The global economy was gloomy as the US announced a small dip in weekly jobless claims just a few hours after the Bank of England boosted its interest rate by a jumbo-sized 75 basis points, matching recent hikes by the Fed.
Top crypto tokens were trading mixed. After a stellar rally, Dogecoin tanked 10% and Shiba Inu dropped 3%. Whereas, Polygon rose 14% and BNB gained 4%.
The global cryptocurrency market cap was trading flat at the $1.01 trillion mark, dropping marginally, less than a per cent in the last 24 hours. However, the total trading volume tanked more than 22% to $79.80 billion.
Edul Patel, CEO and co-founder of Mudrex, said that most cryptocurrencies traded sideways in the past 24 hours after the Federal Reserve decided to increase the interest rate.
“For the past few days, Bitcoin has been changing hands above the $20,000 level. If the bulls lose this key support level, we might see a bearish trend by the weekend,” he added.
What’s cooking in India
India’s crypto industry has formed a new advocacy body almost four months after the previous one was disbanded under cloudy circumstances, according to an announcement on Thursday.
The body will be called Bharat Web3 Association (BWA), a shift in branding toward Web3 from the earlier Blockchain and Crypto Assets Council (BACC).
Binance Holding’s Chief Executive Officer Zhao “CZ” Changpeng said India’s onerous taxes on cryptocurrency transactions will probably “kill the industry” there.
“India has high tax which is probably going to kill the industry,” Zhao said in livestreamed remarks during a panel at a fintech conference in Singapore.
Play-To-Earn NFT Metaverse project, Trace raised over US $3 million in a closed round of seed investments through private investments by HNI investors. Trace also raised an additional $500,000 through NFT sales.
The US Financial Accounting Standards Board (FASB) member Frederick Cannon said on Thursday that he supports recording companies’ crypto gains and losses as part of their net income, according to a Bloomberg report.
Japan’s Digital Ministry is to create a decentralized autonomous organization (DAO) to further its exploration of Web3 technology.
Financial services giant Fidelity Investments has opened the waiting list for Fidelity Crypto, its crypto product aimed at retail customers. Tech view by BuyUcoin cryptocurrency exchange
MATIC, the native token of the polygon network, has been on an upward trajectory since the news about Meta choosing polygon as their partner for their NFT offering.
The Meta’s NFT offering will enable the platform users to display and sell their digital collectibles. Top brands like Disney and Starbucks have already partnered with Polygon.
The MATIC price is up by 20% in the past 7 days and the trend is expected to continue in the coming months. MATIC has strong fundamentals with a highly competent team which will ensure healthy growth of the token in the future, suggested experts.
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