Cryptos Rebound Amidst Wider Market Rally

Crypto market capitalization rose close to 2 percent in the past 24 hours amidst an almost global rebound in stock markets and a decline in the Dollar’s strength.

Data released earlier showed Durable goods orders in the U.S., sink 4.5 percent month-over-month in January versus a downwardly revised 5.1 percent jump in December. The market forecasts had shown a 4 percent decline. The metric, which measures the cost of orders received by manufacturers of goods meant to last at least three years, declined the most since April of 2020.

Equity benchmarks in Europe are trading in positive territory. Wall Street is also trading in the green zone.

The Dollar Index, which measures the strength of the Dollar against a basket of 6 currencies declined 0.4 percent to 104.82.

Overall crypto market capitalization is currently at $1.08 trillion.

Bitcoin gained 2.3 percent overnight to $23,777.28, after trading between a high of $23,795.81 and a low of $23,169.29 in the past 24 hours.

Ethereum’s overnight gains were higher at 3.2 percent and the leading alternate coin is currently trading at $1,658.06. ETH ranged between $1,662.58 and $1,599.91 in the past 24 hours.

82nd ranked NEM (XEM) rose more than 49 percent in the past 24 hours. 42nd ranked Stacks (STX) also added close to 24 percent overnight.

39th ranked Quant (QNT) was the biggest laggard with an overnight decline of 3.30 percent.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed an outflow of $1.9 million for the week ended February 24. Bitcoin products recorded outflows of $11.7 million whereas short bitcoin products registered inflows of $9.69 million.

The country-wise analysis shows outflows of $13.7 million in United States. Switzerland recorded inflows of $10.9 million followed by Germany with inflows of $8 million. Cumulative AUM stood at $29.81 billion.

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