Cryptos Decline Amidst A Slew Of Bad News

Cryptocurrencies declined more than 2 percent in the past 24 hours amidst a string of bad news. Concerns about the G-20’s move towards crypto regulation and the anticipated liquidation of cryptocurrency holdings by the FTX cryptocurrency exchange dampened crypto market sentiment. The Securities and Exchange Commission’s filing with respect to the lawsuit against Ripple Labs as well as anxiety ahead of release of inflation updates from the U.S. added to concerns about the future of cryptocurrency prices.

Overall cryptocurrency market capitalization dropped to $1.02 trillion, from $1.04 trillion a day earlier.

Bitcoin shed 2.7 percent to trade at $25,078.74.

Ethereum declined to $1,553.62, having shed 4.2 percent in the past 24 hours amidst reports about the hacking of Ethereum founder Vitalik Buterin’s X account.

4th ranked BNB (BNB) shed 3.5 percent whereas 6th ranked XRP (XRP) plunged 5.3 percent. BNB is the highest ranking crypto to trade with losses on a year-to-date basis. BNB’s loss of 15.2 percent in 2023 is also the highest among the top 10 cryptocurrencies.

7th ranked Cardano (ADA) and 8th ranked Dogecoin (DOGE), both declined more than 2 percent.

9th ranked Solana (SOL) slipped 3.5 percent whereas 10th ranked TRON (TRX) dropped a little over 1 percent. Solana’s gain of 75 percent in 2023 is the highest among the top 10 cryptocurrencies.

Among the top 100 cryptocurrencies, barring the stablecoins, only two cryptocurrencies in the nature of Tokenized Gold viz 65th ranked Tether Gold (XAUt) and 66th ranked PAX Gold (PAXG) are trading in the overnight green zone.

41st ranked Arbitrum (ARB) plunged more than 10 percent overnight. 69th ranked ApeCoin (APE) followed with losses of more than 8 percent. 99th ranked Pepe (PEPE) shed 7.3 percent whereas 85th ranked Sui (SUI) declined 7.3 percent.

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