According to the minutes of their last meeting, published on Wednesday, US Federal Reserve officials indicated that they would have to raise interest rates by 0.5 percent at each of their next two meetings.
With the exception of stablecoins Tether and Tron, major cryptocurrencies were lower on Thursday. Avalanches exceeded 5 percent and then Solana and Polkadot dropped by 4 percent. Ethereum was down 3 percent.
The global market value of cryptocurrencies was lower at $ 1.26 trillion, down more than 2 percent in the last 24 hours. On the other hand, the total volume of cryptocurrencies decreased by up to 4 percent to $ 69.12 billion.
What is cooking in India
CoinTracker announced on Wednesday its entry into the Indian market for cryptocurrencies and tax compliance.
This measure by the company also prevents the government from imposing a 30 percent tax on such transactions as of 1 April.
The Fed’s recent opening to be agile when it comes to economic policy caused stock markets to rise this morning, although the cryptocurrency remained very strong, said the CoinDCX research team.
“Lack of economic incentives and persistent inflation have led many to believe that the recession is around the corner, as funds are cautious and conservative in allocating additional capital,” she added.
Market corrections do not always have to be negative – they can also be healthy in resetting market prices and investors’ expectations within the long term market progress.
Darshan Bathija, founder and CEO of Vauld, said the US Federal Reserve published minutes of its committee meeting; “We can expect a 50-point interest rate that is likely to be at the next meetings. This step is taken in response to inflation concerns.
Bitcoin continued to show little volatility and moved aside for the most part, he added. “Controversial views on the price impact of the merger will probably be silenced due to larger macroeconomic conditions.
Creating an official digital version of the US dollar could help ensure the stability of the financial system, as cryptocurrencies and digital currencies developed by other countries are becoming increasingly popular, said Lael Brainard, the central bank’s deputy chairman.
Ukraine, hit by a three-month war, plans to continue contacting cryptocurrency investors to help raise funds after a fall in prices disrupted the country’s fundraising efforts in May.
Scott Minerd, chief investment officer of Guggenheim Investments, has not been shy in predicting bitcoin (BTC) prices in recent years.
Hot of a splashing rebrand in February, Ignite (formerly Tendermint), the company that was originally behind the Cosmos blockchain ecosystem, has announced that it is split into two units: Ignite and NewTendermint.
A picture of the Terra blockchain is expected to take place later this week for the launch of “Terra 2.0,” the so-called revival of the Terra ecosystem following the crash of the terraUSD (UST) algorithm stablecoin earlier this month.
Tech View by Giottus Crypto Exchange
Axie Infinity Shards (AXS) is the control symbol of the popular crypto-meets-Pokemon game Axie infinity. AXS is an ERC-20 symbol where holders can claim prizes for paying for the game, placing their symbols and participating in the board.
Despite being a high-performing cryptocurrency in 2021, it has lost over 85% of its value since the beginning of 2022. AXS lost a significant long-term support line at $ 38 at the end of April and has lost 46% of its value since.
The symbol has made several attempts to recover from the fall in May, creating some lower elevations to eventually move to the side in a narrow field and form a rising triangle. On May 23, AXS lost another support search line at $ 21.4 and appears to have broken out of the triangle in a downturn.
The AXS price was rejected at the .238 retracement level ($ 21.5) yesterday, which now acts as a short-term resistance. AXS would have to break past the $ 23 psychological resistance to put the brakes on further disadvantages. On the other hand, if there is a continuing disadvantage, it would need to test support at $ 16.40.
Resistance: $ 21.5, $ 24.6, $ 27.0
Support: $ 20.0, $ 16.4
(The opinions and recommendations given in this section are your own analysts and do not represent ETMarkets.com. Please consult your financial advisor before taking a position on the property (s) mentioned.)
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