Cryptos Brace For Fed-Chair Jerome Powell's Testimony

Cryptocurrencies remained muted ahead of the congressional testimony by Jerome Powell, Chair of the Federal Reserve. The recent renewal in inflation tendencies has spotlighted monetary policy and central bank action.

The Dollar Index (DXY) a measure of the Dollar’s relative strength added 0.14 percent overnight and is currently hovering close to 104.50.

Overall crypto market capitalization is currently at $1.02 trillion, down 0.10 percent in the past 24 hours.

Market leader Bitcoin (BTC) is currently trading at $22,401.31 down 0.27 percent in the past 24 hours.

Leading alternate coin Ethereum has shed 0.15 percent overnight and is currently trading at $1566.99.

4th ranked BNB(BNB) is trading 0.25 percent higher at $286.65.

6th ranked XRP (XRP) gained 2.7 percent overnight amidst expectations that a judgement in the legal dispute between the SEC and Ripple Labs would be released soon.

7th ranked Cardano (ADA) has declined 1.5 percent overnight to trade at $0.3278.

8th ranked Polygon (MATIC) has gained 2.2 percent in the past 24 hours.

9th ranked Dogecoin (DOGE) has edged up 0.31 percent in the past 24 hours.

95th ranked FLOKI (FLOKI) a meme token topped the price charts with an overnight rally of 8 percent.

63rd ranked Synthetix (SNX) and 52nd ranked Stacks (STX) have declined more than 8 percent overnight.

FTX Trading Ltd. and its affiliated debtors on Monday announced that Alameda Research Ltd., has filed a lawsuit against Grayscale Investments, LLC in the Court of Chancery in the State of Delaware. The FTX Debtors also asserted claims against Grayscale’s CEO, Michael Sonnenshein, and its owners, Digital Currency Group and Barry Silbert.

The FTX Debtors are seeking injunctive relief to unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts and realize over a quarter billion dollars in asset value for the FTX Debtors’ customers and creditors. According to the complaint, in the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trust agreements. Grayscale has also allegedly for years hidden behind contrived excuses to prevent shareholders from redeeming their shares. Grayscale’s actions have resulted in the Trusts’ shares trading at approximately a 50% discount to Net Asset Value. The complaint further alleges that if Grayscale reduced its fees and stopped improperly preventing redemptions, the FTX Debtors’ shares would be worth at least $550 million, approximately 90 percent more than the current value of the FTX Debtors’ shares today.

The Securities and Exchange Commission on Monday announced that it filed an emergency action against Miami-based investment adviser BKCoin Management LLC and one of its principals, Kevin Kang, in connection with a crypto asset fraud scheme. According to the SEC, from at least October 2018 through September 2022, BKCoin raised approximately $100 million from at least 55 investors to invest in crypto assets, but BKCoin and Kang instead used some of the money to make Ponzi-like payments and for personal use. The SEC also said it has successfully obtained an asset freeze, appointment of a receiver, and other emergency relief in the case.

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