Cryptos Flat As Global Markets Turn Risk Averse

Cryptocurrencies hovered close to the $812 billion level in overall crypto market capitalization, versus $809 billion a day earlier, even as global markets slipped into risk aversion. A surprise shift in Bank of Japan’s ultra-dovish monetary policy stance triggered a sea of red in stock markets worldwide and created turmoil in currency markets.

At the monetary policy meeting held on Tuesday, BoJ expanded the range of yield curve control, from 0.25 percentage points on either side to 0.5 percentage points on either side. The surprise shift from the super-easy monetary policy stance also lifted the yen versus the Dollar, dragging down the Dollar Index by 0.4 percent to 104.32. The yen has a 13.6 percent weight in the 6-currency linked Dollar Index.

While gold rallied 0.73 percent with the Dollar’s weakness, cryptocurrencies edged up 0.32 percent overnight.

Bitcoin edged up 0.32 percent to trade at $16,800.68 but is still 5.8 percent lower on a weekly basis.

Ethereum rallied 2.1 percent overnight and is currently trading at $1,210.48.

5th ranked BNB(BNB) edged down 0.20 percent in the past 24 hours, shedding 8.4 percent lower on a weekly basis. The native coin of the Binance cryptocurrency exchange has been hammered of late, amidst a crisis of trust that has exacerbated user withdrawals. Despite Binance spearheading the transparency initiative in the industry post the FTX collapse, questions are being raised on key parameters of the company’s operations including location of work, revenue, profit etc. that are still not publicly available information. BNB traded between $250.35 and $238.65 in the past 24 hours.

7th ranked XRP (XRP) edged up 0.62 percent overnight. Amidst lingering anxiety over the likely outcome of the legal dispute between Ripple Labs and the SEC, the cryptocurrency has shed 12.6 percent in the past week and 59.4 percent on a year-to-date basis.

8th ranked Dogecoin (DOGE) shed 4.4 percent overnight and 20.4 percent in the past week amidst fears that DOGE champion Elon Musk’s exit from Twitter’s CEO post could bode ill for the meme coin.

9th ranked Cardano dropped 2.3 percent whereas 10th ranked Polygon (MATIC) gained 0.72 percent.

29th ranked OKB (OKB) is the top gainer with a 6.5 percent overnight rally. 82nd ranked XDC Network (XDC) followed closely with a 5.6 percent overnight gain.

70th ranked Chain (XCN) and 22nd ranked Toncoin (TON) have both shed more than 12 percent overnight.

For More Cryptocurrency News, visit rttnews.com

Source: Read Full Article