Cryptos Decline Ahead Of Key Economic Data Releases

Cryptocurrencies declined close to 2 percent in the past 24 hours even as world markets remain muted at the onset of a data-heavy week. Updates on consumer confidence, inflation, GDP as well as PMI are due in the week from major economies. The Fed’s preferred PCE-based inflation readings release from the U.S. as well as Fed Chair Powell’s speech scheduled for the end of the week also added to market anxiety.

Overall crypto market capitalization declined in the past 24 hours to $1.41 trillion. The 24-hour trading volume however increased 85 percent to $51 billion.

Bitcoin dropped 1.64 percent in the past 24 hours to trade at $36,787.69. The 24-hour trading range has been between $37,741.59 and $36,860.54.

Ethereum plunged 2.5 percent to trade at $2,016.50. Ether touched a high of $2,083.19 and a low of $2,014.63 in the past 24 hours.

4th ranked BNB (BNB) slipped 2.9 percent in the past 24 hours and is currently trading at $225.31.

5th ranked XRP (XRP) is trading at $ 0.6007, with overnight losses of 3.75 percent.

7th ranked Solana (SOL) has plunged 5 percent in the past 24 hours and is currently trading at $54.33.

8th ranked Cardano’s (ADA) overnight losses are close to 2.3 percent.

9th ranked Dogecoin (DOGE) gained 0.8 percent in the past 24 hours.

10th ranked TRON (TRX) has also slipped close to 4 percent overnight.

76th ranked TerraClassicUSD (USTC), an algorithmic stablecoin jumped 277 percent in the past 24 hours. Weekly gains for the cryptocurrency, which is the rebranded version of TerraUSD, the failed stablecoin that caused Terra’s collapse in May 2022 exceed 439 percent whereas year-to-date gains are close to 264 percent. USTC however traded between $0.06 and 0.01 during the past 24 hours.

74th ranked Terra Classic (LUNC) jumped 46 percent overnight lifting weekly gains to 56 percent. On a year-to-date basis, the cryptocurrency tagged to the Store of Value and DeFi categories is saddled with losses of around 18 percent.

93rd ranked Terra (LUNA), jumped 22 percent overnight. Though the cryptocurrency added 33 percent in the past week, it has shed more than 32 percent in 2023.

The price movements in these cryptocurrencies come amidst reports of investments by Terra Classic Labs, Binance’s recent burn of LUNC tokens as well as speculations about the re-peg potential for the USTC stablecoin.

79th ranked Blur (BLUR) slipped 9.5 percent in the past 24 hours. 86th ranked Gas (GAS) and 48th ranked FTX Token (FTT) also slipped more than 8 percent in the past 24 hours.

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