Crypto Market Update: Lead cryptos rebound after fed meeting

By Raffaele Redi

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.

What is your sentiment on ETH/USD?

1239.24
Bullish
or
Bearish
Vote to see community's results!

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).

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image