Cryptos Wait For Further Cues

Cryptocurrency market capitalization hovered close to the $1.09 trillion level over the past 24 hours, even as bond yields eased, Dollar Index extended losses and stock markets remained muted. The 24-hour crypto market trading volume was also muted at $23.6 billion.

While the eagerly watched trial of SBF commenced, markets now wait for the monthly jobs data on Friday. FOMC Minutes are due on Wednesday whereas the next CPI update from the U.S. will be available on Thursday.

Four of the top-10 non-stablecoin cryptocurrencies are trading with overnight gains. Toncoin (TON) surged 4.2 percent, followed by Cardano (ADA) that rallied 1.8 percent and Bitcoin (BTC) that added 0.4 percent. TRON (TRX) gained 0.10 percent in the past 24 hours.

Polygon (MATIC) is the biggest laggard among the top-10 non-stablecoin cryptocurrencies. MATIC shed 4.1 percent, followed by XRP (XRP) that declined 2 percent and Solana (SOL) that slipped 1.3 percent. Ethereum (ETH) slipped 0.80 percent whereas Dogecoin (DOGE) and BNB (BNB) are trading 0.20 percent below the flatline.

Despite the overnight performance, Solana (SOL) tops weekly gains with a surge of 21 percent followed by Polygon (MATIC) that has added close to 10 percent in the past week. Toncoin (TON) that shed more than 5 percent and BNB (BNB) with losses of little more than half a percent are the only cryptocurrencies among the top 10 to trade with weekly losses.

Down the crypto hierarchy encompassing the top 100 cryptocurrencies, 82nd ranked Trust Wallet Token (TWT) tops with overnight gains of more than 13 percent. 84th Ranked Gala (GALA) leads losses with a decline of 5.7 percent.

Bitcoin is currently trading at $27, 709.66, having ranged between $27,875.59 and $27,339.27 in the past 24 hours. Bitcoin’s dominance of the crypto market increased to 49.7 percent, from 49.5 percent a day earlier.

Ethereum’s 24-hour trading range was between $1,654.43 and $1,632.72. Its crypto market dominance slipped to 18.1 percent, from 18.2 percent, a day earlier.

Meanwhile crypto industry has been watching closely the trial of Sam Bankman-Fried which commenced on Tuesday. SBF has been charged with seven counts of conspiracy and fraud in connection with the collapse of the FTX cryptocurrency exchange which he had co-founded. While SBF has pleaded not guilty, several of his former colleagues including Gary Wang, the co-founder, Caroline Ellison, the former CEO of Alameda Research, Nishad Singh, the former head of Engineering at FTX and Ryan Salame, the CEO of FTX Digital Markets have pleaded guilty. The trial is set to last around 6 weeks.

The FTX cryptocurrency exchange had filed for bankruptcy in November 2022, after a brief period of liquidity crisis. FTX Token (FTT), the native crypto of the FTX exchange, is currently trading at $1.22, having gained 0.70 percent in the past 24 hours, 6.94 percent over the past week and close to 43 percent on a year-to-date basis. Market cap of the FTT token has dropped to $397 million, versus $3.5 billion at the end of October 2022. FTT which was ranked among the top 25 cryptocurrencies in October 2022 is currently ranked 216th.

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