was up by 3 per cent down, all other crypto tokens were lower on Wednesday. Shiba Inu, Dogecoin and Polkadot plunged 4 per cent each, whereas Cardano shed 3 per cent.
The global cryptocurrency market cap was trading lower at the $894.51 billion mark, dropping almost 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume jumped almost 17 per cent to $64.82 billion.
What’s cooking in India
The Directorate of Enforcement (ED) has sought further details and documents from cryptocurrency firms as part of its ongoing probe into alleged instances of foreign exchange violations, if any, by these firms, sources said.
ED has sent out notices to cryptocurrency exchanges seeking further information under the Foreign Exchange Management Act (FEMA), they added.
Crypto lender Nexo signed a term sheet with Vauld that could result in Nexo buying 100 per cent of the crypto lending platform. Pending due diligence, Nexo will acquire up to 100 per cent of the troubled firm.
Expert take
“Bitcoin is trading slightly below the overall average buy price; we are not out of the danger zone yet. The DeFi contagion continues and has now affected another crypto lender,” said WazirX Trade Desk.
Global updates
The Bank of England warned that recent cryptocurrency meltdowns that wiped out more then $2 trillion in value highlight the need for tougher financial regulations.
Samir Shah, formerly JPMorgan Chase’s head of asset management sales, has left the bank to take up the position of chief operating officer at cryptocurrency-focused investment firm Pantera Capital.
NFT (non-fungible token) trading platforms should be made subject to European Union anti-money laundering laws, members of the European Parliament said in proposed amendments to the legislation.
Parity Technologies, the firm building the Polkadot and Kusama blockchain ecosystems, has added three senior executives to round out its leadership team, alongside founder and CEO Gavin Wood.
Tech view by BuyUcoin cryptocurrency exchange
Solana surges on the competitive transaction fee. It is gaining popularity among the non-fungible token and decentralized finance (Defi) users who choose Solana over Ethereum network due to its low transaction fee.
The Solana token is hovering around the $35 mark which is almost 86% down from its peak of $260. SOL has been a decent performer since the onset of crypto winter and has managed to stay in green during the day trade.
The upward trend in the Solana prices might continue if macroeconomic factors surrounding the financial markets become more favorable. It will find a higher support level if overall all crypto market sentiment turns positive and selling pressure eases.
(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.)
