Crypto Rebound Fizzles Amidst Macroeconomic Worries
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.
Overall market capitalization dropped 0.39 percent to $928 billion after rising to $955 billion earlier. According to the ranking of all assets according to market capitalization published by companiesmarketcap.com, Gold (market cap: $10.9 trillion), Apple (market cap: $2.5 trillion), Saudi Aramco (market cap: $2.1 trillion), Microsoft (market cap: $1.8 trillion), Alphabet (market cap: $1.3 trillion), Amazon (market cap: $1.2 trillion) and Silver (market cap: $1.1 trillion) rank higher than the overall crypto market cap. In the same ranking, Bitcoin is ranked 17th among all assets, whereas Ethereum is ranked 65th overall.
At current prices, the crypto market is dominated 39.2 percent by Bitcoin, 17.1 percent by Ethereum, 16.4 percent by stablecoins and 27.3 percent by the residual altcoins. Bitcoin’s market dominance dropped from 39.5 percent a day earlier whereas Ethereum’s decreased from 17.2 percent a day before.
Bitcoin declined 1.5 percent overnight and is currently trading at $18,943.79, after rising to a high of $19,464.67 and a low of $18,859.75 in the past 24 hours.
Ethereum declined 0.65 percent in the past 24 hours and 11.5 percent on a weekly basis and is now trading at $1,299.86. ETH ranged between $1,353.29 and $1,258.71 in the past 24 hours.
In the past 24 hours, 3rd ranked Tether (USDT), traded between $1.00 and $0.9999 whereas 4th ranked USDCoin (USDC), traded between $1.00 and $0.9996.
5th ranked BNB (BNB) gained a little more than a percent overnight.
6th ranked XRP (XRP) is trading more than 12 percent higher overnight and 49 percent higher in the past week amidst optimism of a favorable ruling in the legal tussle with the SEC. XRP topped the overnight and weekly gainers’ charts among the top 100 cryptos.
7th ranked Binance USD (BUSD) traded between $1.00 and $0.999.
Cardano (ADA) ranked 8th overall added close to 0.2 percent after a successful completion of the Vasil upgrade. The Vasil upgrade went live at 9:44 pm UTC on Sept. 22.
9th ranked Solana (SOL) declined 0.85 percent in the past 24 hours.
10th ranked Dogecoin (DOGE) also rallied more than 2 percent in the past 24 hours.
The biggest laggard among the top 100 cryptos is 20th ranked UNUS SED LEO (LEO) which has declined 13 percent overnight.
Meanwhile, the U.K. government has introduced in parliament The Economic Crime and Corporate Transparency Bill aimed at cracking down on fraud and money laundering. The new law would make it easier and quicker for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto assets.
Crypto mixer Tornado Cash has been on Thursday relisted on GitHub, a website and cloud-based service that helps developers store and manage their code. This follows a recent OFAC clarification that interacting with open-source code itself, in a way that does not involve a prohibited transaction with Tornado Cash, is not prohibited.
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