Cryptos Decline As Ripple Effect Fades
Cryptocurrencies declined a little less than a percent over the past 24 hours even as market euphoria that followed the Ripple Labs verdict fizzled.
Overall crypto market capitalization has fallen to $1.21 trillion, from $1.22 trillion a day earlier.
Bitcoin (BTC), the leading cryptocurrency has shed 0.10 percent overnight to trade at $30,290.56. The 24-hour trading range was between $30,437.56 and $30,045.23. Year-to-date gains are a little less than 82 percent.
Ethereum traded between $1,942.03 and $1,901.06 in the past 24 hours. It is currently changing hands at $1,915.97, having erased 0.8 percent overnight. Ether has however gained 2.8 percent over the past week. Year-to-date gains are a little less than 59 percent.
Bitcoin dominates 48.56 percent of the overall crypto market followed by Ethereum which accounts for 19 percent.
4th ranked XRP (XRP) declined 0.5 percent in the past 24 hours but has gained more than 57 percent in the past week in the backdrop of a partially favorable win against the SEC. The cryptocurrency is currently changing hands at $0.743.
5th ranked BNB (BNB) shed 1.65 percent overnight but has gained more than half a percent in the past week. It is also yet to recoup 0.3 percent losses made on a year-to-date basis.
7th ranked Cardano (ADA) has lost more than 1.5 percent overnight. It has however gained more than 2 percent over the past week.
8th ranked Solana (SOL) has dropped 3.6 percent overnight. Weekly gains however exceed 31 percent.
9th ranked Dogecoin (DOGE) shed 1.4 percent overnight but has gained 8 percent over the past week. It is still saddled with losses of close to 1 percent on a year-to-date basis.
10th ranked Polygon (MATIC) edged 0.4 percent lower overnight but is still holding on to gains of more than 11 percent overnight.
90th ranked 1inch Network (1INCH) topped the price charts with an overnight rally of 6.8 percent. 70th ranked Gala (GALA) also added 6.6 percent.
46th ranked BitDAO (BIT) is the biggest laggard, shedding 9.7 percent in the past 24 hours. 75th ranked Compound (COMP) also declined 9.5 percent overnight.
Meanwhile, The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system has finalized the global regulatory framework for crypto-asset activities. The framework is based on the principle of ‘same activity, same risk, same regulation’ and provides a strong basis for ensuring that crypto-asset activities and so-called stablecoins are subject to consistent and comprehensive regulation, commensurate to the risks they pose.
The framework consists of high-level recommendations for the regulation, supervision and oversight of crypto-asset activities and markets as well as revised high-level recommendations for the regulation, supervision, and oversight of “global stablecoin” arrangements.
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