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That said, many analysts take a clear view of the current crypto climate, which is facing a double body shock of protocol failure and macroeconomic uncertainty, and they don’t see a strong recovery any time soon.
Barring Tron and Yunus Sed Leo, all other crypto tokens were trading higher. Ethereum And solana Each increased by 5 percent, while BNB, Cardano, Dogecoin and Shiba Inu Each increased by more than 3 percent.
The global cryptocurrency market capitalization was trading at a high of $918.33 billion, up 3 percent over the past 24 hours. However, the total cryptocurrency trading volume declined by more than 11% to $57.55 billion.
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It is a quarter of negative factors, and not just the new regulations relating to cryptocurrencies that started on 1st July, that are troubling crypto investors and pulling some out of the market.
However, trading veterans feel that the current phase, popularly known as ‘crypto winter’, is passing through in the evolutionary process of cryptocurrencies and that the prices of these new age assets will soon stabilize.
India’s new cryptocurrency tax has dealt a huge blow to the country’s crypto exchanges, triggering widespread regional woes and causing up to 90 percent drop in trading volumes.
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