Polkadot, Dogecoin add 4%; Solana sheds 4%

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Major cryptocurrencies showed mixed trends on Friday, entering a phase of consolidation. Investors turned cautious ahead of the weekend as the market lacked directional cues.

Five out of the top 10 cryptocurrencies were trading higher at 9.30 hours IST. Solana tanked 4 per cent, whereas Polkadot and Dogecoin jumped 4 per cent each.

The global crypto market cap increased up to a percent to $2.17 trillion compared to the last day. However, the total crypto market volume gained as much as 8 per cent to $109.39 billion.

“Cryptos have entered into a consolidation phase. Such consolidations help to build back the momentum, and make a higher move. Overall, the momentum looks bullish across altcoins,” said Edul Patel, CEO and Co-founder of Mudrex.

El Salvador bond spreads are on track for their biggest weekly blowout in almost a year as a rocky debut to the country’s Bitcoin experiment exacerbated fears over a court ruling that allows President Nayib Bukele to run for reelection in 2024.

Thousands of Salvadorans protested Wednesday against the government’s introduction of Bitcoin as legal tender in the impoverished country as well as against judicial reforms that critics say threaten democracy.

Four non-fungible token (NFT) artworks inspired by late Queen frontman Freddie Mercury are being auctioned off for charity to mark what would have been his 75th birthday.

AMC Entertainment CEO Adam Aron said AMC Theatres will accept Bitcoin for online ticket and concession payments, and similarly accept other cryptocurrencies like Ethereum, Litecoin and Bitcoin Cash.

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