Bitcoin, which has been falling since hitting all-time high, fell further 2 per cent. Ether followed suit, declining over 4 per cent. Solana and Avalanche were among the few gainers in the top 10 tokens.
The global crypto market cap declined by over 2 per cent to $2.36 trillion mark compared to the last day. However, the total crypto market volume zoomed about 5 per cent to $108.88 billion.
“Metaverse, and NFT gaming base cryptocurrencies had outperformed the crypto market last week, and they can continue to do so due to the massive rise of demand from the retail investors,” said Hitesh Malviya, founder, itsblockchain.com.
Meanwhile, top private banks are reaching out to customers who invest in cryptocurrencies and informing them about the risks associated with the asset class, even as the government is working on legislation to regulate digital currencies.
In the past two-three weeks, HDFC Bank, Axis and
have sent emails highlighting the risks to customers who are investing in crypto assets. Bankers said they are worried that such aggressive advertising by crypto exchanges could lure Indians into investing, without knowing the risks, in an asset class infamous for extreme price fluctuations.
On the other hand, El Salvador said it intends to issue the world’s first sovereign Bitcoin bonds and build Bitcoin City, which will be free of income, property and capital gains taxes, President Nayib Bukele announced in the beach town of Mizata to a crowd of cheering Bitcoin enthusiasts.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
