Dear Readers,
The CryptoMarkets are trading in deep red.
The global crypto market cap worth stands at $782.98B, which is down by 1.86% from yesterday.
The Crypto leader Bitcoin hit the lowest in the two years and currently trading at $ 15750 down by 2% - losing the critical levels and Etherium trades at $ 1088 down 3% in the 24 years.
This may be due to the major problems related to liquidity crunch due to the collapse of the Crypto Exchange- FTX.
It is widely believed that the pressure would be mounting on the Crypto world and is expected to make further down in the coming days as well.
The other major indicators- RSI shows the bordering on the oversold region. The Etherium's large gap with 50 day moving average indicate that there is a short term bottom in the current region of trading.
We need to wait for the FOMC meeting.
If Etherium's $ 1080 support breaks, fresh lows would be of $ 1000-890.
So, have a constant watch and do your own research in all all your investments in the Cryptos as of now!
CBDC Update in India
Having after pilot test of the Central Bank Digital Currency (CBDC), the Indian Reserve Bank of India (RBI) is all set to do the pilot retail of the digital rupee in a month.
It is said that the Reserve Bank of India is in the final stage for its retail pilot roll out. Major banks that include State Bank of India, Bank of Baroda, ICICI Bank, Union Bank of India, HDFC Bank, Kotak Mahindra Bank, Yes Bank, and IDFC First Bank would be participating in this test drive. It is also expected at the same point in time, the pilot would rope in with all the commercial banks in India. The entire CBDC infrastructure will be held by the National Payment Corporation of India - NPCI.
