Bitcoin breached $20,000 level whereas Ethereum held above $1,000. The major cryptos have wiped off the gains they incurred in the last five years.
Barring the stablecoins, all of the crypto tokens were trading with gains on Monday. Dogecoin zoomed about 13 per cent, whereas Ethereum was trading 12 per cent up. Bitcoin, Solana, Avavalance and Shiba Inu gained 6-8 per cent each.
The global cryptocurrency market cap moved up to the $885.71 billion mark, rising more than 7 per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged about 11 per cent to $79.09 billion.
What’s cooking in India
Indian crypto investors continued to be under stress, anticipating that the worst may not be over for the crypto market, which recorded one of the worst crashes in the history of digital assets in the past week and wiped off a few hundred crores from the Indian crypto market.
Expert take
Bitcoin and Ethereum have fallen by almost 20 per cent in the last few days as the former tested $19,000 levels, whereas the latter breached the $1,000 mark, said WazirX Trade Desk.
“The reason behind this fall is mainly the recent hike in the interest rates by 0.75 percentage point,” it added. “The Federal Reserve launched its most aggressive anti-inflationary campaign, reducing the appeal of riskier assets.”
