Cryptos In Negative Territory As Inflation Hurts

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Cryptocurrencies declined further, early on Thursday with market capitalization dropping to $1.06 trillion, a decrease of 1.7 percent over the previous day.

Stubborn inflation in the Euro Area rekindled fears of hawkish central bank action, that dampened sentiment for risky assets including cryptocurrencies. Annual inflation in the Euro Area dropped only to 8.5 percent in February, from 8.6 percent in the previous month. Markets were pricing in a fall in the CPI to 8.2 percent.

The Dollar’s rebound also dampened sentiment in the digital currency market. The Dollar Index (DXY), a measure of the Dollar’s strength against a basket of 6 currencies has rallied 0.59 percent to touch 105.10.

Market leader Bitcoin (BTC) shed 1.5 percent in the past 24 hours to trade at $23,353.55. BTC ranged between a high of $23,821.15 and a low of $23,347.56 in the past 24 hours. The overnight decline dragged Bitcoin prices 2.7 percent lower in the past week.

Ethereum lost 1.1 percent in the past 24 hours and is currently trading at $1,632.87. ETH touched a high of $1,672.05 and a low of $1,635.07 in the past 24 hours. Ether is down 1.3 percent in the past week.

4th ranked BNB(BNB) lost 1.4 percent in the past 24 hours, whereas 6th ranked XRP(XRP) shed 0.8 percent overnight.

7th ranked Cardano (ADA) has declined 2.9 percent. 8th ranked Dogecoin (DOGE) also lost more than 2 percent. 9th ranked Polygon (MATIC) is down 3.5 percent in the past 24 hours.

Threshold (T) the utility token for the Threshold Network and a governance token for the Threshold DAO surged 9.5 percent overnight to the 96th rank overall. The Threshold Network’s tBTC project, a decentralized bridge that allows BTC to be transferred to the Ethereum network for use as an Ethereum-pegged asset as well as the listing on Coinbase have added to the buzz around the crypto token.

63rd ranked ImmutableX (IMX) is the biggest loser on an overnight basis with a decline of 9.9 percent. 66th ranked Klaytn (KLAY) has also declined close to 9 percent.

77th ranked SingularityNET (AGIX), a crypto token tagged to the AI & Big Data industry continues to top the gainers list among the top 100 cryptocurrencies with a 1018 percent surge in 2023.

Nellie Liang, the Under Secretary for Domestic Finance in the U.S. Department of the Treasury on Wednesday stated that Treasury is leading an interagency CBDC Working Group to develop recommendations related to the implications of a U.S. CBDC for policy objectives including global financial leadership; national security; and privacy, illicit finance, and inclusion. The official informed that leaders from Treasury, the Federal Reserve, and White House offices, including the Council of Economic Advisors, National Economic Council, National Security Council, and Office of Science and Technology Policy, would begin to meet regularly to discuss a possible CDBC and other payments innovations.

The official also clarified that U.S. policymakers are still evaluating whether a U.S. CBDC is in the national interest. The official also acknowledged that they recognize the importance of helping to shape global CBDC outcomes by actively participating in global standard setting initiatives and by sharing technology and technical expertise with other jurisdictions that are developing CBDCs.

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