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Cryptos Slide Ahead Of Jackson Hole Symposium

crypto jan18 26aug22 lt

Cryptocurrencies declined 2.7 percent overnight amidst anxiety ahead of the Jackson Hole Symposium, an event keenly watched for the guidance on Monetary Policy from the U.S. Federal Reserve. This year's symposium comes at a time when markets are speculating whether the Fed would opt for a 50-basis points hike or a 75-basis points hike in September, given the two successive quarters of contraction in the American economy.

The Dollar Index meanwhile oscillated between $108.14 and $108.75, ahead of The Federal Reserve Bank of Kansas City's Economic Policy Symposium in Jackson Hole, Wyoming, one of the longest-standing central banking conferences in the world. Gold has retreated whereas bond yields have hardened.

Overall crypto market capitalization has fallen to $1.02 trillion, versus $1.05 trillion a day earlier.

Market leader Bitcoin (BTC) is trading at $21,259.74, down 1.88 percent in the past 24 hours, 0.65 percent in the past week, 0.07 percent in the past month and 56 percent in the year 2022. BTC's dominance however edged up to 39.7 percent, versus 39.6 percent early on Thursday.

Rival Ethereum (ETH) is trading at $1,634.87. It has shed close to 4 percent in the past 24 hours, 3.6 percent in the past week, and 57 percent in the year 2022. But it is still holding on to gains of 12 percent in the past 30 days. Ether's dominance has however fallen steeply to 19.5 percent versus 19.9 percent early on Thursday.

Ether's performance is keenly watched in the backdrop of the expected transition from Proof of Work to Proof of Stake by the middle of September. According to the blockchain information website OKlink, The Merge is now 97.45 percent completed.

3rd ranked Tether (USDT), the top-ranked stablecoin, traded at $1 in the past 24 hours. Tether's market capitalization is currently at $67.6 billion versus $65.8 billion, a month ago.

Meanwhile, Tether the issuer of the USDT stablecoin is holding firm on the decision not to freeze Tornado Cash addresses and said it was awaiting instructions from law Enforcement. It may be noted that on August 8, the U.S. Department of the Office of Foreign Assets Control had sanctioned the virtual currency "mixer" Tornado Cash, which allegedly has been used to launder more than $7 billion worth of virtual currency since its creation in 2019.

Stablecoin USD Coin (USDC), ranked 4th overall, traded between $1 and $0.9997 in the past 24 hours. USDC currently enjoys a market cap of $52.3 billion, versus $55.1 billion, a month ago.

5th ranked BNB is trading at $297.12, having shed around 1.7 percent in the past 24 hours. It is holding on to weekly gains of 5 percent.

Stablecoin Binance USD (BUSD) ranked 6th overall traded between $1.00 and $0.9998 in the past 24 hours.

7th ranked XRP (XRP) bucked the trend to add 2.3 percent overnight.

8th ranked Cardano (ADA) has also withstood the broad-based decline to gain 2 percent overnight and trade at $0.4745. ADA gained amidst expectations on the Vasil Hard fork which is expected to improve Cardano's security, scalability, and smart contract performance as well as allow developers to build more efficient and secure dApps on the Cardano network.

While 9th ranked Solana (SOL) declined 2.8 percent overnight, 10th ranked Dogecoin (DOGE) has declined 1.8 percent during the same period.

97th ranked Theta Fuel (TFUEL) is the top gainer with an uptick of 11.4 percent. 62nd ranked Synthetix (SNX) has also gained more than 7 percent overnight.

30th ranked Flow (FLOW) has lost close to 7 percent in the past 24 hours. 12th ranked Shiba Inu (SHIB) also lost more than 5 percent.

66th ranked Neutrino (USDN) a stablecoin, further diverged from the Dollar peg to trade as low as $0.9068.

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