Avalanche, Polygon gain; Solana & Dogecoin drop up to 3%

New Delhi: The crypto market was trading in the red in the early hours of Wednesday as traders nervously waited from US Fed Chairman Jerome Powell regarding the rate hike path.

Barring Avalanche and Polkadot, which posted modest gains, all other top crypto tokens were trading lower on Wednesday. Solana fell 3 per cent, while Dogecoin and Polygon lost 2 per cent each.

The global cryptocurrency market capitalization was trading marginally lower at the $1.02 trillion mark, down less than one percent in the past 24 hours. However, the total trading volume also held steady near $70.56 billion.

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RBI Governor Shaktikanta Das has once again lashed out at crypto assets. In an interview with ET Now, Das reiterated his concerns over the crypto asset.

“Cryptocurrencies can lead to dollarization of developing countries like India as the prices of crypto tokens are mostly in dollars,” the RBI chief said.

Content creation mobile app Chingari has launched its video NFT marketplace named ‘Creator Cuts’. The company said it is the world’s first video NFT (V-NFT) marketplace to enable creators to create video NFTs.

Technical view from the BuyUcoin cryptocurrency exchange

Ethereum gains as soon as the testnet upgrade begins. The Ethereum merger which is expected to happen next month has become the most awaited event of the crypto industry in recent times.


The technological breakthrough of the testnet merge and upgrade will create positive sentiment around the final merge from the Proof of Work to the Proof of Stake protocol.

A series of such testnet upgrades that will lead to a successful eventual merger is expected to drive price momentum for Ethereum. As we approach the merge deadline, Ethereum is expected to form a new support level at the $2000 mark and lead the overall growth of the crypto market.

(The views and recommendations in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the assets mentioned.)


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