The global crypto market cap hovers lower around the $1.88 trillion level, following marginal increases within the past 24 hours. On the other side, the overall crypto trading volume surged nearly 18% to $106.72 billion.
Top cryptos traded lower early on Friday following negative remarks from Fed Reserve, which plans massive rate hikes. Excluding dollar-tied USDC, major cryptocurrencies saw lows today. Solana dropped 4%, followed by a 3% decline in Ethereum, Bitcoin, Avalanche, LUNA, Dogecoin, and Binance Coin.
A bearish response dragged the global crypto market capitalization towards $1.88 trillion, following marginal upticks over the previous day. Meanwhile, the total crypto trading volume saw an approximately 18% upsurge to $106.72 billion.
Mudrex executive Edu Patel stated that stiff monetary regulations hit speculative assets such as crypto and stocks hard in 2022. He added that indicators display bullishness in the near term. Patel commented on Decred outperforming the crypto space with an approximately 14% upsurge, stating that DCR has no impressive rallying catalyst as the broad market remains down.
BitsAir founder Kunal Jagdale stated that a hawkish statement by Fed Chair Jerome Powel ruined sentiment within the crypto spectrum. Jagdale added that the United States central bank could be aggressive in fighting the surging inflation figures.
BitsAir CEO trusts higher costs related to borrowing and possible economic recession make safe havens attractive, and investors avoid risky products. He added that the overall sentiment remains optimistic.
OKX’s Tech View
Privacy token Monero (XMR) hasn’t slowed down since the late sessions of February. The alt saw a remarkable surge from 130 USDT to approximately 300 USDT today. Many market analysts see escalated sanctions against Russia as a potential push as users opt for privacy amid the shifting macro worldview.
Buyers control the Monero ecosystem as XMR approaches its previous resistance that triggered drops in October. While publishing this blog, Monero traded at $261.49, following a 1.72% surge within the past 24 hours. The alt stayed nearly 20% up over the last seven days.
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