Crypto Weekly Recap: What Pilots to Back in the Red Amid macroeconomic concerns?

Riskier asset classes, such as cryptocurrencies, are in the red again on Friday due to macroeconomic concerns, as the global market valuation for cryptocurrencies is currently $940.46 billion , down 2.25% from the previous day. According to statistics from CoinMarketCap, the total crypto market volume over the past 24 hours was $54.13 billion, down 11.69%. $3.24 billion, or 5.99% of the overall crypto market’s 24-hour volume, is DeFi’s total volume as of this copy.

All stable coin volume is currently $49.79 billion, or 91.98% of the 24-hour volume of the entire crypto market. The crypto market has been doing well over the past week, with the total market value holding around $1 trillion. However, Bitcoin, which recently surpassed $20,000, is now back in the red with a dominance of 39.60%, down 0.35% from the previous day. Last minute Bitcoin was trading at $19,410.21, down 0.83% from the previous hour, 3.43% from the previous day and 1.79% from the previous 7 trading sessions. The market capitalization of the aforementioned cryptocurrency is $372,558,999,098 and its volume was $30,167,308,577 in the last 24 hours.

Due to the strong inflation and volatility of the US Dollar in the last week, volatility in the crypto market remains high. USDINR closed at 82.32, up 44 places, a new record high. The intraday high is 82.42. Regardless of the price recovery of key crypto assets, Binance had the strongest headlines of the week, as around $100 million worth of Binance Coin was stolen through a hack.

Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch, said, “The crypto market has maintained its recovery over the past week, with the overall market cap nearing $1 trillion, while BTC was introduced. within a trading range of around $20k. XRP has continued to rise after a small win over the SEC, almost 10% higher than last week. MATIC is up more than 11%, as it continues to build key partnerships for adoption. “

He added that “At the macroeconomic level, there was a big policy from the newly formed UK government, which decided to roll back the proposed tax cuts, sending the GBP into a downward spiral. . Risk assets reacted in tandem, with most of them sliding and trading in the green for the last two sessions. However, the recovery seems to be built on fragile narratives and investors need to be cautious, especially regarding inflation in Europe. German monthly inflation has hit double digits (10.9%) in 70 years! And OPEC+ decided to cut production deeply to boost oil prices, despite US pressure. “

“In India, the CRE8 index rose 1.22%, reflecting global sentiment. As of 08:00 IST, 07 October, the Index Value (total crypto asset value of all crypto assets in the CRE8 Index) stands at 2678.62. BTC and ETH are the top assets by market capitalization. From a weekly point of view, from September 30 to October 7, the CRE8 index fell significantly by 0.008%, from 2678.84 to 2678.62,” said Parth Chaturvedi.

While the impact of rising global interest rates and inflation continues to have an effect on the crypto market, it appears to be approaching disaster. Despite continued dismal financial statistics from overseas markets, a favorable opening for cryptocurrencies in Q3FY23 with a total market valuation of over $1 trillion, the current macroeconomic environment has had a significant impact on the cryptocurrency market combined with rising inflation in the global economy.

The views and recommendations expressed above are those of individual analysts or brokerage firms, not those of Mint.

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