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Cryptos Plunge Ahead Of Fed Meeting

crypto apr05 19sep22 lt

Cryptocurrencies collapsed late on Sunday, declining close to 6 percent in the 24-hour horizon. Market capitalization has been declining in the past week, marked by the release of U.S. CPI numbers for August as well as the much-anticipated Ethereum Merge.

Exacerbating the bearish sentiment, the Federal Reserve as well as the Bank of England are set to announce interest rate reviews later in the week. With the recent uptick in inflation, markets are fearing whether the Fed would increase rates by as much as 100 basis points. Bank of England is seen raising rates by 50 basis points.

Overall crypto market capitalization is currently at $910 billion. Around 7 percent of the top 100 cryptocurrencies are trading with overnight losses of more than 10 percent, whereas another 9 percent in the same category are trading with losses of more than 9 percent.

Bitcoin is currently trading at $18,689.20, down 6.23 percent on an overnight basis. BTC touched a high of $20,010 and a low of $18,390 in the past 24 hours. The top-ranked cryptocurrency is down 61 percent on a year-to-date basis.

Ethereum has declined 8.76 percent overnight to trade at $1,308.66. ETH touched a high of $1,438.23 and a low of $1,287.42 in the past 24 hours. The leading alternate coin is down 65 percent on a year-to-date basis.

Bitcoin has fallen to rank 19 while Ethereum has fallen to rank 66 in the ranking of all assets as per companiesmarketcap.com.

100th ranked BinaryX (BNX), a crypto token tagged to the metaverse, Play-to-Earn and Web 3 categories gained 6.7 percent in the past 24 hours.

64th ranked Helium (HNT) has also bucked the trend to rise more than 2.5 percent in the past 24 hours. The crypto coin had fallen to $3.97 on Sunday, amidst reports that a bug in Binance's accounting system had caused users to mistakenly receive around $20 million worth of HNT tokens. HNT is currently trading at $4.63.

29th ranked Algorand (ALGO) has also rallied more than 1.5 percent in the past 24 hours.

21st ranked Ethereum Classic (ETC), a hard fork of Ethereum launched in 2016 is the biggest loser, having shed more than 13 percent in the past 24 hours.

96th ranked Kusama (KSM) has also shed more than 13 percent in the past 24 hours.

71st ranked Curve DAO token (CRV) and 41st ranked EOS (EOS) have lost more than 12 percent overnight.

93rd ranked Celsius (CEL), 76th ranked Ravencoin (RVN) and 79th ranked Waves (WAVES) have all declined more than 10 percent in the past 24 hours.

ETHPoW (ETHW), a hard fork of the Ethereum blockchain that would remain on Proof-of-Work, ranked 2659 overall, dropped 29 percent overnight after a replay exploit caused 200 ETHW tokens to be siphoned off. Blockchain security company BlockSec which alerted the fraud also indicated that the exploit happened through the Omni Bridge on the Gnosis chain.

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