Crypto analysts warned that pressure from the Federal Reserve’s monetary tightening isn’t likely to fade anytime soon to tame the inflationary pressure.
Over the weekend, Bitcoin traded between $17,000-$16,500 levels. Ethereum slipped below the $1,200 mark.
Barring BNB and the US dollar-pegged Tether, all other top crypto tokens were in the red on Monday. XRP plunged about 3%, whereas BNB gained 3%. Dogecoin, Shiba Inu and Tron were the other top losers.
The global cryptocurrency market cap was trading lower, holding $800 billion, after slipping marginally in the last 24 hours. The total trading volume dropped about 16% to $22.26 billion.
Global updates
Now that Sam Bankman-Fried’s fall from grace is complete, uneasiness is growing around the dominance that his rival Changpeng Zhao’s Binance holds in the cryptocurrency market.
Mazars, the auditing firm working with Binance and other crypto exchanges on proof-of-reserves statements, has paused all work for crypto clients, Binance said in an emailed statement and reported by various media outlets.
Bitcoin dropped below $17,000 and several altcoins posted significantly steeper declines as concern increases that the digital-asset market’s woes are far from over.
The former US President Donald Trump’s non-fungible token (NFT) digital trading card collection sold out. According to data from OpenSea, the collection’s trading volume is 900 ETH, or about $1.08 million.
