Crypto Markets Volatile Ahead Of Fed Decision; Bitcoin Drops Below $21k

It is still turbulent in crypto world. World markets continue to be nervous ahead of the Fed’s interest rate decision due on Wednesday and the Bank of England’s announcement due on Thursday. Overall crypto market capitalization as per has fallen to $940 billion, versus $971 billion, a day earlier. However unlike on Monday, it is market leader Bitcoin that is leading the losses, whereas many lower-ranked altcoins have rallied from the previous day’s levels.

Bitcoin is trading at $22,165.49, down 6.6 percent on an overnight basis. BTC dropped to a more than 18-month low of $20,950.82 in the past 24 hours.

Ethereum outperformed Bitcoin with lesser overnight losses of 1.7 percent. ETH’s current price is $1,199.33. ETH too dropped to a more than 18-month low of $1094.70 in the past 24 hours.

5th ranked BNB (BNB) is trading with overnight gains of 1.4 percent. 7th ranked Cardano (ADA) has gained more than 10 percent in the past 24 hours. 8th ranked XRP(XRP) is also trading 1 percent higher overnight. 9th ranked Solana (SOL) has rallied 9.6 percent to trade at $29.26. 10th ranked Dogecoin (DOGE) is trading 2.8 percent higher.

22nd ranked Chainlink (LINK), 40th ranked Helium (HNT), 41st ranked Theta Network (THETA), 44th ranked Bitcoin SV (BSV), 45th ranked Elrond (EGLD), 49th ranked Axie Infinity (AXS), 64th ranked Fantom (FTM), 65th ranked Quant (QNT), 74th ranked Gala (GALA), 75th ranked Enjin Coin (ENJ), 81st ranked STEPN (GMT) and 93rd ranked Kadeena (KDA) are trading with gains of more than 10 percent in the past 24 hours.

15th ranked UNUS SED LEO (LEO) is the only cryptocurrency in the top 100 to have gained on a year-to-date basis. LEO has gained 41 percent in 2022, attributed mainly to the 96.97 percent holding by a single address.

Bitcoin’s dominance stood dropped to 45 percent from 46.6 percent a day ago, while Ethereum’s share increased to 15.5 percent from 15.3 percent earlier. Stablecoins’ dominance increased to 16.8 percent from 16.4 percent a day before, allowing residual altcoins to increase the market share to 22.7 percent from 21.7 percent a day ago.

3rd ranked Tether (USDT) traded between $0.9989 and $0.9982 in the past 24 hours whereas 4th ranked USDCoin (USDC) traded between $1.00 and $0.9996 in the same period. 6th ranked BinanceUSD (BUSD) traded between $1.00 and $0.9988 in the past 24 hours.

Tether’s market capitalization decreased to $71.5 billion, versus $72.4 billion on Sunday.

52nd ranked algorithmic stablecoin Neutrino (USDN) lost its peg to the dollar, trading between $0.9795 and $0.9492 in the past 24 hours.

58th ranked algorithmic stablecoin USDD of the TRON DAO Reserve remained de-pegged from the Dollar, trading between $0.9919 and $0.9764 in the past 24 hours, versus the $1 to $0.9757 range on the previous day.

All eyes are now on two key central bank decisions on interest rate tightening. Will there be a pause in crypto meltdown post the decisions? Markets are watching and waiting.

Source: Read Full Article