Cryptos Fall Amidst Lingering Uncertainty

Cryptos dropped close to a percent in the past 24 hours amidst lingering concerns over the economy as well as monetary policy. Key data updates due in the week as well as the major central bank reviews due the following week have kept sentiment in check in the digital asset space.

First Quarter GDP readings from the U.S are due on Thursday and from the Euro Area, Germany and France on Friday. Preliminary inflation readings from Germany and France as well as PCE-based inflation readings from the U.S. are due on Friday. PMI readings and jobs data from the U.S. as well as the Fed’s policy review are due in the following week.

Continuing regulatory action on the crypto space has also dampened sentiment for the digital assets.

Overall crypto market capitalization is currently at $1.16 trillion versus $1.17 trillion a day earlier. Only 8 among the top 100 cryptocurrencies are trading with overnight gains of more than a percent.

Bitcoin (BTC) is currently trading at $27,402.19, having shed close to a percent on an overnight basis and close to 7 percent on a weekly basis. The top ranked cryptocurrency is still holding on to year-to-date gains of more than 65 percent. BTC traded between $27,979.98 and $27,192.03 in the past 24 hours.

Ether is currently trading at $1847.75. Ether’s overnight losses were higher at 1.4 percent. Ether has lost 10.5 percent in the past week but has still gained 54 percent in 2023. ETH traded between $1,888.19 and $1,831.16 in the past 24 hours.

Bitcoin’s market dominance dropped to 45.6 percent. Ethereum meanwhile commands a crypto market share of 19.2 percent. Stablecoins account for 11.3 percent of the crypto market whereas the residual altcoins command 23.9 percent of the overall crypto market.

4th ranked BNB (BNB) bucked the trend to rise 0.40 percent in the past 24 hours.

6th ranked XRP (XRP) declined 0.8 percent overnight and 9.2 percent in the past week.

7th ranked Cardano (ADA) edged lower 0.01 percent overnight. It has however lost 10.3 percent in the past week.

8th ranked Dogecoin (DOGE) declined 1 percent overnight and almost 13 percent in the past week.

9th ranked Polygon (MATIC) declined 1.7 percent overnight and 14.2 percent in the past week.

10th ranked Solana (SOL) declined 0.5 percent overnight and 13.3 percent in the past week.

69th ranked Render Token (RNDR) is the best performer among the top 100 cryptocurrencies with an overnight rally of 3.9 percent. 47th ranked Stacks (STX) also gained more than 3.7 percent.

84th ranked Injective (INJ) and 80th ranked PancakeSwap (Cake) have both erased more than 11 percent in the past 24 hours.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed a fall in activity, with an outflow of $30 million for the week ended April 21. Of this, Bitcoin products accounted for outflows of $53 million whereas Ethereum recorded inflows of $17 million, amidst investor interest following the Shapella upgrade.

The country-wise analysis shows inflows of $29 million in Germany, Canada recorded outflows of 32 million followed by United States that recorded outflows of $22 million. Cumulative AUM stood at $34.48 billion.

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