The bitcoin price finally rose after five days of erratic performance, but experts questioned if the recent surge would have any staying power in an anticipated dismal start to quarterly results, monetary hawkishness, and macroeconomic precariousness, among other factors.
The crypto exchanges in India look to be “dropping out of the window, but grabbing onto the ledge,” according to Alex Kuptsikevich, an analyst at FxPro, who said in an email to CoinDesk that the crypto exchanges in India are “falling out of the window.”
The most valuable crypto exchange in terms of market capitalization was recently trading at a little over $39,200, increasing more than 2 percent over the previous 24 hours. Ether, the second-largest crypto exchange by market capitalization, was trading at over $2,880, representing more than 1.9 percent over the previous 24 hours. Volatility and trading volume remained at historically low levels as investors struggled to deal with the toxic mix of increasing prices and uncertainty.
Other major cryptocurrencies were mainly in the green, although by a small margin, which significantly improved from the previous day when a number plummeted in value. On Wednesday, ATOM was one of the most promising stocks, with its share price increasing by more than 5 percent at one point. Evmos, the EVM-Compatible Cosmos Chain, said that it would be relaunching with new tools for customers wishing to claim airdropped tokens, which resulted in the price rise.
CoinDCX exchange prices rose in tandem with the performance of global equities markets, which ended a recent losing run by posting modest gains. Gold, a traditional safe-haven investment, plummeted by more than 1% as investors shifted their attention to riskier assets, if only for a short period.
Many major corporations’ quarterly results continued to fall short of expectations. After missing sales and profits per share expectations in the first quarter, Facebook parent Meta (FB) reported a roughly $3 billion loss in its augmented and virtual reality segment. Since January, the price of meta shares has dropped by more than 40%.
The bad news from Ukraine continued to pour in as the Russian military bludgeoned key Ukrainian towns and shut off gas deliveries to former Soviet Union satellites Poland and Bulgaria, threatening to escalate the war.
Several CoinDCX exchange analysts were hopeful about a more long-term recovery in the digital asset markets. CoinFund president Chris Perkins spoke on CoinDesk TV’s “First Mover” show on the sector’s positive aspects and tailwinds. “If you zoom out, there are some nice, positive things and tailwinds impacting the market,” Perkins said. “We’re finding that CoinDCX crypto exchange, in contrast to certain other types of payments in the IT industry, have remained robust. From a policy standpoint, we’re witnessing some significant shifts. We’re seeing both the left and the right come together and agree that we need to have very strong, principle-based policies in our country.”
Perkins went on to say: “I speak with conventional investment managers on a regular basis. When I left finance, everyone was attempting to go [into new crypto exchange in India], but now they’re trying to get in even more quickly.”
