Cryptos remained firm on Thursday ahead of the release of the crucial inflation numbers from the U.S. later in the day. Overall market capitalization stood a tad above the $2 trillion mark with most top cryptocurrencies trading in the green zone.
Bitcoin is trading at $45,067.75 after registering a rise of 3.26 percent overnight.
Ethereum is trading at $3,270.01 having gained 4.18 percent in the past 24-hours.
BNB gained 2.5 percent whereas XRP is higher by 4.5 percent.
Cardano (ADA)has gained 1.81 percent.
Among the top 15 cryptocurrencies, SHIB recorded the highest weekly gain of more than 64 percent, closely followed by XRP at 49 percent, Avalanche at 37 percent and Polygon at 34 percent.
At current levels of market capitalization, Bitcoin (BTC), Ethereum (ETH), BNB (BNB), XRP (XRP), Cardano (ADA), Solana (SOL), Terra (LUNA), Avalanche (AVAX), Polkadot (DOT), Dogecoin (DOGE), Polygon (MATIC), TerraUSD (UST), Litecoin (LTC), Cosmos (ATOM), and NEAR Protocol (NEAR) are the top-ranking crypto coins.
From the rankings as on Friday, XRP and AVAX have advanced two notches each while LTC has moved up one slot.
ADA, SOL, DOT, DOGE and ATOM have slipped one slot each in rankings during the same period.
BTC, ETH, LUNA, MATIC, UST and NEAR have retained their respective rankings.
In the tokens category, Tether (USDT), USD Coin (USDC), SHIBA INU (SHIB), Binance USD (BUSD), Crypto.com coin (CRO), Wrapped Bitcoin (WBTC), Dai (DAI), Chainlink (LINK), Uniswap (UNI), FTX Token (FTT), UNUS SED LEO (LEO), Decentraland (MANA), The SandBox (SAND), Bitcoin BEP2 (BTCB), Axie Infinity (AXS) rank among the top-most.
Since Friday’s review, LEO has moved up two slots while SHIB and SAND have moved up one rank each.
BTCB has fallen two slots whereas BUSD and MANA have fallen one rank each.
Among the tokens category, USDT, USDC, CRO, WBTC, DAI, LINK, UNI, FTT and AXS continue with their earlier rankings unchanged.
Reports from Russia indicating that the government plans to regulate crypto through licensing for exchanges and taxation rather than a ban as proposed by the Bank of Russia also supported sentiment.
In its recent report titled “Securities Markets Risk Outlook Report: A Changing Landscape,” The Central Bank of Ireland has inter alia said that it was highly unlikely to approve a UCITS or a Retail Investor AIF proposing any exposure (either direct or indirect) to crypto assets, taking into account the specific risks attached to crypto assets and the possibility that appropriate risk assessment could be difficult for a retail investor without a high degree of expertise. It however noted that the same may be suitable for wholesale or professional investors.
The report further states that as majority of crypto assets remain unregulated in the EU, investors buying and/or holding these instruments do not benefit from the guarantees and safeguards associated with regulated financial services.
Shiba Inu announced the launch of the Shiberse, a metaverse world that would be focused on redefining the incentivization model for its growing community. Will the other meme coins follow suit?
Global markets await the release of the inflation data from the U.S. which is seen rising to 7.3 percent and setting the tone for a policy rate lift off as early as next month. The Dollar Index, which measures the Dollar against a basket of 6 currencies is at 95.54 whereas Gold, the competing inflation hedge is trading near $1834 per troy ounce. Ten Year bond yield is at 1.939 percent in the U.S. and at 1.4400 percent in the U.K.
Though markets appear to have discounted the rise in inflation, any negative surprise could trigger a turbulence in the markets.
Source: Read Full Article