Cryptos Gain As Wall Street Rebounds

Crypto markets gained more than 1 percent in the past 24 hours, in tandem with a potential rebound in Wall Street. Equity benchmarks across regions more or less recovered after a massive sell-off on Tuesday on renewed macro-economic concerns.

Wall Street had suffered deep losses on Tuesday, with the Dow Jones slipping 1.1 percent, S&P 500 dropping 1.5 percent and the Nasdaq Composite slumping by 1.6 percent. A more than expected decline in consumer confidence readings from the U.S. had renewed concerns about the impact of high interest rates on the economy and the demand outlook.

Markets now await major data releases from the U.S. ranging from the Durable Goods Orders data for August due on Wednesday, final print of second quarter GDP readings due on Thursday and the PCE-based inflation readings for August due on Friday. Inflation updates from Europe and PMI updates from China would also be known by the end of the week. Speeches by several Fed officials including Chair Jerome Powell is seen swaying market sentiment on Thursday.

Despite concerns about high interest rates, Wall Street Futures have rebounded. The US 30 (DJIA) is trading 0.29 percent higher, whereas the US500 (S&P 500) is trading 0.35 percent higher. European benchmarks are trading in the green zone or close to the flatline. Asian stocks finished Wednesday’s trading on a mostly mixed note.

Overall crypto market capitalization has increased to $1.06 trillion, from the level of $1.05 trillion a day earlier.

Bitcoin added 2.1 percent overnight and is currently trading at $26,797.32. The 24-hour high was $26,817.84.

Ethereum rallied 2.3 percent in the past 24 hours and is currently trading at $1,627.43. The leading altcoin had touched a high of $1,631.91 earlier in the trade.

4th ranked BNB (BNB) traded with overnight gains of 1.2 percent amidst reports of Binance selling its Russia operations to it CommEX. BNB is however still saddled with year-to-date losses of more than 11 percent.

5th ranked XRP (XRP), 7th ranked Cardano (ADA), 8th ranked Dogecoin (DOGE) and 10th ranked TRON (TRX) are all trading with overnight gains of close to 1 percent.

9th ranked Solana (SOL) however shed 0.2 percent over the past 24 hours.

81st ranked Terra Classic (LUNC) gained 9.7 percent in the past 24 hours and tops the overnight gainers list among the top 100 cryptocurrencies. 32nd ranked Maker (MKR) and 16th ranked Bitcoin Cash (BCH) follow with gains of more than 8 percent in the past 24 hours.

49th ranked Immutable (IMX) lagged the most, close to 5 percent on an overnight basis. 48th ranked XDC Network (XDC) and 37th ranked Aptos (APT) slipped more than 2 percent on an overnight basis.

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