Macro-economic And Geopolitical Concerns Drag Cryptos

Cryptocurrencies extended losses early on Tuesday amidst a global market scenario marked by renewed fears of a recession and an escalation in geopolitical tensions. While stock markets traded mostly in the red zone, crude oil prices dropped drastically. Gold Futures are hovering near the flatline whereas bond yields are mostly hardening.

The minutes of the Fed’s meeting in September is due on Wednesday and would reveal the extend of trade-off between growth and inflation the Fed would be willing to make, going forward. The consumer price inflation readings for the month of September are due on Thursday and would shape the Fed’s interest rate strategy at the next review.

Overall crypto market capitalization hovered between $940 billion and $915 billion in the past 24 hours. It is currently at $924 billion, down 1.64 percent on an overnight basis. Bitcoin’s market dominance increased to 39.8 percent, versus 39.6 percent a day earlier. Ethereum currently dominates 17.1 percent of the global crypto market. Stablecoins’ share increased to 16.27 percent of the overall crypto market, versus 15.99 percent a day earlier.

Bitcoin is currently trading 1.3 percent lower on an overnight basis at $19,154.24. 47 percent of Bitcoin holders are in the money at current prices.

Ethereum suffered a higher overnight loss of 2.41 percent. 46 percent of Ether holders are making losses at current prices. Meanwhile, analytics platform Santiment reported a more than 11 percent surge in new addresses created on the Ethereum network, versus the previous high observed in January 2022.

BNB (BNB) traded 1.3 percent lower on an overnight basis, and 6.8 percent on a weekly basis. The crypto coin ranked 5th overall has gained close to 25 percent in the past 90 days.

XRP’s (XRP) overnight loss of 5.8 percent is the highest among the top 20 cryptocurrencies. It is however holding on to gains of more than 3.7 percent in the past week.

While 8th ranked Cardano (ADA) has slipped 4.5 percent in the past 24 hours, 9th ranked Solana (SOL) has shed 3.9 percent. 10th ranked Dogecoin’s (DOGE) overnight losses are more modest at 1.3 percent.

TerraClassicUSD (USTC), the algorithmic stablecoin of the Terra ecosystem extended gains with a 42 percent overnight rally. USTC jumped to the 65th position overall versus the 87th rank a day earlier.

Huobi Token (HT) rallied close to 10 percent in the past 24 hours, jumping to the 55th rank overall amidst euphoria surrounding About Capital Management (HK) Co. Ltd becoming the controlling shareholder.

23rd ranked Ethereum Classic declined more than 8 percent in the past 24 hours. ETC prices dropped amidst an announcement from the Ergo blockchain that it took over control of a Twitter account which has a large following from the ETC community. Ergo platform is a proof-of-work (PoW) blockchain with links to Cardano.

88th ranked Ravencoin (RVN) also declined more than 7 percent in the past 24 hours.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed outflow of $5 million for the week ended October 7, versus the inflow of $10 million recorded in the previous week. Bitcoin products recorded inflows of $10 million whereas short-bitcoin investment products recorded outflows of $15 million. Year-to-date flows are positive at $453 million and the overall Assets Under Management stood at $26,245 million.

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