With investor confidence in cryptocurrencies falling following the collapse of Sam Bankman-Fried’s FTX exchange, the total market capitalization of digital assets fell below $800 billion this month. , a level not seen since the start of 2021.
Top crypto tokens were trading on a mixed note. Solana fell more than 3%, while Tron was down 2%. XRP rose more than 2%, while Bitcoin also saw similar gains.
The global cryptocurrency market capitalization traded at around $841 billion, up around 1% in the past 24 hours. However, the total trading volume fell by more than 12% to $52.62 billion.
The Bahamas Securities Commission announced that it had ordered the transfer of the contents of FTX crypto wallets to government-controlled wallets the previous Saturday. Crypto exchange FTX plummeted dramatically into bankruptcy last week as confidence in its accounting for billions of dollars in assets disappeared.
Funding rates have turned positive for bitcoin in an early, albeit promising, sign that market sentiment is turning positive. Derivatives markets are showing some signs of hope, but only slightly.
UK lawmakers were disappointed after Binance sent them a series of press articles about the collapse of rival crypto exchange FTX last week after requesting documents detailing the company’s role in the process.
Alameda Research, the crypto hedge fund at the center of Sam Bankman-Fried and FTX’s downfall, had a “secret exemption” from the crypto exchange’s liquidation proceedings, according to bankruptcy filings.
Expert opinion: Edul Patel, Mudrex
Bitcoin traded sideways above the $16,800 level. It is trading near the two-year low price zone. It is likely that the losses extend to the lower mark from which a significant recovery or rebound is possible.
Ethereum price held above the $1,000 psychological support level. This could be strong support if it can establish itself above the resistance at $1,350. However, if the pressure continues, we could see a drop to $1,100.
Technical view by BuyUcoin cryptocurrency exchange
Chiliz (CHZ) is up over 20% in seven days, making it one of the best performing crypto assets in the current week.
CHZ is primarily deployed for sports tokens for fan engagement and with the FIFA season approaching, we can expect the token’s growth momentum to continue.
CHZ has created partnerships with sports heavyweights like FC Barcelona and Manchester City, which promises more mass use cases for the native token. The future of the token will largely depend on the mass adoption of fan-based sports NFTs.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)