The global cryptocurrency market cap lost 2% to $2.03 trillion. Meanwhile, the total market volume surged by nearly 1% to $101.85 billion.
The downside trend in the crypto space resumes following a brief pause, Bitcoin erasing gains accumulated over the past days. Alternative tokens, as always, mimicked price trends by the leading crypto.
The recent fall in United States tech stocks appeared to weigh o traders’ sentiment. Fears about rate hikes emerged again as some leading international events ruined the positive outlook further.
Excluding Polkadot and the dollar-tied USDC, the remaining assets in the top ten crypto-list traded lower in Friday’s early hours. Cardano lost more than 5% as BTC and Ether led the southward journey. The global cryptocurrency market cap hovered at $2.03 trillion, following a 2% drop. On the other side, the overall crypto market volume surged by a mere percent, standing at $101.85 billion.
India Market Update
The GIFT City in India might launch the first crypto ETH in the Asian region this year. That comes after the United States securities watchdog SEC approved crypto futures exchange-traded fund in the US. That shows interest in crypto by the nation, despite negative sentiment by some officials on the impending cryptocurrency bill.
Global News
The media report highlights that Pakistan’s central bank recommended a blanket ban on crypto and other associated activities in the nation. That comes some days after the high court ordered investigations on a digital fraud that accounted for $100 million.
The SHC (Sindh High Court) ordered the SBP (Stated Bank of Pakistan) to formulate a committee to investigate the fraud after the scam news went public.
Meanwhile, the leading crypto exchange Coinbase revealed its plans to buy FairX, a cryptocurrency futures exchange. That comes as Coinbase plans to introduce cryptocurrency derivatives to United States traders.
Expert View
Mudrex’s CEO Edu Patel said that the crypto market might end this week with a downbeat after consolidating within the previous day. He added that most top tokens saw marginal drops as BTC dominance plunged beneath 40%. Meanwhile, Near Protocol and Dogecoin displayed modest gains in the top twenty crypto-list.
Stay tuned for the latest developments in the cryptocurrency world.
