Cryptos Fear The Fed’s Fury, Market Cap Briefly Falls Below $1 Trillion

Cryptos tumbled further as a fresh wave of fear gripped world markets on the monetary tightening that the Fed would embark upon, going forward. Most equity market benchmarks in Asia and Europe as well as commodities like Gold and crude oil flashed the red sign. The Wall Street indexes too are deep in the red. The Dollar Index ranged between 108.08 and 108.69 versus the 108.09 – 108.20 range a day earlier.

The fresh bout of unease over how hawkish the Fed would be in hiking interest rates, dragged down overall crypto market capitalization to a low of $986 billion versus $1.03 trillion a day earlier. The market capitalization is currently at $1.01 trillion.

Bitcoin tumbled to a low of $20,939.18 in the past 24 hours. It is currently trading at $21,315.69, recording overnight loss of 0.44 percent, weekly loss of 11.81 percent, monthly loss of 4.7 percent and year-to-date loss of 55.3 percent. 47 percent of Bitcoin holders are out of money at current prices.

Compared to Bitcoin, Ethereum suffered a larger overnight loss of 2.80 percent. The weekly loss of 17.9 percent and the year-to-date loss of 58.4 percent is also higher when compared to BTC. However, Ether is still holding on to monthly gains of 2.4 percent. 43 percent of Ether holders are out of money at current prices.

As per data available at press-time on Oklink, a blockchain information website, the much awaited The Merge, which would transform Ethereum from Proof-of-Work to Proof-of-Stake is 96.94 percent complete.

The continuing turbulence has altered the constitution of the overall crypto market, with Bitcoin increasing its dominance to 40.3 percent, from 39.8 percent early on Friday. Ethereum’s market share slipped to 18.9 percent from 20.2 percent earlier. Stablecoins jumped to 15.1 percent of market versus 14.9 and residual altcoins now dominate 25.7 percent of the market versus 25.1 percent earlier.

3rd ranked Tether (USDT), traded between $1 and $0.9999 in the past 24 hours. 4th ranked USDCoin (USDC), traded between $1.00 and $0.9998 in the past 24 hours.

5th ranked BNB (BNB) is trading near the flatline. Binance USD (BUSD), ranked 6th overall traded between $1.00 and $0.9995.

7th ranked XRP (XRP) and 8th ranked Cardano (ADA), both dropped more than 2 percent overnight.

9th ranked Solana (SOL) and 10th ranked Dogecoin (DOGE) are trading with losses of around 4 percent.

Despite the overall negative sentiment, 35th ranked EOS (EOS) rallied more than 8 percent whereas 43rd ranked Chiliz (CHZ) added close to 6 percent. 63rd ranked Synthetix (SNX) is trading more than 3 percent higher.

80th ranked Celsius (CEL) is the biggest loser, having shed 20 percent. 67th ranked lido DAO (LDO) dropped 7 percent in the past 24 hours.

95th ranked XDC Network (XDC) and 54th ranked Helium (HNT) have both declined more than 6 percent.

Meanwhile, CryptoBriefing has reported that BendDAO, a protocol that lets NFT holders deposit their assets as collateral to borrow ETH has suffered a run. The project is reportedly suffering from an insolvency crisis as ETH depositors rushed to withdraw their funds and the protocol saw its Ethereum reserves drained, making ETH lenders unable to recoup their deposits from the protocol’s reserves.

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