Cryptocurrencies shed more than 1.5 percent in the past 24 hours as geopolitical tensions in the Middle East shifted world market sentiment to a risk-off realm. Equity indices retreated while safe havens viz gold, the U.S. dollar and the Japanese yen gained. The massive spike in crude oil prices renewed the focus on fuel-led inflation and the potentially aggressive monetary policy response it could trigger. The FOMC Minutes due on Wednesday and the CPI update due on Thursday also exacerbated the risk aversion in the market.
Much to the disappointment of crypto enthusiasts, Bitcoin shed 1.6 percent in the past 24 hours and 2.9 percent in the past week. Bitcoin traded between $27,989.47 and $27,403.76 in the past 24 hours.
Ethereum declined more, around 2.6 percent overnight and 7.3 percent over the past 7 days. Ether traded between $1,638.90 and $1,585.59 in the past 24 hours.
4th ranked BNB (BNB) has shed 1.9 percent overnight, 5 percent in the past week and almost 15 percent in 2023.
5th ranked XRP (XRP) slipped 3.8 percent in the past 24 hours and close to 4 percent in the past week.
7th ranked Solana (SOL) has plunged 4.8 percent in the past 24 hours and 7.5 percent in the past week. Year-to-date gains have fallen to 124 percent.
Cardano (ADA), ranked 8th overall slipped 2.3 percent overnight, lifting weekly losses to 5.6 percent.
9th ranked Dogecoin extended losses with an overnight decline of 3.5 percent, a weekly decline of 6.4 percent and a year-to-date loss of 16 percent.
10th ranked TRON (TRX) has lost 2.2 percent overnight, 3.4 percent in the past week.
Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed inflows of more than $78 million for the week ended October 6. Bitcoin products recorded inflows of $42.7 million followed by Solana products that recorded inflows of $23.9 million. Despite the initial euphoria surrounding ETF products and the launch of 6 ETF products in the U.S, Ethereum-based products recorded inflows of only $10.2 million. Short Bitcoin products recorded inflows of $1.2 million.
The country-wise analysis shows inflows of $37.3 million to Germany and $31.3 million to Switzerland. Inflows to Canada stood at $6.2 million. United States recorded inflows of $2.8 million.
Cumulative AUM stood at $31.7 billion of which $24.4 billion is in United States. Canada and Switzerland account for AUM of $1.9 billion each followed by Sweden and Germany that account for AUM of close to $1.5 billion each.
For More Cryptocurrency News, visit rttnews.com
Source: Read Full Article
Grayscale’s Parent Company DCG To Buy $250 Million In GBTC Shares
Rate Hikes And Recession Fears Dampen Market Sentiment
Bitcoin Rises Ahead of ECB Special Meeting
Bitcoin Price Crashes Below $50k In Largest Single-Day Drop Since September — Possible Reasons Why
China Forces Crypto Miners to Close Shop Causing Bitcoin Price to Plummet