The drop in cryptocurrencies comes at a time when institutional interest in the space has risen and made it more mainstream, with many investment banks taking a more bullish stance.(Representative image: Reuters)
Cryptocurrency prices continue to be in the green on September 23. The global cryptocurrency market cap is Rs 144.81 lakh crores, a 6.2 percent increase over the last day, while the total crypto market volume over the last 24 hours is Rs 8,38,777 crores, which makes a 16.26 percent decrease.
Bitcoin‘s price is currently Rs 34,42,814 and its dominance is currently 41.97 percent, a decrease of 0.93 percent over the day.
This comes after cryptocurrency prices bounced off 1-1/2 month lows on Tuesday as a heavy selloff overnight linked to concerns about a possible loan default by property developer China Evergrande eased slightly, but investors braced for more volatility.
Global markets started the week on a turbulent note after fears that Evergrande’s troubles could lead to a fallout for the Chinese and global economies prompted a selloff in riskier assets.
“We can’t take a very positive view just as yet until we get through the next few days,” said Matthew Dibb, chief operating officer at crypto index fund provider Singapore-based Stack Funds.
“This is purely sentiment driven right now, and it’s actually been off very low liquidity,” he said, adding that it would be better to wait on the sidelines as crypto markets will continue to be affected by the contagion.
The drop in cryptocurrencies comes at a time when institutional interest in the space has risen and made it more mainstream, with many investment banks taking a more bullish stance.
Moreover, the United Arab Emirates’ Securities and Commodities Authority has signed an agreement with the Dubai World Trade Centre Authority (DWTCA) aimed at supporting the trading of crypto assets in DWTCA’s free zone, state news agency (WAM) reported on Wednesday.
As off 8.45 am on September 23, these are the prices of largest cryptocurrencies (data from WazirX):
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[Input from Reuters]Internet Explorer Channel Network