In New Delhi, crypto continued to fall on Monday because of inflationary fears caused by the war between Russia and Ukraine. The pain in altcoins was even worse than before.
As bad news kept coming out last week, even the faintest hopes of a resolution were dashed. Artillery and rocket fire from Russian forces hit a lot of other big Ukrainian cities.
They all lost money, with Terra down more than 10% and Solana and Avalanche each down 8%. XRP and Ethereum lost up to 6%.
In the last 24 hours, the global cryptocurrency market cap has dropped more than 4%. It’s now down to $1.71 trillion. The total amount of money traded in cryptocurrencies went up by more than 25% to $67.11 billion.
Crypto’s Largest Digital Asset Manager
When it comes to managing digital assets, Grayscale is a big player. It has a lot of trusts that deal with cryptocurrencies, from Bitcoin to an altcoin like Livepeer.
When it comes to institutional investors, the Bitcoin Trust from Grayscale is a good sign that they’re interested in digital assets, says WazirX Trade Desk. The fund alone is a good sign, though.
At the end of February, about $140 million was put into GBTC (Grayscale Bitcoin Trust). As the markets are in a state of fear, this statement has more weight.
If a lot of institutions are interested in digital assets when the fear and greed index is at extreme fear, that’s a good sign for the digital assets space.
Updates on a Global Scale
Just a few days ago, Mawson Infrastructure Group Inc. (MIGI), an Australian bitcoin mining company, signed a 100-megawatt (MW) co-location deal with Celsius Mining. MIGI has now signed a 12-megawatt (MW) hosting deal with Foundry Digital.
While the start of the next Major League Baseball (MLB) season is still in question, trading card company Topps is going ahead with its sales of baseball-themed non-fungible tokens (NFT).
Technology Opinion by Proassetz Exchange
Bitcoin tried again to get to $45,000 last week, but it didn’t work. This level had been a support in December 2021, when the first part of the decline began. There were at least two attempts by BTC bulls to break through the level that was decisively broken in early January. They were stopped by the level.
This also means that there is a lot of risk on the other side. As of now, there is some support at $37,000, but downtrends are very likely to break through support zones. Pull back until $42,000 and $45,000 will be good places to sell this week.
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