Crypto crash continued as world markets responded to news of possible ban by U.S on oil supplies from Russia. Brent crude touched a high of $130.89 early on Monday versus $118.98 on Friday and $119.84 on Thursday.
The soaring crude oil prices also sent Gold to a high of $2005.00. The yellow metal has since retreated to $2001.50.
The Dollar Index touched a high of 99.21 whereas the EURUSD rate hovered between 1.0823 and 1.0931 versus the 1.0886-1.1069 range on Friday. USD/ Russian Ruble weakened to 139.4950 after closing near the 123 level on Friday.
Asian benchmarks lost around 2 percent. European markets are also deep in the red while American stock futures gauges reflect the pain on the possibility of the U.S. ban.
Cryptocurrency market capitalization fell to $1.71 trillion, versus $1.83 trillion on Friday. The markets recorded a 24-hour volume of $73 billion.
Bitcoin dominates 42.3 percent of the market whereas Ethereum commands 17.7 percent of the market. Residual altcoins make up 40 percent of the overall crypto market.
Stablecoin dominance increased to 10.69 percent as investors preferred its perceived stability to the volatility of the other cryptocurrencies.
Market leader Bitcoin touched a 7-day low of $37,709.98, versus the 30-day low of $34,459.22, the 90-day low of $33,184.06 and the 52-week low of $28,893.62.
BTC is currently trading at $38249.82, after shedding 1.73 percent on overnight basis. 59 percent of the holders are making profits at current prices. Data shows that only 57 percent of the holders have been holding on to the top-ranked digital asset for more than a year.
In the comparative ranking of global currencies (fiat and digital) based on market capitalization, published by coinmarketcap.com, Bitcoin has slipped one notch to rank 15, from 14 recorded on March 1 in the aftermath of the Russian Ruble’s crash.
In the comparative ranking of global assets based on market capitalization, published by companiesmarketcap.com, Bitcoin is continuing in the 9th position.
Ethereum touched a 7-day low of $2,507.11, versus the 30-day low of $2,308.91, the 90-day low of $2,172.30 and the 52-week low of $1,560.37.
ETH is currently trading at $2,538.32 after declining 3.31 percent in the past 24 hours. 66 percent of the holders are making profits at current prices. On-chain metrics also reveals that only 58 percent of the mineable coin’s holders have been holding on to the asset for periods beyond a year.
Market capitalization of 3rd ranked Tether (USDT) continued at the $80 billion level seen on Friday.
4th ranked BNB(BNB) has gained 2 percent in the past week despite being down 1 percent on an overnight basis.
5th ranked USD Coin (USDC) also has seen market capitalization remain stable at $53 billion, the level recorded on Friday.
6th ranked XRP(XRP) is trading at $0.7404, up 0.42 percent on an overnight basis.
Terra (LUNA), Cardano(ADA), Avalanche (AVAX), Polkadot (DOT), Dogecoin (DOGE), SHIBA INU (SHIB), Polygon (MATIC), Wrapped Bitcoin (WBTC) and Cronos (CRO) are trading with losses less than 4 percent.
In the case of Solana ( SOL) and Cosmos (ATOM), the losses exceed 4 percent.
35th ranked Fantom (FTM) tanked 11 percent overnight following reports of Fantom Finance’s technical advisor and DeFi pioneer Andre Cronje’s exit from DeFi as well as crypto space.
DeFi market capitalization is down 3.51 percent in the past 24-hours and is at $131 billion.
48th ranked waves (WAVES), a multi-purpose blockchain platform which supports various use cases including decentralized applications (DApps) and smart contracts has also bucked the negative trend to rise around 2 percent overnight. It is more than 50 percent higher in the past 7 days, after Binance said it would begin accepting the coin as collateral on its loans platform.
In the category-wise market capitalization dominance, Smart Contracts aggregate to 26.74 percent; Stablecoins account for 10.70 percent; DeFi is at 7.66 percent; Centralized Exchanges add up to 5.2 percent; Web 3 sums up to 2.67 percent; Research grosses 2.13 percent; NFTs account for 1.99 percent; Memes command 1.71 percent; Scaling enjoys 1.36 percent; Metaverse commands 1.32 percent; Gaming amount to 1.23 percent; while Decentralized Exchanges has 1.24 percent market capitalization.
Meanwhile markets look for cues on the effect of the discontinuation of services in Russia by Mastercard, Visa, Paypal, etc. on crypto transaction volumes.
Crypto markets eye the inflation readings from the U.S. due on Thursday amidst panic on how the likely fuel price inflation could goad policy makers at the Fed in its interest rate decision. The Federal Reserve’s Policy Review is due next week.
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