Bitcoin was above the $20,000 level, while Ethereum managed to hold $1,500. The US economy grew 2.6% in the third quarter, a better than expected 2% growth.
With the exception of Uniswap and Tether pegged to the US dollar, all other
r top crypto tokens were trading lower. Cardano and Shiba Inu plunged 5% each, followed by Ethereum and Polygon, which lost 3% each.
The global cryptocurrency market cap fell below the $1 trillion mark to $980.18 billion, after falling more than 2% in the past 24 hours. However, total trading volume fell 13% to $89.23 billion.
What’s cooking in India
Crypto staking platform UniFarm has entered into a strategic alliance with Bengaluru-based ONMETA. The partnership aims to empower Indian users to purchase Indian currency tokens to stake to earn passive income.
Edul Patel, CEO and co-founder of Mudrex, said that the Shiba Inu coin has reached a milestone in terms of percentage of long-term holders. Currently, it has jumped to the highest value of 38%.
“Long-term SHIB holders have grown much more since the start of 2022, from just 1% to over 38% of holders,” he said. “The percentage of short-term holders remains relatively stable and medium-term speculators continue to decline,” he added.
According to a Bloomberg report, Hong Kong is planning to legalize crypto retail trading as it appears to be becoming a crypto hub. Crypto platforms will need to apply for a license to offer retail trading.
Tech giant Google will launch a cloud-based node engine for Ethereum projects. The company said its Google Cloud Blockchain Node Engine means it will be responsible for monitoring node activity and restarting it during outages.
Nearly 12% of all BEP-20 tokens, the standard BNB chain token, are linked to scams, according to a study recently published by crypto risk monitoring firm Solidus Labs.
Technical view by BuyUcoin cryptocurrency exchange
DOGE jumped 35% on the Twitter deal. The most popular coin, DOGE, has been on a mega rally since Monday as Elon Musk’s Twitter deal was nearly finalized. Elon Musk has been a strong supporter of DOGE and his tweets often cause meme coin prices to fluctuate dramatically.
The rising DOGE price is mostly tied to positive news flow but lacks fundamental support, so investors should buy the coin based on their risk appetite with a long-term perspective. DOGE was originally designed as a payment mechanism and its growth will depend on real-world use cases, experts suggested.
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)