Geopolitical worries capped the gains for the digital market as US congresswoman Nancy Pelosi visited Taiwan which infuriated China. The world’s second-largest economy warned of ‘targeted’ military operations.
Top crypto tokens were trading higher on Wednesday. Uniswap rallied about eight per cent, whereas BNB, Polygon, Polkadot and Avalanche surged four per cent each. However, Solana plunged about five per cent.
The global cryptocurrency market cap was trading higher at $1.07 trillion mark, adding close to two per cent in the last 24 hours. However, the total trading volume dropped more than seven per cent, close to $70.41 billion.
Expert’s take
The correlation to equities and other traditional assets remains the main source of investors’ distrust as the current crypto relief rally seemingly runs out of steam with $50B exiting the market with data from Glassnode confirming that current network activity suggested little influx of new demand for blockspace, said CoinDCX Research Team.
Solana opened their first IRL retail store and web3 embassy, the store is called Solana spaces. Its initial location is in the Hudson Yards retail area, said WazirX Trade Desk.
“The store provides crypto beginners with services such as DeFi education and Phantom wallet creation, as well as Solana clothes and NFTs for sale. This could revolutionize and motivate new and interested people to enter the crypto space.”
Global updates
The New York State Department of Financial Services imposed a $30 million fine on the crypto trading unit Robinhood for alleged violations of anti-money laundering and cybersecurity regulations.
Cryptocurrency exchange Luno has been given digital asset service provider (DASP) registration in France by the Autorité des Marchés Financiers. Luno’s parent company, Digital Currency Group, is also the parent of CoinDesk.
Fintech startup Bits Crypto has raised $1.2 million in pre-seed funding to build out its mobile crypto-investment application, led by HOF Capital, the investor in such crypto companies as MoonPay, Stripe and Kraken.
Decentralized autonomous organization (DAO) tooling startup Coinshift has partnered with EarthFund, a crypto crowdfunding company that creates decentralized, philanthropic communities, to manage its ecosystem of treasuries.
River Financial, a San Francisco-based bitcoin technology and financial services company, has eliminated trading fees for recurring bitcoin (BTC) orders.
Messari has bought the assets and business of Dove Metrics, which offers fundraising data and intelligence for the cryptocurrency industry.
Waves, a blockchain used to create custom crypto tokens, will implement a user-approved plan to navigate the liquidity crisis on its primary lending platform, Vires.Finance.
Tech view from BuyUcoin, a cryptocurrency exchange
Polygon (MATIC) loses key support. It became newsmaker of the day when 1.4 billion MATIC tokens were transferred from MATIC’s vested contract. The crypto community was spooked by the MATIC move which resulted in selling pressure.
ETMarkets.comMATIC lost its key support level as 14% of the total supply was released from the vesting contract which was clarified by the founder of Polygon as a pre-planned move.
The current price of MATCI is below $1 but it needs to break above $1.2 or find an even higher support level beyond $1.5 or else there are chances of investors leaving their positions to minimize losses.
(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.)
