Cryptos Rise Amidst The Dollar's Retreat

Cryptocurrencies rose more than a percent early on Friday, amidst the Dollar’s retreat from 6-month peaks. The easing in bond yields also supported the rise in the prices of cryptocurrencies.

The Dollar Index which measures the Dollar’s strength against a basket of 6 currencies shed 0.11 percent overnight and is currently at 104.94. The Index had touched an almost 6-month high of 105.16 on Wednesday.

A report by Bloomberg, which hinted at JPMorgan Chase & Co exploring the possibility of a blockchain-based digital deposit token, for speeding up cross-border payments and settlement added to the excitement in crypto space.

The overall market capitalization of cryptocurrencies increased to $1.05 trillion. It stood at $1.04 trillion a day earlier.

Bitcoin rallied 1.75 percent overnight and is currently trading at $26,188.02. The leading cryptocurrency touched a 7-day high of $26,414, earlier in the trade and also topped gains among the top 25 cryptocurrencies. Year-to-date gains exceed 57 percent.

Ether’s overnight gains were less pronounced at 0.66 percent. The leading alternate coin is currently changing hands at $1,643.68. The 24-hour high was $1,657.30. year-to-date gains are close to 37 percent.

4th ranked BNB (BNB) added 0.76 percent in the past 24 hours to trade at $216.91. BNB continues to be the highest ranking crypto to trade with year-to-date losses. BNB has lost more than 11 percent in 2023.

5th ranked XRP (XRP) added more than a percent overnight, amidst the positive sentiment. XRP has rallied close to 49 percent in 2023.

7th ranked Cardano (ADA) gained 0.63 percent in the past 24 hours, 0.59 percent in the past week and 3.25 percent in the year to date.

8th ranked Dogecoin (DOGE) gained almost half a percent in the past 24 hours but is yet to recoup losses of close to 10 percent incurred in 2023.

9th ranked Solana (SOL) surged 1.5 percent in the past 24 hours. SOL has rallied more than 98 percent in 2023.

10th ranked TRON (TRX) edged up in overnight trade and has added 2.5 percent over the past week. TRX has added more than 44 percent in 2023.

45th ranked XDC Network (XDC) topped overnight gains with a rally of more than 6 percent. The XDC cryptocurrency has gained 1.6 percent over the past week and 123 percent in 2023. 61st ranked Render (RNDR) followed with gains of 3.5 percent.

91st ranked dydx (DYDX) was the biggest laggard, shedding 3.9 percent overnight. 56th ranked Synthetix (SNX) also shed 3.6 percent. Top ranking cryptocurrencies viz 14th ranked Polygon (MATIC) and 11th ranked Toncoin (TON) have both declined a little less than 3 percent.

Meanwhile, the Digital Assets, Financial Technology and Inclusion Subcommittee of the House Financial Services Committee has convened a hearing entitled Digital Dollar Dilemma: The Implications of a Central Bank Digital Currency and Private Sector Alternatives at 2:00 PM ET on Thursday, September 14. The move comes amidst intense pressure on the U.S. lawmakers to introduce comprehensive regulation for the crypto space.

In a major regulatory development, the U.S. Commodity Futures Trading Commission on Thursday announced orders for simultaneously filing and settling charges against three entities in the Decentralized Finance or DeFi space. The enforcement focus is against three companies viz Opyn, Inc., a Delaware-registered company based in California; ZeroEx, Inc., a Delaware company based in California; and Deridex, Inc., a Delaware company based in North Carolina.

Deridex and Opyn have been charged with failing to register as a Swap Execution Facility or Designated Contract Market, failing to register as a Futures Commission Merchant, and failing to adopt a customer identification program, as part of a Bank Secrecy Act compliance program. ZeroEx, Opyn and Deridex have also been charged with illegally offering leveraged and margined retail commodity transactions in digital assets.

In the backdrop of the above legal proceedings, the CFTC has strongly urged the public to verify a company’s registration with the Commission before committing funds. The CFTC also warned that if unregistered, a customer should be wary of providing funds to the entity.

Meanwhile, the Securities and Exchange Commission on Thursday announced that it has settled charges against Linus Financial, Inc. for failing to register the offers and sales of its retail crypto lending product, the Linus Interest Accounts. The SEC however determined not to impose civil penalties against the Nashville-based company citing its cooperation and prompt remedial actions.

The Federal Bureau of Investigation has identified Lazarus Group as responsible for the theft of approximately $41 million in virtual currency from, an online casino and betting platform.

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