Barring stablecoins, eight out of top 10 cryptocurrencies were trading lower at 9.30 hours IST. Solana tanked as much as 12 per cent, whereas Cardano and XRP gave up over 8 per cent each.
The global crypto market cap tanked up to 6 per cent to $2.02 trillion compared to the last day. However, the total crypto market volume gained as much as 4 per cent to $91.91 billion.
“The past 24 hours were relatively quiet for the cryptocurrency market. As institutional investors become more active progressing into the new week, we would likely witness more volatility. Crypto bluechips faced minor profit booking over the weekend,” said Edul Patel, CEO and Co-founder of Mudrex.
In the meantime, US officials are examining possible insider trading and market manipulation at Binance, Bloomberg News reported, potentially adding more heat to the cryptocurrency exchange that has become a target of regulatory scrutiny in many countries.
