On the technical front, Bitcoin might be undervalued, but the macroeconomic environment is still so sketchy that investors might not want to hop in just yet, said analysts.
Barring Bitcoin, Ethereum and Dogecoin, which posted mild gains, all other crypto tokens were trading lower. Uniswap plunged about 4 per cent. Polkadot, Cardano and Solana tumbled 3 per cent each.
The global cryptocurrency market cap was trading flat at $915.30 billion, almost unchanged in the last 24 hours. However, the total trading volume shed more than a per cent to $44.32 billion.
Expert take
Edul Patel, CEO and co-founder, Mudrex, said that Bitcoin rebounded at a key point of support after a two-day losing streak. “As bulls have become active in the market, we might see Bitcoin touching $19,600 in the coming days,” he said
On the other hand, Ethereum is trading very close to its local resistance level at $1,295. If the bulls can hold gains, ETH might likely rise to the $1,300 level, he added.
Global Updates
Axie Infinity, which experienced a meteoric rise in popularity last year as one of the first crypto-focused computer games, could face significant selling pressure as $215 million worth of the project’s AXS tokens are unlocked in the coming days.
Publicly traded crypto exchange Coinbase will waive commission fees for USD coin sales and purchases made in any fiat currency in a push to promote the wider global adoption of its stablecoin, it said in a blog post.
Stablecoins could have such a profound effect on the established banking system that U.S. regulators need to require the digital tokens fit in without disrupting it, said Martin Gruenberg, the acting chairman of the Federal Deposit Insurance Corp.
Crypto exchange Binance denied allegations of misusing its users’ token holdings to exercise voting power on the Uniswap decentralized autonomous organization.
NFT marketplace Rarible has released a feature-packed update to its ecosystem called Rarible 2, which transforms the platform into an aggregated NFT marketplace and introduces the RARI Foundation and new RARI governance token rewards.
Finance can never become truly decentralized, a member of the Bank of England’s financial stability committee has said, citing an unfair advantage for insiders and the need to respond to unforeseen events.
Tech view by BuyUcoin cryptocurrency exchange
The Quant token (QNT) made it to the list of the top 30 crypto assets with its latest dream run. The QNT token is among the best-performing crypto assets in recent times and is currently trading at $178.96 with a healthy growth of over 7% in the last 7 days.
The prospects of QNT look promising as it’s over ledger technology which is being looked at by central banks around the globe for their CBDC operations. The current rise of CBDCs will create more growth prospects for QNT and it can be looked at as a long-term investment option based on the risk appetite of investors.
