Despite the recovery, major crypto tokens failed to break past the key psychological levels. The crypto market is still in the bear phase, with no end in sight, said experts.
The global cryptocurrency market cap was trading higher at the $1.29 trillion mark, jumping more than 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume rallied more than 28 per cent to $62.13 billion.
The Chinese govt had banned all crypto operations in China in mid of 2021. This resulted in a 50 per cent drop in hash rate, which led to miners migrating to different countries such as Kazakhstan and US, said WazirX Trade Desk.
“Data indicates that some of the miners are still operational which means that the operations have gone underground. Mining hash rate in top three countries is — United States at 37.84 per cent, China at 21.11 per cent, and Kazakhstan at 13.22 per cent.”
According to a core developer, the transition to proof-of-stake is scheduled to be completed in August. He also stated that the merging is complete and that they are currently in the testing phase.
- In the two weeks since Terra’s US dollar-pegged stablecoin terraUSD (UST) lost its peg, causing massive investor losses, billions of dollars have been taken out of the ecosystem.
- Former BitMEX CEO Arthur Hayes was sentenced to two years of probation, with home detention for six months and location monitoring, in a federal courthouse in New York.
- Hayes had pleaded guilty in February to charges he willfully failed to implement an anti-money laundering (AML) program at the exchange.
- Any drag on aggregate US spending from the recent decline in cryptocurrency market is likely to be very small, Goldman Sachs said. There’s also very limited scope for an increase in labor force participation because of the declines, it said.
- Over the past week, Fred Ehrsam purchased more than one million shares of Coinbase worth roughly $75 million, stepping in as the crypto exchange’s stock price plunged following the company’s weak earnings report.
Tech view by BuyUcoin cryptocurrency exchange:
Ethereum, after facing a sharp sell-off in the intermediary trend, has gone sideways and is now trading inside a wedge pattern or we can say it is trading inside a range. Its current trading range is $2050 – $1830.
There’s good support at $1580 and a breakout with volume can lead to more selloff, but currently, it is trading above that support, and a sharp bull run above $2200 can be seen if it breaks the current range.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)