The market will likely be range bound till November 2, the day the US Fed announces another interest rate hike. Macroeconomic conditions globally, including the possible collapse of a major bank , can spook the markets in the short term. The global cryptocurrency market cap was trading marginally lower at the $1.09 trillion mark, dropping about a per cent in the last 24 hours.
The feature of anonymity that has been a selling point since the development of cryptocurrencies has also made it difficult to resolve hacks and thefts. Crypto-centric stocks dropped on Friday, with Coinbase Global Inc. at one point losing nearly 16% and falling to its lowest level since its public debut in the spring of 2021, Bloomberg data show. According to a number of leading crypto exchanges, including CoinDCX, CoinSwitch, WazirX, Unocoin, Mudrex and Giottus, slashing of staff count is not on their checklist, despite the severe turmoil in the cryptos and economy. It’s important to point out that the cryptocurrency community’s predictions may not come to life at all. According to the platform, the community’s historical accuracy is of little over 68%, with recent data showing it was at around 93% in September, but dropped to around 63% in December 2022.
Should that come to pass, it would surely mean easier monetary policy than currently forecast, a possible boon to risk assets, including bitcoin. Further, the layer-2 will remove tokens from circulating to reduce supply and help boost the price. This is known as a token burning mechanism, in which tokens are sent to wallets that can only receive tokens but not send them, also called Dead Wallets.Shibarium will burn $SHIB and require $BONE for transactions.
Shiboshis are non-fungible tokens exclusive to the Shiba Inu ecosystem that were launched back in October 2022. The partnership brought “physical items and collectible NFTs” to Shiboshi holders. Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk, but China extending its crypto ban to financial institutions sent it further down. Trader nerves were repeatedly raked, first by coronavirus angst then with a new tone of hostility from Federal Reserve Chair Jerome Powell.
Bitclout, the world’s first blockchain-based crypto social network, lets users invest in the social clout of the rich and famous by buying their unique crypto token. Barring the dollar pegged USD Coin and Avalanche, all eight out of the top-10 digital tokens were trading lower on Friday. Opponents of the potential ban say it would stifle the economic power of a tech-savvy, red shoes outfit men young nation of 1.35 billion people. There is no official data, but industry analysts reckon there are 15 million crypto investors in India holding over 100 billion rupees ($1.37 billion). Technical glitches have long plagued the cryptocurrency world, with many exchanges often having trouble processing transactions during period of high trading activity.