Cryptocurrencies traded in the negative territory amidst a world market scenario that witnessed declining equities, hardening bond yields and a resurgent dollar.
Stock market sentiment remained depressed despite the positive updates in the earnings season. Bond yields hardened, pricing in expectations of potential rate hikes by central banks worldwide to arrest sticky inflation. Safe haven Dollar surged to as high as 113.57, deflating the prices of dollar-denominated cryptocurrencies.
Overall crypto market capitalization stood at $908 billion, declining 1.8 percent in the past 24 hours.
Market leader Bitcoin traded between $19,315 and $18,954 in the past 24 hours. BTC is currently trading at $19,006.89, down 1.1 percent on an overnight basis, 3.4 percent on a weekly basis, 15.7 percent in the past 90 days and 60 percent on a year-to-date basis.
Rival Ethereum shed 1.4 percent, to trade at $1,281.12, after ranging between $1,307 and $1,276 in the past 24 hours.
3rd ranked Tether (USDT) traded between $1 and $0.9999 in the past 24 hours. Tether recently announced that USDT would be available at over 24,000 ATMs across Brazil from November, allowing users to instantaneously convert Brazilian reals into USDT and vice versa, and send their USDT anywhere in the world.
4th ranked USDCoin (USDC) traded between $1 and $0.9998 in the past 24 hours. With the aim of increasing access to the USDC stablecoin worldwide, crypto exchange Coinbase recently announced commission-free trading via non-USD currencies.
5th ranked BNB (BNB) declined 2.1 percent overnight to trade at $267.18.
6th ranked XRP (XRP) is trading 4.4 percent lower. In an update on the legal proceedings with SEC, the Ripple Lab’s legal team has announced that it is in possession of documents related to former SEC director William Hinman. Hinman had in a speech in 2018 declared that like Bitcoin, Ethereum was also “sufficiently decentralized” and thus not subject to federal securities regulation. This comes amidst apprehension that the controversial declaration favors the two top cryptocurrencies at the expense of others.
7th ranked BinanceUSD (BUSD) traded between $1 and $0.9994 in the past 24 hours.
8th ranked Cardano (ADA) declined 5 percent overnight and 12 percent in the past week. ADA is currently changing hands at $0.3359.
9th ranked Solana’s (SOL) overnight loss of 6.2 percent was the highest among the top 15 cryptos.
10th ranked Dogecoin (DOGE) traded between $0.06024 and $0.05785 in the past 24 hours. It is currently trading at $0.05825, down 3 percent on an overnight basis. The 2nd largest proof-of-work cryptocurrency after Bitcoin, has recorded a seven-month high in its hash rate amidst ETH Miners migrating to other networks post the Ethereum Merge.
32nd ranked Toncoin (TON) is the highest gainer among the top 100 cryptos, having gained more than 9 percent overnight. 75th ranked Casper (CSPR) has also added close to 8 percent. TON and CSPR are the only two cryptos among the top 100 to have gained more than 1 percent in the past 24 hours.
58th ranked Axie Infinity (AXS) shed more than 13 percent overnight.
96th ranked Ethereum Name Service (ENS) and 93rd ranked TerraClassicUSD (USTC) also lost close to 9 percent in the past 24 hours.
On a weekly basis, only 10 of the top 100 cryptos have gained more than 1 percent. 75th ranked Casper (CSPR) is the top gainer with a 25 percent surge.
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