Bitcoin has declined slightly but continues to rise above $ 20,000, but Ethereum is also under some pressure. Market experts look for volatility in the crypto market to continue in the near term.
Top tokens in the crypto cart were trading mixed on Wednesday. Memecoins such as Shiba Inu increased by 21 per cent while Dogcoin rose by 8 per cent. Cardano and Polkadot fell 4 percent.
The global cryptocurrency market cap trades around the $ 900 billion mark, down less than a percentage point in the last 24 hours. However, the total cryptocurrency trading volume fell by a mere $ 70.75 billion.
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According to a report by Global Job Portal, job postings of cryptocurrency, blockchain and NFT grew by 804 per cent between April 2020 and April 2022. It also exposed the acceleration of market demand. In 2022, the increase will be 315 per cent.
The Kovid-19 pandemic has fast-tracked the adoption of technology across functions in India, with technology professionals in greater demand than ever before, particularly with new areas such as cryptocurrency, NFTs and blockchain, the report showed.
Most crypto assets are trading in green, but the current rally cannot bring bullocks back to market due to fears of a recession in the financial markets, said Tarusha Mittal, COO and cofounder of Uniform.
“With macroeconomic conditions unfavorable, investor interest in tech stocks and tech-based crypto assets has dried up. The hackish stance taken by the Fed will keep investors on their toes in the coming weeks,” he said.
After the BTC price fell below $ 20,000, there was a misconception that Binance had bought Bitcoin but that was not the case, the WazirX Trade Desk said. The CEO of Binance tweeted that the balance of Bitcoin is increasing as the number of users depositing in Binance has increased.
– As the price of Bitcoin plummeted from 2020 last week, investors have trimmed their positions in funds designed to benefit from further declines in cryptocurrency, the CoinShare report suggested.
– Bitcoin Miner Bitfarms sold minus half the cryptocurrency for about $ 62 million last week to minimize debt as miners experience a squeeze on the crypto market.
– Crypto Lending Platform has announced that it has secured a $ 250 million revolving credit facility from Blackfi FTX, Blockfi CEO Zach Prince said in a tweet on Tuesday.
– Magic Eden, the leading non-fungible token (NFT) market in Solana, has raised $ 130 million in a Series B funding round co-led by Electric Capital and GreyLock.
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DOGE has returned to the Top 10 crypto token list following Elon Musk’s recent statement. The popular meme coin dog has risen more than 20 percent since the world’s richest man, Elon Musk, said in an interview with Bloomberg that he would continue to support the dog.
DOGE has a market cap of $ 8.8 billion. Dogecoin’s rally is largely driven by Breaking News and support tweets by Elon Musk. It is difficult to say how long this momentum will last.
Since DOGE was originally designed as a payment medium, there is a need to find a real-world use case. The rally in the meme coin space is expected to be short-lived as it is not driven by strong fundamentals.
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