Today, we look at Pepe unchained, which offers double staking rewards and instant bridging and claims to be 100 times faster than Ethereum. We also examined $DADDY, which has the backing of Andrew Tate and has partnered with crucial DeFi players.
Bitcoin’s price fell for a fourth straight trading session on Friday amid concerns over potential government selling, as cryptocurrency prices remained subdued in the wake of recent gains.
The world’s largest digital asset by market capitalization dropped as much as 8.1% to its lowest since February, as of 10:33 a.m. Friday in London, and was last down 5.6% at $54,300 (roughly Rs. 40.2 lakhs). It had risen to a high of nearly $58,400 (roughly Rs. 43.1 lakhs) on Thursday.
Among other cryptocurrencies, ether fell 3.1% to $3,160 (roughly Rs. 2.33 lakhs), while XRP lost 2.3% to $0.84 (roughly Rs. 62). Both tokens showed signs of a recovery on Thursday after hitting multi-month lows earlier this week.
The broader cryptocurrency market slipped 2.3% over the past 24 hours to $2.43 trillion (roughly Rs. 179.6 lakh crores), according to CoinGecko data. Total volume in decentralized finance, or DeFi, was about $16.03 billion (roughly Rs. 1.19 lakh crores), whereas the centralized exchanges, or CEX, recorded about $96.62 billion (roughly Rs. 7.14 lakh crores) in trading volume.
Meanwhile, the total value locked, or TVL, in DeFi decreased by 0.68% to reach $141.62 billion (roughly Rs. 10.44 lakh crores). The TVL in CEX rose by 0.16% over the last 24 hours to reach $82.03 billion (roughly Rs. 6.06 lakh crores).
Cryptocurrency prices have largely recovered from the sharp sell-off in June, which was sparked by the collapse of several hedge funds and a downturn in the broader stock market. However, the recent gains have been more modest compared to the rapid gains seen earlier this year.
Now, rising government bond yields and the Federal Reserve’s plans to begin unwinding its pandemic-era stimulus measures could put pressure on riskier assets like cryptocurrencies, according to some analysts.
“Bitcoin’s price continues to consolidate within a narrowing range as traders await fresh cues to determine the next directional move,” Edul Patel, CEO and co-founder of Mudrex, a crypto-trading platform, said in a note on Friday.
“After a stellar performance in the first half of the year, cryptocurrency prices have been largely subdued in recent weeks,” Patel added. “However, with several developments brewing in the crypto space, including new listings and partnerships, we could see renewed interest and price movements in the coming days.”
