The US Commerce Department report confirmed that the world’s largest economy was in recession by the traditional definition of two consecutive quarters of negative GDP, weighing on sentiment on Wall Street.
Cryptocurrency tokens traded mixed on Friday. Ethereum and Bitcoin are down slightly, while XRP is up 9 percent. Polkadot gained more than 4 percent, followed by a 2 percent rise in Polygon and Solana.
The global cryptocurrency market cap traded marginally higher at $942.84 billion, up less than a percentage point in the past 24 hours. However, total trading volume fell by as much as 16 percent, near $69.93 billion.
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The Enforcement Department (ED) has frozen Rs 21.14 crore from online forex trading app OctaFX and related entities in various bank accounts after conducting searches on its premises due to allegations that the private company’s activity was in contravention of the Foreign Exchange Management Act (FEMA).
The agency reported that a large part of the fraudulent amount was used to purchase cryptocurrency and assets through M/s Zanmai Labs, the parent company of crypto exchange WazirX.
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Idol Patel, CEO and co-founder, Mudrex, said Bitcoin showed signs of recovery on Thursday by trading higher after a massive sell-off. However, it failed to hold above the $20,000 level in its two previous attempts.
He added that volatility has increased in recent weeks, and market participants have responded to rising inflation and fluctuations in the US dollar.
Tarusha Mittal, Chief Operating Officer and Co-Founder, UniFarm said that the total market capitalization of cryptocurrencies remained below the $1 trillion mark as most crypto assets, including bitcoin and ether, remained flat during daily trading.
Micro-retail payments in Sub-Saharan Africa are driving exceptional crypto adoption and use, with the region making the world’s highest percentage of retail payments for cryptocurrency under $1,000, according to Chainalysis.
Crypto exchange Bittrex, custodian BitGo, and six other companies have joined the Crypto Market Integrity Coalition, a self-regulatory organization that aims to combat manipulation in the crypto market.
WonderFi Technologies plans to offer stock trading to clients through a cryptocurrency exchange, Bitbuy. It will offer trading and micro-investments in thousands of US stocks, listed securities and ETFs.
Crypto exchange Binance said that customers can now join a mining pool for ETHW, the forked version of Ethereum that maintains the blockchain’s original Proof of Work foundations.
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MATIC, the original token of the Polygon network, has seen a jump of over 4% in the past 24 hours. Polygon is built on the Ethereum network and the success of the merger has raised hopes for networks similar to the Polygon network.
Investors are looking at Polygon with a lot of positivity and MATIC is one of the very few coins to go against the current crypto market downward wave.
MATIC fundamentals look really strong and price momentum may continue if the macroeconomic factors surrounding the financial markets show signs of improvement.
(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own. These do not represent the views of the economist)
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