The polygon drops by 3%; Bitcoin, Ethereum and Solana drop 1% each

New Delhi: Crypto tokens posted gains as traders tempered bets that the Federal Reserve would raise interest rates by 100 basis points in a bid to rein in rising prices.

Higher interest rates would make riskier assets like cryptocurrencies and stocks less attractive as investments. However, the top crypto token – Bitcoin – continued to trade above the $20,000 mark.

With the exception of XRP, all other major crypto tokens were trading higher on Friday, but gains were capped. Ethereum, BNB, Dogecoin, Shiba Inu gained up to 1% each.



The global cryptocurrency market cap traded higher at $927.24 billion, rising more than 3% in the past 24 hours. Meanwhile, total cryptocurrency trading volume increased by around 3% to $76.70 billion.

Expert grip
Bitcoin bounced off the $20,000 level after bulls pushed the coin higher, said Edul Patel, CEO and co-founder of Mudrex.

“Ethereum outperformed Bitcoin by posting a 10% increase in the last session after its Shadow Fork 9 went live before the merger,” he added. “We could probably see this trend for another 24 hours.”

Global Updates

  • The cost of producing bitcoin (BTC) has fallen to around $13,000 from around $20,000 in early June as miners battle the bear market and mining efficiency increases, according to the bank. JPMorgan investment.

  • Plaid, an online platform that aggregates users’ financial information, said it is expanding its reach to include cryptocurrency exchange accounts, starting with Finance.US, Kraken and Gemini.

  • Circle Internet Financial released a detailed – albeit unaudited – breakdown of its reserve assets for the company’s USD coin, which listed $42.1 billion in short-term US government bonds and $13.6 billion in dollars in cash.

  • NFT marketplace OpenSea has laid off around 20% of its staff, CEO Devin Finzer announced in a tweet. OpenSea joins a number of crypto firms, many exchanges, that have laid off staff or halted hiring in recent months.

  • Uniswap’s UNI jumped almost 20% in the last 24-hour period after broker Robinhood Markets added the token to its crypto trading platform.

  • Bankrupt cryptocurrency lending platform Voyager Digital more than tripled in three days. According to one observer, the movement appears to be driven by a short squeeze.

  • Physical crypto futures exchange CoinFLEX now allows customers to withdraw 10% of their account balance, excluding its stablecoin flexUSD.

  • Web3 gaming company UnCaged Studios has raised $24 million in a Series A equity funding round, with participation from Griffin Gaming Partners, Vgames, Maverick Ventures Israel, Drive by DraftKings and 6th Man Ventures.

Technical view by BuyUcoin cryptocurrency exchange
Celsius (CEL) took a nose dive on news of bankruptcy. CEL, the native token of troubled crypto lender Celsius, is down 58%.

CEL had hit an all-time high of $8 in 2021 and is currently trading below the $1 mark. After the crypto lender announced a withdrawal freeze, sentiment around the token shifted to the negative side.

AND CONTRIBUTORS

It is very difficult to predict whether CEL will experience an upward trend anytime soon, but the crypto community will be watching the bankruptcy process closely to see if retail investors can secure their investments in Celsius. Investors should avoid investing in a falling knife.

(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)

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