Cryptos Decline Ahead Of Central Bank Panel

Cryptocurrencies declined close to 1.5 percent early on Wednesday amidst anxiety ahead of Fed Chair Powell’s comments at the European Central Banking Forum. The panel discussion would also feature heads of key central banks talk on the way forward for monetary policy.

Sentiment also remained impacted by reports of the likely offloading of cryptocurrencies by the Robinhood and Celsius platforms. Robinhood had announced its decision to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27, in the wake of the SEC classifying these cryptocurrencies as securities in its action against Coinbase cryptocurrency exchange.

Wall Street Futures traded lower amidst reports of potential restrictions on artificial intelligence chip exports to China.

The Dollar Index, a measure of the Dollar’s strength against a basket of 6 currencies gained 0.40 percent overnight to trade at 102.90.

Overall crypto market capitalization is currently at $1.17 trillion versus $1.19 trillion a day earlier.

Bitcoin traded between $31,006.79 and $30,055.92 in the past 24 hours. It is currently trading at $30,178.81, having shed 1.4 percent overnight. The leading cryptocurrency is however holding on to gains of 4 percent over the past seven days. Bitcoin’s crypto market dominance continues above 50 percent.

Ethereum too traded with overnight losses of 1 percent at a price of $1,857.56. The weekly gain stood at close to 2 percent. Ether’s dominance continues at little over 19 percent.

Stablecoin market capitalization stood at $128.25 billion or 11.02 percent of the overall crypto market. 3rd ranked Tether (USDT) which enjoys a crypto market dominance of more than 7 percent traded between $1.0007 and $0.9995 in the past 24 hours. 5th ranked USD Coin (USDC) ranged between $1.0005 and $0.9995 during the same period.
16th ranked Dai (DAI) touched a high of $1.0008 and a low of $0.9979 during the past 24 hours but has since recovered to $0.9998. 20th ranked Binance USD (BUSD) traded between $1.0006 and $0.9989 in the past 24 hours. BUSD has also recovered to $0.9998. 24th ranked True USD (TUSD) is currently trading at $0.9991, after falling to $0.9978 earlier in the trade. The day’s high for the stablecoin was $1.0010. 40th ranked PAX Dollar (USDP) also traded between $1.0059 and $0.9942 in the past 24 hours. Its current price is $0.9958.

27th ranked Stellar (XLM) topped the price charts with an overnight rally of 5.2 percent. 37th ranked VeChain (VET) and 21st ranked UNUS SED LEO (LEO) have both gained more than 1 percent during the same period. No other cryptocurrency among the top 100 have gained more than 1 percent in the past 24 hours.

62nd ranked Conflux (CFX), 66th ranked Pepe (PEPE) and 44th ranked Algorand (ALGO) have all declined more than 7 percent in the past 24 hours. Though CFX has lost 2.5 percent over the past 7 days and 33 percent over the past 30 days, the cryptocurrency continues to be top gainer in 2023 with a surge of 866 percent. Despite the overnight losses, PEPE is holding on to gains of more than 42 percent over the past week and 4 percent over the past 30 days.

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