Cryptos Edge Up In Lackluster Trade

Cryptocurrencies edged up a little more than half a percent, amidst a global market scenario of declining stock indices, surging oil prices, tightening bond yields and sliding gold prices. Global markets are trading cautiously as the U.S. and the E.U. mull further sanctions on Russia for the war crimes.

Overall crypto market capitalization increased to $2.16 trillion, from $2.14 trillion on Monday.

Bitcoin increased 0.64 percent in the past 24 hours to trade at $46,427.45. BTC ranged between a high of $47,106.14 and low of $45,235.82 in the past 24 hours. Bitcoin currently dominates 41 percent of the market.

Ethereum has edged up 0.03 percent and is now trading at $3,479.83. Ethereum ‘s dominance is at 19.4 percent of the overall crypto market.

4th ranked BNB gained 2.27 percent as market capitalization surged past $75 billion.
6th ranked Solana (SOL) edged up less than a percent, whereas 7th ranked Terra (LUNA) gained more than 6 percent.

8th ranked Cardano (ADA) and 9th ranked XRP (XRP) are trailing Monday’s levels.
10th ranked Avalanche (AVAX) and 11th ranked Polkadot (DOT) have gained close to 1 percent each.

12th ranked Dogecoin (DOGE) which had gained substantially on Monday in the aftermath of Elon Musk increasing his stake in Twitter, is trading 5 percent higher early on Tuesday amidst reports of Musk joining Twitter’s Board. The meme crypto is higher by 7 percent on a weekly basis.

15th ranked SHIBA INU is however trading close to Monday’s levels. The popular ATM network Bitcoin of America recently added SHIBA INU to the ATM network.

19th ranked NEAR Protocol (NEAR) jumped more than 7 percent amidst news of venture capital funding for the platform’s decentralized exchange, Trisolaris.

44th ranked Waves (WAVES) is down 18 percent in the past 24 hours and 31 percent in the past week amidst a broken stablecoin peg as well as accusations of price manipulation. Neutrino (USDN), the algorithmic crypto-collateralized native stablecoin pegged to the US dollar is currently trading at $0.9029, up more than 3 percent on a daily basis but down more than 9 percent on a weekly basis. USDN is ranked 8th among all stablecoins and 94th overall.

The NFT space continues to be bogged by rug pull news, the latest being the one involving French influencer and reality TV star Laurent Correira using the Billionaire Dogs Project to mastermind a rug pull.

In another large exploit, a prominent DeFi protocol Inverse Finance has been drained of $15.6 million.

The recent spurt in rug pulls and security breaches has sent alarms bells across the crypto industry. Operations risks such as these exacerbate the market and price risks that have plagued the cryptocurrency markets over the past year. The losses to investors would also lead to tightening of regulatory controls over the crypto space.

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