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Cryptos Firm Amidst Fed Fears

crypto jan30 21sep22 lt

Cryptos remained firm amidst worries over the Fed's potentially massive interest rate hike to be announced by the Fed later in the day. While majority market participants anticipate a 75-basis points hike, the possibility of a 100-basis points hike is also not ruled out.

Meanwhile, rising political tensions in eastern Europe triggered by Russia's announcement of military mobilization exacerbated the rise of the safe haven Dollar, causing the Dollar Index to rise to a fresh two-decade high of 110.87.

Overall crypto market capitalization ranged between $940 billion and $914 billion in the past 24 hours. It is currently at $933 billion.

Market leader Bitcoin (BTC) is trading with overnight gains of more than 2 percent. At its current price of $19,310.20, around 47 percent of BTC holders are in the money. BTC ranged between $19,285.39 and $18,813.46 in the past 24 hours and dominates 39.6 percent of the overall crypto market. BTC is down 4.8 percent on a weekly basis and almost 60 percent on a year-to-date basis.

Ethereum had touched a recent high of $1,648.95 on September 15, when The Merge allowed it to transition from Proof-of-Work to Proof-of-Stake consensus. It has since been falling and is currently trading at $1,351.96, edging up 0.60 percent on an overnight basis. The leading alternate coin is lower 16 percent on a weekly basis and 64 percent on a year-to-date basis. 51 percent of ETH holders are in the money at current prices.

Tether (USDT) ranked 3rd overall and top among stablecoins in terms of market capitalization traded at $1 in the past 24 hours. Meanwhile a Judge in New York has ordered Tether to produce financial documents to assess whether USDT is backed by U.S. Dollars. Tether has a market capitalization of close to $68 billion.

4th ranked USDCoin (USDC) traded between $1.00 and $0.9997 in the past 24 hours.
5th ranked BNB (BNB) gained a little less than 1 percent in the past 24 hours but is still close to 4 percent lower on a weekly basis.
6th ranked BinanceUSD (BUSD) traded between $1.00 and $0.9989 in the past 24 hours.

7th ranked XRP (XRP) surged more than 6 percent overnight and topped the gainers charts in the top 100 category.

8th ranked Cardano (ADA) jumped 2 percent overnight while 9th ranked Solana (SOL) added less than a percent. 10th ranked Dogecoin (DOGE) strengthened 1.5 percent in the past 24 hours.

90th ranked Kusama (KSM) and 31st ranked ApeCoin (APE) made noteworthy gains of more than 5 percent.

29th ranked Algorand's (ALGO) loss of 6 percent in the past 24 hours is the highest among the top 100 cryptos.

The International Monetary Fund has called for a coordinated approach to global regulation of crypto. In a document titled "Regulating Crypto" the international agency's officials point out that the right rules could provide a safe space for innovation. According to the document, contrasting national approaches to regulating crypto ranging from outright prohibition on holding crypto assets to wooing companies to develop markets in these assets could lead to national authorities getting locked into differing regulatory frameworks.

The IMF has therefore called for a global response that is (1) coordinated, so it can fill the regulatory gaps that arise from inherently cross-sector and cross-border issuance and ensure a level playing field; (2) consistent, so it aligns with mainstream regulatory approaches across the activity and risk spectrum; and (3) comprehensive, so it covers all actors and all aspects of the crypto ecosystem. A global regulatory framework is also expected to bring order to the markets, help instill consumer confidence, lay out the limits of what is permissible, and provide a safe space for useful innovation to continue.

Meanwhile the number of cryptocurrencies in circulation crossed 21 thousand, despite a host of macroeconomic variables plaguing the crypto market. The number of cryptocurrencies as per coinmarketcap.com is around 21042 at the time of this writing.

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