Cryptocurrencies stayed strong, early on Monday, as world markets entered a new week where the Fed’s policy review, Bank of England’s interest rate decision and the non-farm payrolls data from the U.S. are inter alia scheduled for release. Earnings updates would also shape the assessment of how the interest rate hikes so far have dented corporate profitability and future earnings.
Come Wednesday and it would be certain whether the Fed would raise rates by 75 basis points for the fourth time in a row. It would also be clear whether the Fed would feed the narrative of a peaking in the rate-hiking- cycle and the so-called inevitability of slowing down on further hikes. Nonfarm payrolls data would indicate how robust the job market is and whether the Fed can take cognizance of its current position in modifying the monetary policy stance.
Major stock markets traded on a mixed note while gold and crude oil prices declined. Bond yields have hardened whereas the Dollar and the Dollar Index have strengthened.
Overall crypto market capitalization edged up to $1.03 trillion, versus $1.02 trillion, a day earlier.
Bitcoin is trading at $20,730.21, down 0.24 percent on an overnight basis and dominates 38.7 percent of the overall crypto market.
Ethereum is trading at $1,621.26, having gained 0.95 percent in the past 24 hours. Ether’s dominance of the crypto market is currently at 19.3 percent.
4th ranked BNB (BNB) gained 6 percent overnight and 20 percent in the past week to trade at $331.34.
6th ranked XRP (XRP) is still trading 1.6 percent lower on an overnight basis amidst rumors that Ripple Labs would emphatically win the lawsuit against the U.S. SEC.
Despite hopes of a Twitter integration, 8th ranked Dogecoin (DOGE) is trading 5 percent lower on an overnight basis. The meme-coin has gained 105 percent in the past week, which is the highest among the top 100 cryptos.
Cardano (ADA) which has been pushed to the 9th rank overall has edged down 0.2 percent in the past 24 hours.
10th ranked Solana (SOL) also put up a strong show, gaining 4.2 percent in the past 24 hours.
41st ranked Chiliz (CHZ) that gained 14 percent, 76th ranked Trust Wallet Token (TWT) that gained 7 percent and 22nd ranked Chainlink (LINK) that gained 6.9 percent are the most noteworthy price movements on an overnight basis among the top 100 cryptos.
57th ranked Axie Infinity declined more than 5 percent overnight while 41st ranked Klaytn (KLAY) dropped 4.6 percent. KLAY has however gained close to 50 percent in the past week.
Meanwhile Ethereum co-founder Vitalik Buterin has laid bare his thoughts on regulation of the crypto industry. In a series of tweets on Sunday, Vitalik opined that crypto industry should not be enthusiastically pursuing large institutional capital at full speed. He also expressed happiness that a lot of ETFs were getting delayed as the ecosystem would need time to mature before it gets more attention.
In respect of crypto regulation, he also mentioned that “regulation that leaves the crypto space free to act internally but makes it harder for crypto projects to reach the mainstream is much less bad than regulation that intrudes on how crypto works internally”.
Vitalik also disagreed with the “KYC on defi frontends” idea as he feared it would annoy users but do nothing against hackers. He noted that hackers, write custom code to interact with contracts already. Exchanges are clearly a much more sensible place to do the KYC, and that’s happening already, the crypto industry expert noted.
Buterin’s tweets come days after Sam-Bankman Fried, another industry expert outlined his regulatory vision for the industry. In a document titled Possible Digital Asset Industry Standards, the FTX CEO had laid down a draft of a set of standards that the industry could enact to create clarity and protect customers, while waiting for full federal regulatory regimes. The document had covered topics ranging from hacks and accountability, asset listing, definition of security, tokenized equities, norms for customer protections, disclosures, and suitability, sanctions through allow lists or blocklists, DeFi, stablecoins etc.
The strengthening of the debate around creation of an appropriate set of community norms is expected to provide better protection to those navigating the crypto industry and improved control over the illicit flow of cryptocurrency.
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