Cryptos Gain Despite The Resurgence Of The U.S. Dollar

Cryptos gained more than half a percent in the past 24 hours even as market mood was swayed by a resurgence in the U.S. Dollar, the spike in bond yields, the likelihood of a U.S. govt shutdown and a hack in a Hong-Kong based crypto company.

Hawkish commentary from Fed officials that hinted at interest rates remaining at levels higher than anticipated for periods longer than feared lifted the Dollar against major currencies. The Dollar Index, a measure of the Dollar’s strength against a basket of 6 currencies surged to 106.20, a level last seen in November 2022. It is currently at 105.96, having edged down 0.03 percent from the previous close of 106.00.

The CME FedWatch tool too reflected the changed rate hike expectations. Probability of a quarter point rate hike in the ensuing meeting in November increased to 20.4 percent, versus 18.5 percent a day earlier and 29.4 percent a week earlier.

Markets also digested the trend of bond yields staying close to multi-year highs.

Sentiment regarding a feared U.S. govt shutdown was mixed as markets speculated on the likely slowdown on both the passage of crypto-related bills as well as the enforcement actions against crypto entities.

Reports of a $200 million hack in Hong Kong based crypto company Mixin which claims to have 1 million users also dominated crypto newsrooms. Reports of crypto exchange HTX, previously Huobi, losing money in a hack also made news.

Meanwhile, Binance Japan and Mitsubishi UFJ Trust and Banking Corporation announcing a collaboration for the launch of a new stablecoin boosted sentiment.

Overall crypto market capitalization stood at $1.05 trillion, rising from $1.04 trillion a day earlier.

Bitcoin’s range declined to between $26,421 and $26,011 in the past 24 hours, versus the high of $26,716 and the low of $26,020 a day earlier. At its current trading price of $26,264, the leading cryptocurrency has gained 0.8 percent overnight. Despite weekly losses of 3.5 percent, BTC has gained 57.8 percent on a year-to-date basis. Bitcoin currently commands a crypto market dominance of 48.9 percent.

Ethereum is currently changing hands at $1,590.69, registering an overnight gain of 1.5 percent, a weekly loss of 3.4 percent and a year-to-date gain of 32.3 percent. Ether ranged between $1,598 and $1,565 in the past 24 hours, versus the high of $1,600 and the low of $1,566 recorded a day earlier. Ethereum currently accounts for 18.3 percent of the overall crypto market capitalization.

4th ranked BNB (BNB) gained 2.1 percent in the past 24 hours. The week’s losses are 2.6 percent whereas year-to-date losses still exceed 13 percent.

5th ranked XRP (XRP) rose 1.2 percent higher in the past 24 hours. Though weekly losses exceed 1 percent, the cryptocurrency has gained more than 47 percent in 2023.

7th ranked Cardano (ADA) added 1 percent in the past 24 hours. The cryptocurrency is however saddled with weekly losses of 4 percent and year-to-date losses of 1.7 percent.

8th ranked Dogecoin (DOGE) is trading with mild gains. DOGE has shed more than 2 percent in the past week and 13 percent in 2023.

9th ranked Solana (SOL) slipped 1 percent in the past 24 hours. Despite weekly losses of close to 4 percent, the cryptocurrency has gained 94 percent in 2023.

10th ranked TRON (TRX) gained 0.8 percent in the past 24 hours, 0.6 percent in the past week and 55 percent on a year-to-date basis.

34th ranked maker (MKR) topped the price charts with an overnight surge of more than 5 percent. 75th ranked FraxShare (FXS) also added more than 4 percent in the past 24 hours.

35th ranked Aptos (APT), 94th ranked Compound (COMP), 47th ranked Immutable (IMX) and 40th ranked Quant (QNT) have all slipped more than 3 percent in the past 24 hours.

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