Cryptocurrency markets have been going through a choppy phase over the past few weeks. Bitcoin plateaued around $30,000 and Ether also moved back and forth between $1,700 and $1,800. However, experts in the crypto world consider the decline to be temporary and mild.
Crypto markets have also slowed in the past 24 hours. Global market capitalization fell to $1.23 trillion after falling 0.30%. This is how the top tokens have fared over the past 24 hours, according to data from CoinMarketCap.
Bitcoin is 0.68% lower and is currently trading at $29,992. Ethereum has been trending lower and is currently trading at $1,784 after falling 0.50%.
The value of USDT Tether has increased by 0.01% in the last 24 hours. While USDC stablecoins trended down 0.03% and held their parity at $1.
The BNB token is currently 0.58% higher. Ripple’s XRP is also falling. In the previous twenty-four hours, it fell by 0.22%.
The ADA token posted a decline of 1.11%. Dogecoin was down 0.40%. Over the past 24 hours, positions for the majority of major cryptocurrencies have declined.
Charles Tan, Chief Marketing Officer, Atato, a licensed MPC crypto custodian wallet, spoke to Business Today about the various reasons behind the choppy sentiment in the markets.
He said: “The decision by European banks to raise interest rates has spooked global financial markets, including crypto markets. The overall crypto market cap is $1.23 trillion, which is a slight decrease from the previous day.
He also said, “Total crypto volume took a major hit and declined by more than 26%, showing a reduction in risk appetite among investors.”
Speaking of the top tokens, he said, “Bitcoin, the oldest cryptocurrency in the world, is struggling to stay above the $30,000 mark due to selling pressure. Ether also slipped below $1,800 and is down almost 2.5%. Solana and DOT traded green and saw a nearly 2% jump.”
Finally, when asked what to expect in the coming days, Tan said: “If central banks around the world continue to raise interest rates, we could see a deeper sell-off in the market. crypto market in the coming weeks.”
The CoinDCX research team told Business Today, “Crypto fell on Thursday, with Bitcoin and Ethereum falling as US Treasury yields rose.”
They always have a positive outlook, unlike our other expert. They said: ‘The decline, however, appears relatively subdued compared to previous bear markets, possibly due to exhaustion from fringe sellers and a gradual easing of regulatory concerns.’
They further added, “With a significant amount of institutional capital continuing to flow into the crypto space, this can potentially be seen as a reversal of the negative sentiment so prevalent.”
Speaking about their outlook for the near future, they said, “As we enter the second half of 2022, we continue to be optimistic about crypto and Web3 adoption as technology continuously evolves to meet the challenges. existing challenges in the financial sector”.
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