New Delhi: Crypto market was trading with mixed cues on Monday morning amid soft volumes. Crypto assets have correlated increasingly to macroeconomic trends, which have worsened over the past nine months.
Investors continued to find comfort in faint signs that the global economy was cooling and that the Federal Reserve might be able to tone down its monetary hawkishness later in the year, which boosted morale mildly.
Bitcoin and Ethereum dropped a per cent each, whereas Avalanche and Solana plunged 3-4 per cent each. Dogecoin zoomed 11 per cent and Tron gained 4 per cent.
The global cryptocurrency market cap was trading around $51 billion mark, dropping marginally in the last 24 hours. However, the total cryptocurrency trading volume zoomed more than 15 per cent to $57.19 billion.
What’s cooking in India
India’s largest digital assets exchanges are bracing for a drawn-out crypto winter — one with some unwelcome local twists.
With token prices plummeting, customers unable to transfer money to their accounts and a dreaded transaction tax on cryptocurrencies just around the corner, exchanges like WazirX have put expansion plans on the back burner.