Cryptos Rally Despite A Surging Dollar And A Dithering Wall Street

crypto jan15 06jul22 lt

Cryptocurrencies increased by 2.86 percent in the past 24 hours, pushing the market capitalization to $906 billion. The overnight increase in the prices of digital assets comes amidst a strong Dollar and a rather weak sentiment on Wall Street. The Dollar Index surged forward past 107.15, a fresh 20-year high. Wall Street Futures portend losses on opening, amidst anxiety ahead of the release of the FOMC minutes later in the day.

Bitcoin traded between $20,635.47 and $19,341.23 in the past 24 hours versus the range of $20,405.12 to $19,365.74 a day earlier. Bitcoin's market dominance however increased to 42.4 percent, versus 42.1 percent a day earlier. BTC is currently trading at $20,117.78, having gained 3.5 percent in the past 24 hours.

Ethereum's 24-hour trading ranged between $1,162.40 and $1,086.83, more or less close to the $1,165.68 to $1,087.36 range a day earlier. Ethereum's crypto market dominance remains steady at 15.2 percent. Ether is currently trading at $1,135.28, having gained more than 3 percent in the past 24 hours.

3rd ranked Tether (USDT) traded between $0.9992 and $0.9989 in the past 24 hours. The USDT market cap dropped marginally to $65.9 billion, versus $66.3 billion on June, 30.
4th ranked USDCoin (USDC) traded between $1.00 and $0.9998 in the past 24 hours. USDC market cap is at $55.8 billion, almost the same level as on June, 30.

Jeremy Fox-Geen, the CFO of Circle, that issues the USDC stablecoin has on Tuesday clarified that "USDC reserves are assets that belong to USDC holders, not Circle, and are wholly held in segregated accounts designated "for the benefit of USDC holders." He also clarified that Circle is not allowed to use the USDC reserves for any other purpose. Unlike a bank or an exchange or an unregulated institution, Circle cannot lend them out, cannot borrow against them, and cannot use them to pay bills, he wrote, in #4 of a series on USDC Trust and Transparency.

5th ranked BNB is trading 5.9 percent higher in the past 24 hours. Year-to-date losses however exceed 55 percent. 6th ranked BinanceUSD (BUSD) traded between $1.00 and $0.9994 in the past 24 hours.

7th ranked XRP (XRP) and 8th ranked Cardano (ADA) have both gained close to 2 percent. 9th ranked Solana (SOL) has added closed to 7 percent. SOL has however lost more than 80 percent in the year 2022.

10th ranked Dogecoin (DOGE) gained more than 2 percent in the past 24 hours.

Meanwhile beleaguered crypto form Voyager Digital on Tuesday said it has commenced Chapter 11 bankruptcy proceedings. The company had significant exposure to crypto hedge fund Three Arrows Capital which has also entered bankruptcy proceedings.

The Bank of England has in its July edition of the Financial Stability Report cited several vulnerabilities that were exposed within crypto asset markets recently, including liquidity mismatches leading to run dynamics and fire sales, and leveraged positions being unwound and amplifying price falls. The report also records that investor confidence in the ability of certain so-called 'stablecoins' to maintain their pegs was weakened significantly, particularly those with no or riskier backing assets and lower transparency.

While acknowledging that the events did not pose risks to financial stability overall, the report states that unless addressed, systemic risks would emerge if crypto asset activity, and its interconnectedness with the wider financial system, continued to develop.

Meanwhile, crypto lender Nexo has come forward to acquire Singapore-based Vauld Group, signing an indicative term sheet to acquire 100 percent of the lender. Vauld had on Monday announced that it has suspended withdrawals, trading, and deposits on its platform, citing the current "financial challenges".

For More Cryptocurrency News, visit rttnews.com

For comments and feedback contact: editorial@rttnews.com

Technology News

Follow RTT