New Delhi: Major cryptocurrencies lacked strong action on Monday after a sharp rise in the recent weekend. However, most of them were trading in red as investors turned cautious.
The global crypto market cap inched up marginally, hovering near $2.5 trillion compared to the last day. However, the total crypto market volume eased 4 per cent to $87.71 billion.
Bitcoin’s consolidation over the past few days have made investors hopeful of a higher move pretty soon as BTC surpassed the $62,000 mark over the past 24 hours, said Edul Patel, CEO and co-founder, Mudrex.
“The rest of the cryptocurrency market remain watchful of the moves in BTC and ETH. The coming 24 hours are likely to be volatile for the crypto spectrum,” he added.
Over the weekend, the US’s Securities and Exchange Commission approved the first US bitcoin futures exchange-traded funds which will be launched today. This is a watershed moment for crypto, said CoinDCX Research Team.
“Other virtual currencies responded favourably as well, with Ethereum nearly reaching US$4,000 and Solana trading in the greens over the weekend. The launch of bitcoin futures ETFs will open crypto to a wider investor base, especially to crypto novices looking to enter the crypto market,” it added.
Cryptocurrencies are waiting to explode in India and Ashish Singhal, Co-founder and CEO of leading crypto exchange CoinSwitch Kuber, aims to onboard at least 50 million users from India in the next two years, educating them around crypto investments and helping them create wealth.
In hundreds of India’s small cities and towns, a generation that has hardly had any experience with stocks and bonds is heading straight for Bitcoin, Ethereum, Cardano and Solana. The average age of the 11 million users of CoinSwitch Kuber, a cryptocurrency trading app that didn’t exist 18 months ago, is 25, and 55% of them are from outside large metropolises like New Delhi or Mumbai.
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