Cryptos Shed Recent Gains Amidst Rate Hike Fears

Cryptocurrencies dropped 2.3 percent in the past 24 hours after a dazzling rally, a day earlier. Renewed rate hike fears well as fresh regulatory moves spooked investor sentiment in the digital assets market. Crypto market capitalization is currently at $1.09 trillion versus $1.11 trillion a day earlier.

Renewed concerns about the Fed’s interest rate actions sent the Dollar higher, with the Dollar Index touching a six-week high of 104.54. The Dollar’s surge has dampened the dollar-denominated prices of cryptocurrencies.

Bitcoin (BTC) is currently trading at $23,740.67, after touching a 24-hour high of $25,134.12. BTC has lost 3.6 percent overnight but is still holding on to gains of 8.8 percent on a weekly basis and 43 percent on a year-to-date basis.

Ethereum (ETH) also shed 1.5 percent in the past 24 hours. Ether, which had touched a high of $1,732.80, earlier in the trade is currently trading at $1,663.29. The lead alternate coin’s gains in the past week exceed 7.6 percent whereas in 2023 is has rallied almost 39 percent.

Meanwhile, Binance.US has in a tweet admitted that a market making firm named Merit Peak had operated on the Binance.US platform and that it stopped all activity on the platform in 2021. This followed an earlier report by Reuters which said Binance moved $400 million from U.S. partner to firm managed by CEO Zhao. The Reuters report adds that banking records and company messages showed that Binance had secret access to a bank account belonging to its purportedly independent U.S. partner and transferred large sums of money from the account to a trading firm managed by Binance CEO Changpeng Zhao. Reuters also said it couldn’t determine the reason for the transfers or whether any of the money belonged to Binance.US customers.

4th ranked BNB (BNB) has shed more than 3.7 percent amidst the above-mentioned developments. The native token of the Binance cryptocurrency exchange is holding on to weekly gains of just 0.70 percent.

6th ranked XRP (XRP) has lost more than 3 percent on an overnight basis.

7th ranked BinanceUSD (BUSD) which was recently at the receiving end of regulatory action from the SEC, traded between $1 and $0.9994 in the past 24 hours. Market capitalization of the dollar-pegged stablecoin has fallen to $13.6 billion, from $16.2 billion a week earlier.

8th ranked Cardano (ADA) also shed more than 3 percent in the past 24 hours.

9th ranked Polygon (MATIC) withstood the turbulence to rise more than 4 percent in the past 24 hours.

10th ranked Dogecoin (DOGE) is down almost 3 percent on an overnight basis.

In another regulatory development, the Securities and Exchange Commission has charged Singapore-based Terraform Labs and its chief Kwon Do-hyung with defrauding investors through a multi-billion-dollar crypto asset securities fraud. According to the SEC, Terraform and Kwon offered and sold crypto asset securities in unregistered transactions and perpetrated a fraudulent scheme that led to the loss of at least $40 billion of market value, including devastating losses for U.S. retail and institutional investors.

In another bad news for the industry, Blockchain security firm CertiK has reported that DeFi protocol Platypus has suffered a flash loan attack of $8.5 million. The stablecoin also lost its peg to the U.S. Dollar.

27th ranked Filecoin (FIL), a decentralized storage system surged 22 percent in the past 24 hours. 92nd ranked Astar (ASTR) followed with gains of 18 percent.

30th ranked Aptos (APT) shed 11 percent overnight. 90th ranked Render Token (RNDR) and 64th ranked Frax Share (FXS) have declined more than 6 percent in the past 24 hours.

On a weekly basis, 92nd ranked Astar (ASTR) is the best performer with gains in excess of 50 percent. 87th ranked Binary X (BNX) and 93rd ranked MAGIC (MAGIC) follow closely with gains of around 45 percent. 64th ranked Frax Share (FXS) has lost the most, around 11 percent in the past week.

81st ranked SingularityNET (AGIX) a token tagged to the AI and Big Data industry continued to top gains on a year-to-date basis with surge in excess of 850 percent. 89th ranked Render Token (RNDR) is next with a rally of 356 percent in 2023.

22nd ranked UNUS SED LEO (LEO), the crypto token of the iFinex ecosystem has declined more than 5 percent on a year-to-date basis.

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