Cryptos Decline Ahead Of Inflation Readings

crypto jan30 09aug22 lt

Cryptocurrency markets declined early on Tuesday, with top cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) both shedding more than 3 percent in the past 24 hours. The inflation readings for the month of July are due Wednesday and markets are eagerly waiting how it would impact the Fed's rate hike plans.

While markets are expecting a lower headline inflation of 8.7 percent, the Core CPI, which the Fed tracks more closely is seen rising to 6.1 percent, from 5.9 percent in the previous month.

Overall crypto market capitalization has dropped to $1.10 trillion, versus $1.14 trillion, a day earlier.

Bitcoin is trading at $23,301.14, after touching a high of $24,188.92 and low of $23,257.07 in the past 24 hours. At current prices, Bitcoin is down 3.4 percent on an overnight basis and 51.1 percent on a year-to-date basis. On a weekly basis, BTC has gained close to 2 percent. Bitcoin's market dominance is currently at 40.6 percent.

Ethereum is trading at $1,711.12. Ether ranged between $1,805.60 and $1,700.88 in the past 24 hours. At current prices, Ether is down 4.9 percent on an overnight basis and 54.6 percent on a year-to-date basis. On a weekly basis, ETH has gained more than 8 percent. Ether's market dominance is currently at 19 percent.

5th ranked BNB and 6th ranked XRP have both shed more than 3 percent.

In the top 100 category, around 8 cryptos are trading with overnight gains of more than 1 percent.

91st ranked Celsius (CEL) rallied to touch a 3-month high of $2.08. It is currently trading at $1.84, with overnight gains of more than 14 percent.

47th ranked ZCash (ZEC) has gained 7 percent in the past 24 hours.

75th ranked STEPN (GMT), 100th ranked XDC Network (XDC) and 79th ranked Kava (KAVA) have also bucked the declining trend with overnight gains of more than 1 percent.

66th ranked Lido DAO (LIDO) is the biggest loser with overnight losses of more than 15 percent. 99th ranked Optimism (OP) has also declined close to 13 percent. 34th ranked Filecoin (FIL) declined more than 9 percent from the prices a day earlier.

However, on a weekly basis, only 4 cryptos among the top 100 are trading with weekly losses of more than 1 percent.

In the top 100 category, 86th ranked Trust Wallet Token (TWT) has gained the most on a year-to-date basis, having rallied more than 56 percent. 20th ranked UNUS SED LEO (LEO) has gained 25 percent till date in 2022. The only other crypto from the top 100 category that is trading with gains of more than 1 percent in 2022 is 19th ranked Ethereum Classic (ETC).

Meanwhile, Blockchain News has reported that Singapore-based cryptocurrency lending and borrowing platform Hodlnaut has on Monday suspended customer withdrawals, swaps, and deposits citing difficult market conditions. The crypto lender has also reportedly withdrawn its application for a license from the Monetary Authority of Singapore to offer digital token payment services. It had received an in-principle approval from the Central Bank in March.

U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned the virtual currency mixer Tornado Cash. According to the agency, the mixer has been used to launder more than $7 billion worth of virtual currency since its creation in 2019.

The dept has cited the $455 million stolen by the Lazarus Group, a hacking group sanctioned by the U.S. in 2019, the $96 million of malicious cyber actors' funds derived from the June 24, 2022 Harmony Bridge Heist, and at least $7.8 million from the August 2, 2022 Nomad Heist as being routed through the Tornado Cash mixer.

According to the department's press release, Tornado Cash (Tornado) is a virtual currency mixer that operates on the Ethereum blockchain and indiscriminately facilitates anonymous transactions by obfuscating their origin, destination, and counterparties, with no attempt to determine their origin. Tornado receives a variety of transactions and mixes them together before transmitting them to their individual recipients. While the purported purpose is to increase privacy, mixers like Tornado are commonly used by illicit actors to launder funds, especially those stolen during significant heists.

Accordingly, all property and interests in property of the entity above, Tornado Cash, that is in the United States or in the possession or control of U.S. persons is blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.

TORN, the crypto token of the privacy solution is down more than 28 percent on an overnight basis.

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