Cryptos Hover Near The Flatline

Cryptocurrencies stayed close to the flatline, with market cap at $936 billion, versus $934 billion a day earlier. While stock markets traded in the green zone, the Dollar Index did not make major moves.

At current levels of market capitalization, Bitcoin commands 40.2 percent of the overall crypto market, closely followed by Ethereum which enjoys a market share of 17.4 percent. Stablecoins account for 15.9 percent of the overall crypto market, leaving a share of 26.5 percent for the residual altcoins.

Bitcoin gained 0.42 percent overnight to trade at $19,618.54. BTC is up 2.5 percent on a weekly basis but is still trading 59 percent lower on a year-to-date basis.

Meanwhile Greenpeace USA has renewed its campaign against the environmental impact of Bitcoin mining. It has relied on the report titled “The Energy Bomb: How Proof-of-Work Cryptocurrency Mining Worsens the Climate Crisis and Harms Communities Now,” to expose how Bitcoin mining has increased the dependence on climate-warming fossil fuels.

Ethereum which recently transitioned from the energy intensive Proof-of-Work algorithm to the Proof-of-Stake consensus, gained 0.72 percent overnight to trade at $1,329.97.

Among the top 10 cryptocurrencies 5th ranked BNB (BNB), 6th ranked XRP (XRP), 8th ranked Cardano (ADA), 9th ranked Solana (SOL) and 10th ranked Dogecoin (DOGE) are all trading in the red zone.

73rd ranked Lido DAO (LDO) topped the price charts with an 8 percent overnight rally. Lido, a liquid staking solution for Ethereum that has gained 15 percent in the past week has shed 59 percent on a year-to-date basis.

21st ranked Cosmos (ATOM), 11th ranked Polygon (MATIC), 74th ranked Curve DAO Token (CRV) and 45th ranked Aave (AAVE), have all gained more than 3 percent overnight.

29th ranked Quant (QNT) shed more than 10 percent overnight and is the greatest laggard among the top 100 cryptocurrencies. The crypto token tagged to the interoperability segment, had gained 19 percent a day earlier. QNT has gained 26 percent in the past week and 8 percent in the year 2022.

91st ranked TerraClassicUSD (USTC) and 19th ranked UNUS SED LEO (LEO) have also lost more than 5 percent overnight.

Meanwhile Bloomberg has reported that the SEC and CFTC, two key U.S. regulators are investigating the bankrupt crypto-focused hedge fund Three Arrows Capital (3AC). The agencies are investigating whether the hedge fund violated rules by misleading investors about the strength of its balance sheet and not registering with the agencies. The Singapore-based Fund collapsed and filed for bankruptcy proceedings in July, following the collapse of the Terra cryptocurrencies.

For More Cryptocurrency News, visit rttnews.com

Source: Read Full Article