Excluding Terra and Dogecoin, all altcoins traded with losses. The original meme coin, DOGE, gained 7%, while Avalanche saw a similar percentage loss. Ethereum, Cardano, and Solana dropped 5% each.
A hawkish stance from Fed Reserve ruins sentiments within the cryptocurrency market as digital tokens saw massive plummets over the past couple of hours. Also, unsettling updates from Ukraine added to the digital coins woes. Moreover, muted sentiments within the equity market battered the crypto space, which took a blow awaiting Fed’s aggressive approach.
Cryptocurrency trading gained momentum, with volumes hovering at $100 billion regardless of the economic uncertainty and cautious stance amid the Russia-Ukraine conflict. Excluding Terra and Dogecoin, all alts exhibited losses. Dogecoin surged approximately 7%, while Avalanche suffered a 7% drop. Meanwhile, Ethereum, Cardano, and Solana lost 5% each.
The global crypto market capitalization fell to $2.09 trillion, following a 3.44% loss within the previous 24 hours. On the other side, the total crypto trading volume gained up to 4% to $111.16 billion.
Crypto funds enticed inflows for the 2nd successive week, with almost all new investments heading to European funds. Digital asset fund witnessed $180 million worth of net inflows within a week through 1 April, according to Monday’s CoinShares report.
Expert View
WazirX Trade Desk stated that BTC sees buying frenzy. Terra started with over $1 billion BTC buy. Michael Saylor followed with another 4,167 BTCs buy for nearly $190.5 million. Terra holds around 30,000 BTC, and it might have a lot to do to challenge MicroStrategy’s 129,219 BTC holding. Analysts expect positive reactions from the market, but volatility remained faded.
Global News
United Kingdom’s Finance Ministry revealed plans to regulate stablecoins and transform the UK into a crypto technology global hub.
Amid news about Tesla CEO’s public disclosure of a 9.2% ($3 Billion) Twitter stake, Elon Musk criticized the social media platform for failure to ensure free speech. Musk added that he was planning to introduce a new social media site.
Bitcoin traded with a 3.06% overnight loss at $45,289. Analysts urge market players to remain patient before the market rethinks decisive directions. Stay tuned for upcoming crypto updates.