Cryptos Decline Amidst Fresh FUD

Cryptocurrencies dropped further early on Tuesday, with market capitalization close to $1.07 trillion, almost 1 percent lower than the levels a day earlier. Fear, uncertainty and doubt regarding developments in the crypto world contributed to the decline.

Reports by Forbes that leading cryptocurrency exchange Binance moved customer funds and the refutations by Binance swayed crypto market sentiment.

Reports that Visa and Mastercard are planning to halt crypto partnerships until market improves also dampened sentiment.

Renewed fears of a fierce inflation combat kept sentiment in check amidst data released earlier in the day showing inflation accelerating in some major economies of Europe. Data from Germany is due on Wednesday.

Amidst renewed inflation fears and rate hike expectations, the Dollar Index (DXY), a measure of the Dollar’s strength against a basket of 6 currencies traded between 104.58 and 104.89, before aligning to its current level of 104.64.

MyAlgo, a native wallet of the blockchain protocol Algorand, informing that it suffered an exploit last week and advising users to withdraw funds added to the bad news stream.

Market leader Bitcoin (BTC) is currently trading at $23,418.34, down 1.35 percent on an overnight basis.

Ethereum (ETH) shed 1.66 percent overnight to trade at $1,632.91, amidst the successful deployment of the Shanghai-Capella, or the Shapella upgrade.

4th ranked BNB (BNB) shed 1.1 percent overnight to trade at $303.50.

6th ranked XRP (XRP) hovered close to the flatline.

7th ranked Cardano (ADA) also shed 1 percent in the past 24 hours.

Dogecoin (DOGE) advanced to the 8th rank overall and is trading close to the levels a day earlier.

Polygon (MATIC) slipped to 9th rank among all cryptocurrencies after a 3.5-percent decline.

Binance USD (BUSD), the stablecoin which was at the receiving end of regulatory action from the SEC has slipped to the 10th rank overall.

80th ranked SingularityNET (AGIX), a crypto token tagged to the AI & Big Data industry topped the charts with an overnight rally of around 8.4 percent. The token has been the best performer on a year-to-date basis among the top 100 cryptocurrencies, with a 926-percent gain in 2023.

58th ranked ImmutableX (IMX) and 71st ranked Synthetix (SNX) also gained more than 7 percent in the past 24 hours.

87th ranked NEM (XEM) dropped close to 15 percent in the past 24 hours.

82nd ranked Conflux (CFX) dropped 9 percent overnight and 28 percent in the past week. The crypto coin tagged to the Payments, Research and Web 3 industries is however holding on to gains of 865 percent in 2023 and is the second-best performer among the top 100 cryptocurrencies.

On a year-to-date basis, 22nd ranked UNUS SED LEO (LEO) and 81st ranked Trust Wallet Token (TWT) are trading 5 percent lower.

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