Trading volumes remain light as investors assess mind-boggling economic situations and a substantial fall in equity markets. The global crypto market capitalizations saw a more than 1% surge to 41.63. Nevertheless, the market volume noted a nearly 36% drop to $83.93 billion.
The crypto spectrum noted a slight comeback as participants await the two-day Fed Reserve meeting to start on Tuesday. Excluding Solana, assets in the top ten traded with gains early on Monday. Meanwhile, SOL has lost approximately 65% of its price amid the latest sell-off.
Meanwhile, trading volumes remained lows as most investors assets the challenging economic conditions and significant plunge in equity markets. On the other side, the global cryptocurrency market cap saw around a 1% increase to $1.63. Contrarily, the crypto market volume plummeted by nearly 36% to $83.93 billion.
For now, cryptocurrency traders fear that Federal Reserve will ensure stiff monetary conditions in the coming few months. Remember, the policy has been somewhat loose since COVID emerged in 2020 March.
Expert’s View
WazirX Trade Desk stated the leading crypto, Bitcoin, tumbled over the recent sessions. However, the analysts believe it might be too early to term the cryptocurrency market dead. It added that the crypto market’s likelihood of dying remains unlikely. WazirX experts believe the falling price as fundamentals hold means an opportunity and not a threat.
Global Updates
Crypto.com founder Kris Marszalek had to respond on how his firm would restore users’ accounts after clients complained about problems with signing into their trading accounts after the network suffered a hack that left it $34 million in losses.
The 2nd-largest crypto project by market cap after Bitcoin becomes a dominant player, attracting top-notch investments in the space, from non-fungible tokens to decentralized finance. On the other side, Robinhood has declared starting to roll out cryptocurrency wallets to 1K clients.
Tech Outlook
Bitcoin trades between resistance at $42,712 to $39,810 and supports in $31,630 – $28,880 after the sharp fall saw it breaking below the $42,650 to $3970 support territory. Market players should avoid long positions until BITC presents clear reversal signs.
