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Cryptos Rally Amidst Powell Testimony

crypto dec06 23jun22 lt

Crypto world shrugged off fears of a recession, that could be triggered by the massive increase in interest rates embarked by central banks worldwide. Cryptocurrencies rallied more than 1.7 percent in the past 24 hours amidst the Fed Chair Jerome Powell completing the first day of his semi-annual testimony at the Senate Banking committee.

Chair Powell reiterated the Fed's commitment to taming inflation. He also said that the economy was strong enough to withstand the effect of the rate hikes, but did not go as far as to rule out a recession. The testimony before the House Committee is scheduled for Thursday.

Overall crypto market capitalization is at $912 billion versus $894 billion, a day earlier. European equity benchmarks are trading in the red whereas Wall Street futures are in positive territory.

Bitcoin recovered after dropping below the $20k level in the past 24 hours, touching $19,848, It is currently trading at $20,587, having gained 1.26 percent in the past 24 hours. It is still lower 3 percent on a weekly basis and 57 percent on a year-to-date basis.

Ethereum too dropped to a low of $1049.76, before rebounding to its present level of $1,115.98, gaining 3.3 percent on an overnight basis. ETH is down 0.7 percent on a weekly basis and has shed more than 70 percent in 2022.

3rd ranked Tether's (USDT) market cap edged up to $66.92 billion, versus $66.9 billion, a day earlier.

4th ranked USDCoin's (USDC) market cap edged down to $55.8 billion versus $55.9 billion a day ago.

5th ranked BNB (BNB) and 9th ranked Solana (SOL) gained close to 5 percent. 7th ranked Cardano (ADA) edged up 0.23 percent. 8th ranked XRP(XRP) and 10th ranked Dogecoin (DOGE) added close to 2 percent in the past 24 hours.

18th ranked Polygon (MATIC) surged 25 percent in the past 24 hours amidst reports of strong whale accumulation.

28th ranked Cosmos (ATOM) too surged more than 11 percent in the past 24 hours. Crypto derivatives platform dYdX had on Wednesday announced its decision to build a standalone blockchain based on Cosmos.

32nd ranked Decentraland (MANA) and 41st ranked The Sandbox (SAND) are also trading close to 10 percent higher, pushing the market capitalization of NFT, Metaverse and Gaming categories more than 5 percent.

63rd ranked THORChain (RUNE), a decentralized liquidity protocol that allows users to exchange cryptocurrency assets across a range of networks gained 12 percent in the past 24 hours. The gain follows the recent announcement that it has achieved mainnet status.

75th ranked Enjin Coin (ENJ), 78th ranked Curve DAO Token (CRV) and 95th ranked Compound (COMP) have also gained more than 10 percent in the past 24 hours.

88th ranked Synthetix (SNX) is the greatest laggard with an overnight decline of more than 5 percent.

Overnight gains in Decentralized Exchanges (7.1%), DAO (7%), Governance (7%), Gaming (5.8%), Metaverse (5.5%), NFT (5.1%), Centralized Exchanges (4.3%) DeFi (3.6%), Smart Contracts (3.4%), Web 3 (2.8%) far exceed the broader market rally of 1.7 percent.

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