Cryptocurrency markets remained nervous amidst anxiety over the Fed’s inclination going forward, in tackling inflation and growth. The Minutes of the Fed’s meeting in July are due to be released later in the day. The Fed had raised the target for the Federal Funds Rate by 75 basis points to 2.25%-2.5% in the said meeting.
The negative sentiment around inflation was exacerbated after U.K. reported inflation of 10.1 percent, the highest since February 1982. The double-digit inflation was an increase over the previous month’s reading of 9.4 percent and higher than market consensus of 9.8 percent. Also, New Zealand’s central bank hiked benchmark rates by 50 percent that flared up panic over aggressive action by central banks from other jurisdictions, to tame red-hot inflation.
Overall crypto market capitalization has fallen to $1.13 trillion, versus $1.14 trillion a day earlier.
At current levels of capitalization, the market is dominated 40 percent by Bitcoin, 20.2 percent by Ethereum, 13.6 percent by stablecoins and 26.2 percent by the residual altcoins.
Market leader Bitcoin is trading at $23,638, down 1.3 percent as compared to the day earlier. Bitcoin’s market dominance briefly dropped below 40 percent. Bitcoin has also shed its weekly gains and is currently trading with weekly losses of more than 2 percent.
Leading alternate Coin Ethereum too slumped 1.4 percent to trade at $1,864. Ether is however holding on to weekly gains of more than 1 percent.
40th ranked EOS (EOS), a crypto coin tagged to the Smart Contracts category gained more than 18 percent overnight and 22 percent in the past week amidst the project’s long awaited rebrand. The EOS Network Foundation (ENF), a non-profit organization that oversees the growth and development of the EOS blockchain, had on August 14 opened registrations for its upcoming Yield+, a liquidity incentive and reward program to attract DeFi applications.
46th ranked Chiliz (CHZ) and 20th ranked UNUS SED LEO (LEO) have gained more than 4 percent in the last 24 hours.
83rd ranked Ankr (ANKR) and 46th ranked Chiliz (CHZ) have gained more than 45 percent in the past week.
87th ranked Trust Wallet Token is the highest gainer among the top 100 cryptos on a year-to-date basis with a rally of 53 percent. The crypto token has however declined close to 1 percent overnight.
Meanwhile, Law360 has reported that cryptocurrency platform Celsius Network has on Tuesday received approval from a New York bankruptcy judge to sell the products of its crypto mining. Nevertheless, 76th ranked Celsius (CEL) is trailing the previous day’s levels by 7 percent and is the biggest laggard among the top 100 on an overnight basis. CEL is still holding on to weekly gains of more than 14 percent.
Cryptocurrency platform Crypto.com, on Wednesday announced it has received regulatory approval from the Financial Conduct Authority (FCA) in the United Kingdom to act as a crypto-asset business. The registration would enable Crypto.com to offer a suite of products and services to customers in the U.K., compliant with local regulations. Crypto.com had in March announced several senior hires in the U.K., including the appointment of a U.K. General Manager and a Global Head of Sustainability and ESG.
Meanwhile, Bitcoin miner Stronghold Digital Mining Inc. reported agreements with lender New York Digital Investment Group and WhiteHawk Capital to eliminate over half its debt and add liquidity. Stronghold would return around 26,200 Bitcoin mining machines to NYDIG, which would eliminate all of the $67.4 million outstanding debt from an original agreement. Shares of the company are currently trading almost 15 percent lower.
For More Cryptocurrency News, visit rttnews.com
Source: Read Full Article