Cryptos Digest The Fed’s Continued Hawkish Stance

Cryptos remain muted post the Fed’s indication on Wednesday that interest rates would be higher going forward, even if the pace of hikes were to slow down. World markets retreated in response to the Fed’s hawkish forward guidance alongside the fourth straight 75-basis points hike in interest rates. The 75-basis points hike delivered by the Bank of England on Thursday added to the weak sentiment across markets.

The Fed’s hints lifted the Dollar and the Dollar Index. Bond yields hardened whereas gold and crude oil prices plummeted.

The Dollar Index is currently at 113.03, rising 1.5 percent on an overnight basis. Dollar Index ranged between 111.82 and 113.15 in the day’s trading. Massive hopes of an imminent Fed pivot had suppressed the Dollar and the Dollar Index in recent trading sessions.

Gold Futures for December settlement has declined 1.61 percent to $1623.40 per troy ounce.

Crypto market capitalization is currently steady at $1 trillion, retreating after surging to $1.03 trillion earlier in the trade.

A big-picture view of the overall crypto market shows Bitcoin dominating with a 38.7 percent market share. Bitcoin is currently trading at $20,191.91, down 1.01 percent on an overnight basis. Bitcoin has declined 2.2 percent in the past week and 12 percent in the past 90 days. Bitcoin market cap has fallen to $388 billion.

The Smart Contracts category led by Ethereum (ETH) is currently commanding 28.5 percent of the overall crypto market. Market cap of the category has declined 0.1 percent overnight to $286 billion. Overnight losses in Ethereum (ETH), Cardano (ADA) and Chainlink (LINK) have been to an extent offset by gains in BNB (BNB), Avalanche (AVAX) and Ethereum Classic (ETC). Ethereum, the top ranked cryptocurrency in the category has declined 1.5 percent in the past 24 hours and 1.6 percent in the past week and is now trading at $1,530.54.

Stablecoins led by Tether (USDT), USDCoin (USDC), Binance USD (BUSD) etc. are currently occupying 14.7 percent of the overall crypto market. Market cap declined 0.3 percent overnight to $146.6 billion. Tether tops the list with a market dominance of 6.92 percent.

Market capitalization of the Centralized Exchanges category gained 0.83 percent overnight to $67 billion, implying a 6.7 percent share of the overall crypto market. Gains in BNB (BNB) of the Binance cryptocurrency exchange, Cronos (CRO) of Crypto.com and Huobi Token (HT), the native token of the cryptocurrency exchange Huobi Global supported the surge in the category.

The DeFi category led by Dai (DAI), Avalanche (AVAX), Uniswap (UNI), etc., is currently commanding 5.2 percent of the overall crypto market. Market cap of the category has strengthened 1.5 percent overnight to $52 billion.

For More Cryptocurrency News, visit rttnews.com

Source: Read Full Article