Crypto markets moved higher on Friday after upbeat US economic data. However, thin trading volumes capped the gains.
Bitcoin held near the $17,000 mark and Ethereum was comfortable above the $1,200 level, while altcoins outperformed their larger peers.
Top crypto tokens were trading higher. Dogecoin rallied 6%, leading the gainers. Cardano was 3% up, XRP, Polygon and Litecoin added 2% each, whereas Solana was the sole loser among altcoins.
The global cryptocurrency market cap was trading marginally higher, around $815 billion, rising less than a per cent in the last 24 hours. The total trading volume increased by 16% to $29.47 billion.
Expert take
“Bitcoin continued to consolidate on Thursday after the third-quarter GDP data from the US came upwardly revised to 3.2% from the previously reported 2.9%,” said Edul Patel, CEO and Co-Founder of Mudrex.
"Bitcoin has been trading between $16,500 and $17,000 since November. In order for it to experience an upward trend, it must maintain a value above $16,800. Ethereum managed to stay above the $1,200 level," he added.
Global updates
FTX sought a US bankruptcy court's help amid a battle over ownership of about $450 million worth of stock in Robinhood Markets, according to a filing Thursday.
Known cryptocurrency payments to ransomware hackers 'totaled a mere $16 million, compared to nearly $74 million USD in 2021,' blockchain intelligence firm Crystal Blockchain says.
Source : https://economictimes.indiatimes.com/industry/banking/finance/three-trends-that-will-define-indias-fintech-sector-in-2023/articleshow/96398341.cms