The latest slide in the US tech stocks weighed on the sentiments of traders. The fears of a rate hike again spooked the market while some big international events further added to the woes.
Barring the dollar pegged USD Coin and Polkadot, all other eight out of top-10 digital tokens were trading lower during early trade on Friday. Cardano tanked over 5 percent. Bitcoin and Ethereum led the way southwards.
The global crypto market cap was down by 2 per cent to $2.03 trillion mark compared to the last day. The total crypto market volume increased merely by a per cent to $101.84 billion.
What’s cooking in India
Asia’s first cryptocurrency exchange-traded fund (ETF) could be launched in India’s GIFT City this year. The development comes after the US securities regulator SEC in October 2021 allowed launch of a crypto futures ETF, the first such in the US.
Torus Kling Blockchain IFSC, a joint venture between Mumbai-based Cosmea Financial Holdings and Hyderabad-based Kling Trading India, has signed an MoU with BSE’s international arm India INX to launch digital asset-based products, which will be traded on GIFT City’s IFSC.
Global updates
A panel of Pakistan’s central bank has recommended a complete ban on cryptocurrency and other related activities in the country, according to a media report, days after a top court ordered a probe into a $100-million digital currency fraud.
After the scam became public, the Sindh High Court (SHC) directed the State Bank of Pakistan (SBP) to constitute a committee under the bank’s Deputy Governor to probe the fraud.
In other news, major cryptocurrency exchange Coinbase said it is buying a crypto futures exchange, FairX, as part of a move to offer crypto derivatives to traders in the United States.
FairX, which was launched last year, is the operating name of LMX Labs. It sells futures products and is regulated by the U.S. Commodity Futures Trading Commission (CFTC).
Expert take
The cryptocurrency market would likely end the week on a slow note after being in a consolidation mode over the past 24 hours, said Edul Patel, CEO and Co-founder of Mudrex.
“Most of the top cryptocurrencies fell marginally lower, with Bitcoin dominance going below 40%. Among the top 20 cryptocurrencies, Dogecoin and Near Protocol showed modest gains,” he added.
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