Cryptos Muted As Geopolitics And Interest Rate Worries Bother

Cryptocurrencies are trading below the flatline amidst negative sentiment triggered by the escalation in Middle East conflict and uncertainty over the Fed’s next course of action. Cryptocurrencies had recently rallied following reports of the SEC approving Bitcoin ETFs, which subsequently turned out to be false.

Uncertainty regarding the Fed’s monetary policy trajectory continued to bother investors amidst data that showed robust consumer spending in the U.S. Data released by the U.S. Census Bureau on Tuesday showed retail sales in the U.S. gaining 0.7 percent on a month-on-month basis in September, versus an upwardly revised 0.8 percent rise in August and far exceeding forecasts of a 0.3 percent advance.

Overall crypto market capitalization is currently at $1.09 trillion, lower by close to half a percent from the levels a day earlier.

Bitcoin traded on a weak note, shedding 0.3 percent in the past 24 hours. It is currently changing hands at $28,393.08 after ranging between $28,889.01 and $28,172.91 earlier in the trade. Despite reports of the Bitcoin ETF approval turning out to be false, the leading cryptocurrency has gained 4.2 percent in the past week and more than 70 percent on a year-to-date basis.

Ethereum slipped 0.09 percent in the past 24 hours to trade at $1,583.72. The leading alternate coin is however trading with 0.5 percent gain on a weekly basis and 31.7 percent gains on a year-to-date basis. Ether traded between $1,586.94 and $1,554.40 in the past 24 hours.

4th ranked BNB(BNB) gained 0.40 percent on an overnight basis.

5th ranked XRP (XRP) has slipped 0.30 percent in the past 24 hours.

7th ranked Solana (SOL), 8th ranked Cardano (ADA) and 9th ranked Dogecoin (DOGE) have all slipped more than 1 percent in overnight trade.

10th ranked TRON (TRX) has gained close to 1 percent.

71st ranked Trust Wallet Token (TWT) surged 6.7 percent in the past 24 hours followed by 11th ranked Toncoin (TON) that gained 3.4 percent and 30th ranked Hedera (HBAR) that added 2.5 percent.

83rd ranked Conflux (CFX) erased 5.8 percent in the past 24 hours. 90th ranked Sui (SUI) and 78th ranked Klaytn (KLAY) have both lost close to 5 percent in the past 24 hours.

Meanwhile the Securities and Exchange Commission has included cryptocurrencies in its 2024 Examination Priorities. The list, which serves to inform investors and registrants of the key risks, examination topics, and priorities that the Division plans to focus on in the upcoming year includes crypto assets as well as emerging financial technology. The SEC’s Division of Examinations prioritizes examinations of certain practices, products, and services that it believes present potentially heightened risks to investors or the integrity of the U.S. capital markets. This year’s examinations would prioritize areas that pose emerging risks to investors or the markets, as well as examinations of core and perennial risk areas.

The SEC has advised that given the continued volatility in crypto asset markets, it would continue to monitor as well as conduct examinations of registrants. The examinations of registrants would focus on the offer, sale, recommendation of, advice regarding, trading in, and other activities in crypto assets or related products.

The SEC has said that it would specifically review whether registrants involved with crypto assets meet standards of conduct when advising clients regarding crypto assets. The SEC said it would particularly focus on investors who are retail-based (including older investors) and investments that involve retirement assets.

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