New Delhi: Major crypto tokens were trading with minor cuts on Wednesday as the market sentiments remain bearish and investors wary of the riskier asset classes. However, stablecoins were on the radar after Terra fiasco.
Cryptos tracked equity markets to log muted gains following encouraging US retail spending and industrial production reports. Barring the US Dollar pegged stablecoins, all the tokens were trading lower on Wednesday. Polkadot dropped 4 per cent, followed by a 2 per cent fall in Bitcoin, Cardano and Avalanche each.
The global cryptocurrency market cap was trading lower at the $1.29 trillion mark, dropping about a per cent in the last 24 hours. However, the total cryptocurrency trading volume tumbled more than 11 per cent to $77.72 billion.
What’s cooking in India
Celebrities should be “circumspect” while featuring in cryptocurrency-related advertising, since crypto is an unregulated product in India, the Advertising Standards Council of India (ASCI) said.
Crypto trading platform WazirX released the second edition of its semiannual ‘Transparency Report’ for October 2021 – March 2022 period, which provides an overview of initiatives and partnerships that the company took in the last 6 months to safeguard investors’ interest from its end.
Expert take
Do kwon proposes to fork into “Terra”, a new chain without algorithmic stablecoin “UST” and will primarily focus on DiFi protocols only, which was their other selling point besides the stablecoins, and the old chain would be “Terra Classic”, said WazirX Trade Desk in its morning note.
“Both chains will coexist just like how Ethereum and Ethereum classic exist. The new Luna tokens will be airdropped to Luna classic holders, stakers, and app developers of Terra Classic,” it added.
Global updates
- Blockchain investment firm Digital Ventures is raising $100 million for a digital asset fund with an altcoin focus that aims to bridge the gap between traditional and decentralized finance (DeFi). The fund requires clients to have at least a $2.5 million net worth to invest.
- Venture capital firm Andreessen Horowitz (a16z) has released its inaugural ‘State of Crypto’ report that includes cyclical information relevant to the current downturn, according to a CoinDesk report.
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