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Cryptos Rally As Market Sentiment Improves

cryptocurrency oct04 29sep22 lt

Cryptos rebounded more than 2 percent overnight as sentiment mildly improved amidst a surprise bond-buying move by the Bank of England. The easing halted the Dollar's climb, and the Dollar Index is currently at 113.14 versus the peak of 114.78 on Wednesday.

Overall crypto market capitalization rebounded to $943 billion, versus $922 billion a day earlier.

In the top 100 assets category, the number of assets trading in the green zone are 89 on an overnight basis, 55 on a weekly basis, 22 on a 30-day basis and 4 on a year-to-date basis.

Bitcoin recouped a great deal of Wednesday's losses, recovering 1.8 percent in the past 24 hours. At its current price of $19,383.36, BTC is trading 0.84 percent higher on a weekly basis.

Meanwhile, Blockchain News has quoted Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC) as stating that the price of Bitcoin might double if there is a CFTC-regulated market. Rostin also supported the recently introduced bipartisan bill sponsored by the Senate Agriculture Committee that aims to give the CFTC authority over digital assets considered as commodities.

Ethereum gained 2.5 percent overnight and at press-time was changing hands at $1,332.84. Ether is holding on to gains of 1.9 percent in the past week.

5th ranked BNB (BNB) added 2.8 percent overnight whereas 6th ranked XRP(XRP) gained 1.6 percent in the past 24 hours.

8th ranked Cardano (ADA) and 10th ranked Dogecoin (DOGE) edged up less than half a percent in the same span. 9th ranked Solana (SOL) gained 3.2 percent overnight to top the gainers charts among the top 20 cryptocurrencies.

64th ranked Helium (HNT) gained 9.7 percent overnight and topped the price charts. 78th ranked Ravencoin (RVN) followed with gains of 7.9 percent.

87th ranked STEPN (GMT) declined 6 percent overnight followed by 98th ranked Reserve Rights (RSR) that shed 4 percent. 22nd ranked Chainlink (LINK), 55th ranked IOTA (MIOTA) and 96th ranked Celsius (CEL) have all lost more than 3 percent overnight. The weekly gain of 38 percent made by RSR is however the highest among the top 100 cryptos.

The U.S. SEC has on Wednesday charged The Hydrogen Technology Corp. and its former CEO Michael Ross Kane for market manipulation of crypto asset securities. The SEC alleges that starting in January 2018, Kane and Hydrogen, a New York-based financial technology company, created its Hydro token and then publicly distributed the token through various methods like airdrop, bounty programs, employee compensation and direct sales on crypto asset trading platforms.

The complaint further alleges that Hydrogen hired Moonwalkers, a South Africa-based firm, in October 2018, to create the false appearance of robust market activity for Hydro through the use of its customized trading software or "bot" and then selling Hydro into that artificially inflated market for profit on Hydrogen's behalf. Hydrogen allegedly reaped profits of more than $2 million as a result of the defendants' conduct. The SEC has alleged that Hydrogen violated the registration, antifraud, and market manipulation provisions of the securities laws.

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