Cryptocurrency News

Crypto market sentiment remained muted early on Friday amidst lingering concerns over the macro-economic situation. While the Dollar's climb appeared to slow down, fears of aggressive rate hikes and likely recession continue to haunt market sentiment.

Here is a snapshot of the world markets at this hour across stocks, currencies, bonds, commodities and cryptocurrencies.

The Central Banks of Israel, Norway, Sweden, along with the Bank for International Settlements Innovation Hub, are set to jointly explore retail central bank digital currencies (CBDCs) for international settlements. Dubbed the Project Icebreaker, it aims to use CBDCs to achieve faster and cheaper, as well as more transparent and inclusive cross-border payments.

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.

World markets remained in bearish sentiment on Thursday amidst fears that persistent inflation and strong central bank action would trigger a painful recession. Data showing Eurozone economic indicator plunging to a two-year low also dampened sentiment.

New York Attorney General Letitia James has sued cryptocurrency companies Nexo Inc. and Nexo Capital Inc., for failing to register with the state as securities and commodities brokers or dealers and for lying to investors about their registration status.

Cryptos oscillated wildly as the Dollar responded to recent hawkish expectations from the Fed. Crypto market capitalization plunged more than 5.5 percent overnight amidst the Dollar Index touching a fresh two-decade high of 114.78 versus the high of 114.51 scaled on Monday.

World markets remained panic stricken amidst a fresh wave of Fed fears. Worries of another 75-basis points rate hike by the Fed it its next review in November lifted the Dollar, pushing the Dollar Index to a fresh twenty-year high of 114.76.

Cryptos rallied more than 5 percent in the past 24 hours as the Dollar retreated from its recent highs. The Dollar Index which had touched a high of 114.51 on Monday is currently at 113.62, down 0.42 percent from the previous close. The Dollar's pause supported the rally in stock markets as well as in crude oil and gold.

Here is a snapshot of the world markets at this hour across stocks, currencies, bonds, commodities and cryptocurrencies.

Cryptocurrency prices remained weak early on Monday amidst a strong Dollar, lifted by fears of aggressive rate hikes by the Fed. The Dollar's strength saw the Dollar Index, which measures the Dollar against a basket of six currencies rise to a fresh 20-year high of 114.53, versus the previous day's high of 113.24.

Earlier last week, crypto giants, Ethereum changed its blockchain to a proof-of-work protocol from Proof-of-stake protocol. The Merge, as it is called, was seen to be a holy grail in the crypto industry and was expected to boost the confidence of investors.

Fears of aggressive rate hikes by the Fed pushed the Dollar and Dollar Index higher, dampening prices of commodities and dragging down currencies.

The U.S. Internal Revenue Service (IRS) is set to go after U.S. taxpayers who may have failed to report to the IRS, and pay taxes on, cryptocurrency transactions. The U.S. District Judge Paul Gardephe has now granted the IRS permission to serve what is known as a John Doe summons on M.Y. Safra.

The modest crypto rally post the Fed rate hike fizzled as renewed macroeconomic worries preoccupied investor sentiment. The third 75-basis points rate hike by the Fed renewed concerns of a painful recession, dampening market sentiment and driving down the prices of digital assets.