Crypto Market Update: Lead cryptos rebound after fed meeting
Bitcoin rose as the US dollar index retracing to 101.69 from its 20-year high
Lead cryptos are rebounding on Friday 27 May 2022, as investors seem to have digested the latest Fed minutes meeting, released on Wednesday evening, pointing to further rate rises in the upcoming months that could reduce liquidity in the market.
The lead crypto, bitcoin (BTC) also benefitted from a dollar index retracing to 101.69 from its 20-year high.
Jeffrey Halley, senior market analyst at Oanda, said: “The choppy range trading of the past few session continued overnight as the US dollar swung on day-to-day moves in risk sentiment. A powerful session by Wall Street, along with almost unchanged closes in US bond markets, saw improved risk sentiment send the greenback lower overnight.”
BTC recovering
According to Currency.com, bitcoin (BTC), the largest cryptocurrency by market capitalisation, ended yesterday at $29,159.70, down 1.18%. It is currently trading at $29,135.
Over the past 24 hours, BTC is trading 3% higher, but 4% lower over the past seven days, according to CoinMarketCap. Bitcoin’s market cap was $612.1bn, representing around 45.8% of total cryptocurrency market capitalisation, while the lead crypto’s trading volume was around 18% higher at $40.4bn in the past 24 hours.
The digital oil, ether (ETH), according to Currency.com, ended yesterday at $1.790, down 7.75%. ETH is currently trading at $1,794.
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The total crypto market capitalisation rose by $28bn from $1.187trn to $1.215trn in the past 24 hours.
Top gainers and losers
According to CoinMarketCap, of the top 100 coins and tokens, Curve DAO Token (CRV), Curve DAO in-house token, witnessed a 9.2% increase over the last 24 hours and is changing hands at $1,20.
On the flip side, TerraClassicUSD (USTC), the new version of the TerraUSD UST algorithmic stablecoin crashed, falling by more than half in 24 hours, and is trading at $0.0357.
Among the crypto coins and tokens with more than a $50,000 24h-volume that have gained or lost the most in the past 24 hours, TopChain (TOPC) almost trebled to $0.001048, while SportMove (SPORT) was down 97% at $0.001266.
All cryptocurrency prices are correct as of 14:30 BST (UTC +1).
