New Delhi: Major cryptocurrencies bled on Monday, thanks to a strong inflow of negative updates across the globe. Investors turned cautious over another meltdown in the crypto cart.
Barring stablecoins, eight out of the top 10 cryptocurrencies were trading lower at 9.30 hours IST. Solana tanked as much as 12 percent, whereas Cardano and XRP gave up over 8 percent each.
The global crypto market cap tanked up to 6 percent to $2.02 trillion compared to the last day. However, the total crypto market volume gained as much as 4 percent to $91.91 billion.
“The past 24 hours were relatively quiet for the cryptocurrency market. As institutional investors become more active progressing into the new week, we would likely witness more volatility. Crypto bluechips faced minor profit booking over the weekend,” said Edul Patel, CEO, and Co-founder of Mudrex.
In the meantime, US officials are examining possible insider trading and market manipulation at Binance, Bloomberg News reported, potentially adding more heat to the cryptocurrency exchange that has become a target of regulatory scrutiny in many countries
Source: Economic Times