Crypto markets saw a brief rally in the past 24 hours, adding some 9.7% to market capitalization after a difficult weekend that saw prices of several coins plunge as much as 15%., with investors locking in a record amount of losses as per on-chain data. Ether dropped to $929.
“While the trend of market turbulence is unlikely to recede as central banks call the shots amid an increasingly uncertain geopolitical environment, today’s relief rally demonstrates a latent potential for the price of digital tokens to rebound quickly,” the desk said in a message to CoinDesk. “The market is highly dependent on the Fed rate, and inflation is breaking records with the macroeconomic factor remaining heavy,” said Anton Gulin, regional director at crypto exchange AAX. “Uncertainty prevails in the market, and relief rallies do not significantly change this picture.”
“Commodities market indicators and EU bonds market melt-down spell out worrying predictions for the world economy,” Diyakono stated, adding recent troubles seen at the crypto lender Celsius and prominent fund Three Arrows Capital have added to"crypto industry uncertainty.”Vasja Zupan, president of crypto exchange Matrix, seconded the sentiment.
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