Cryptocurrencies plunged more than 2.5 percent overnight amidst a sentiment boost in equity markets and a weak Dollar. Only three cryptocurrencies among the top 100 are trading with overnight gains of more than 1 percent.
Stock markets in Asia ended on a positive note. Major European and Wall Street indexes are trading above the levels on Friday.
The Dollar Index weakened more than half a percent to 110.33. While crude oil was subdued following China’s insistence on continuing the Zero Covid Policy, gold gained in tandem with the Dollar’s weakness.
Crypto market capitalization plunged to $1.03 trillion, from $1.05 trillion a day earlier amidst the scare surrounding Alameda Research, a sister concern of the FTX group led by Sam Bankman-Fried.
The Block has reported that FTX is under pressure due to a controversy surrounding the balance sheet details of its sister firm Alameda. The report in The Block notes that “The feared insolvency claims stem from the fact that a significant portion of Alameda’s asset holdings were in FTT, a token created by the firm, rather than more traditional assets like fiat currencies”. Alameda’s CEO Caroline Ellison later tweeted that the leaked balance sheet represented a subset of their corporate entities and that the firm had an additional $10 billion in assets.
25th ranked FTX Token (FTT) shed more than 8 percent overnight and 13 percent in the past week to $22.30. Rival Binance indicated that it would offload the FTT tokens it holds in view of the recent revelation, in a move seen as exacerbating the FTX token’s plunge. FTT traded between $24.83 and $21.73 in the past 24 hours.
Market leader Bitcoin is currently trading at $20,672.35, down 2.6 percent on an overnight basis. BTC traded between $21,279.40 and $20,637.35 in the past 24 hours and is holding on to weekly gains of close to 2 percent. BTC, which commands 38.8 percent of the overall crypto market is down 56 percent on a year-to-date basis and almost 70 percent below the all-time high of $68,789.63 touched on November 10, 2021.
Ethereum lost a tad bit more on an overnight basis and is trading 3.2 percent lower than the prices a day earlier. Ether traded between $1,630.59 and $1,550.42 in the past 24 hours and is currently changing hands at $1,572.70. Ether which commands 18.8 percent of the overall crypto market is holding on to gains of around a percent on a weekly basis.
11th ranked Polygon (MATIC) has gained more than 4 percent in the past 24 hours and 34 percent in the past week. 57th ranked Synthetix (SNX) which gained 3.7 percent and 78th ranked Dash (DASH) which added 2.4 percent are the other major gainers on an overnight basis.
10th ranked Solana (SOL), 88th ranked Loopring (LRC) and 54th ranked Aptos (APT) have declined around 12 percent on an overnight basis.
84th ranked Arweave (AR) has gained 37 percent and tops the list for weekly gains among the top 100 cryptocurrencies.
67th ranked Klayton (KLAY), an open-source metaverse-focused crypto declined 20 percent and is the biggest loser on a weekly basis. KLAY has lost 5 percent overnight.
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