Most crypto tokens have dropped up to 20 per cent in the last one week, following the release of US FOMC minutes, suggesting the bank would maintain its current inflation prescription of 75-basis point, interest rate hikes.
Solana topped among the losers followed by Shiba Inu with a 2 per cent cut, whereas Cardani and Ethereum posted similar gains each. The global cryptocurrency market cap was trading marginally higher at the $1.02 trillion mark, almost unchanged in the last 24 hours. However, the total trading volume rallied over 18 per cent, close to $70.62 billion.
What’s cooking in India
The interconnectedness between Indian equities market and crypto assets has increased nearly tenfold since the advent of the Covid-19 pandemic, the International Monetary Fund observed in a blog post and flagged the attendant risks.
It said that in the past few years Asian countries led by India, Vietnam and Thailand witnessed a steep rise in crypto ownership, leading to a scenario where the correlation between equity performance and crypto asset performance had increased.
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