The crypto market was trading lower on Thursday as sentiments were on edge after the US Federal Reserve official hinted that there is no let up on aggressive rate hikes. The central bank would remain alert to end high inflation, reiterating its aggressive tone.
After just one day, Bitcoin fell below the $23,000 mark during early Asian markets as the number one crypto token fell 3 percent. Ethereum, the second largest crypto asset, tumbled 3 percent but held above $1,600 levels. However, the pain in altcoins was more severe.
Except for US dollar-pegged stablecoins, all major crypto tokens traded lower on Thursday. Shiba Inu slumped more than 8 percent, while Avalanche was down 7 percent. Dogecoin and Solana are down 6 percent each, while Polkadot and Litecoin are down 5 percent.
The global cryptocurrency market capitalization was trading lower at the $1.05 trillion mark, falling more than 3 percent in the past 24 hours. Similarly, total trading volumes were down nearly 4 percent, close to $59.49 billion.
Bitcoin continues to hover between $22,700 and $23,400 and Ethereum between $1,600 and $1,680. With the variety of markets, there are plenty of growth metrics that indicate new users or inactive users are returning to the space, the research team at CoinDCX.
โThere has been some increase in interest from decentralized protocols, with the total value locked across different staking protocols reaching $74.6 billion, increasing by 26 percent since December 2022, it said.โ
cryptographic updates
Major participants in the MakerDAO community have proposed creating a liquidity marketplace called the Spark Protocol to lend and borrow crypto assets focused on DAI, Maker's $5 billion stablecoin, according to a proposal posted Wednesday on the Maker governance forum. .
Robinhood Market's board of directors has authorized the company to seek the purchase of most or all of the 55 million shares that Emergent Fidelity Technologies bought in May 2022, Robinhood said in its fourth-quarter earnings report.
Technical view of WazirX Trade Desk
Chromia (CHR) is an open source public blockchain conceived by the Swedish company Chromaway AB. The Chroma (CHR) token was launched in May 2019. The technology behind the Chromia blockchain was adapted from an earlier technology called 'Postchain', a solution provided by Chromaway AB for enterprise customers. Chromia is a micro-cap crypto project that is listed at 177th place with a market capitalization of $153 million according to the coinmarketcap website.
The CHR coin gained more than 30 percent in the last 7 days compared to Bitcoin, which was up around 1 percent in the same period. According to the chart, OP has broken out of a descending trend line on a weekly timeframe. It is also trading above the 21-week moving average which is a positive sign, it is showing good strength compared to the rest of the crypto market over the last 7 days.
(Opinions and recommendations provided in this section are those of analysts and do not represent those of Business Today. Please consult your financial advisor before taking any position in any of the listed assets.)
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