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Crypto Markets Yield To Inflation Fears

crypto jan10 22jun22 lt

Crypto markets capitulated more than 3 percent in the past 24 hours, tumbling down to $894 billion, versus $925 billion a day earlier. Anxiety was writ large ahead of the Fed Chair Jerome Powell's testimony before the Congress. A 40-year high inflation reading from the U.K. too dampened sentiment.

Bitcoin price dropped to an intraday low of $20,045.63, amidst reports of large whale dumps. BTC is currently trading at $20,333.59, down 3.47 percent on an overnight basis. 48 percent of BTC holders are making losses at current prices.

Ether too declined 5.6 percent, to trade at $1,083. ETH touched an intraday low of $1,073.88. 49 percent of ETH holders are making losses at current prices. The Ethereum-led Smart Contracts category declined close to 5 percent to a market capitalization of $209 billion, implying a dominance of 23.38 percent.

3rd ranked Tether (USDT) traded between $0.9992 and $0.9989 in the past 24 hours. The USDT market cap dropped further to $66.9 billion, versus $67.4 billion on Tuesday and $69.2 billion on Friday. The Tether-led stablecoins category accounted for a market capitalization of $155 billion and market dominance of 17.32 percent.

4th ranked USDCoin (USDC) traded between $1.00 and $0.9998 in the same period. USDC market cap increased to $55.9 billion versus $55.8 billion on Tuesday and $55.1 billion on Friday.

5th ranked BNB (BNB) declined 3 percent. The BNB-led Centralized Exchanges category however dropped 1.9 percent to a market capitalization of $51 billion, aided by the 5.6 percent gain in UNUS SED LEO (LEO). Market capitalization dominance of the category comprising, FTX Token (FTT), Cronos (CRO) etc., stood at 5.7 percent.

6th ranked BinanceUSD (BUSD) traded between $1.00 and $0.9984 in the past 24 hours.
7th rank Cardano (ADA) and 9th ranked Solana (SOL) are trading with losses of more than 5 percent. 8th ranked XRP (XRP) declined less than 2 percent.

10th ranked Dogecoin (DOGE) is trading with losses of more than 4 percent despite Elon Musk reiterating his support for the meme coin. The Dogecoin-led memes category recorded a 0.5 percent addition in market capitalization in the past 24 hours, helped by the more than 3 percent gain in 14th ranked Shiba Inu (SHIB).

18th ranked Uniswap (UNI) tops the price charts with a 13-percent overnight rally following reports that it acquired NFT marketplace aggregator Genie.

CoinShares Digital Asset Fund Flows weekly report on Crypto AuM for the period ended June 20 showed weekly outflows of $39 million. Ethereum recorded outflows of $70 million whereas Bitcoin recorded inflows of $28 million.

Amidst fears of sticky inflation warranting a fierce combat against inflation, fears of a painful recession have also gained ground. The Fed Chair's testimony would provide further clues on the central bank's monetary policy trajectory.

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