fundamental cryptomarketcap Last week in the news There have been some relief on the financial markets during the previous week, as investors have priced the possibility for FED to slow down with its further rate increases.US stock markets closed higher on Friday, while the crypto market is still pending to follow.Bitcoin is ending the week above $19K, while Ether continues to hold above $1.3K, without much change from a week before.Major economic journal published the news that few FED officials are concerned about too strong rate hikes, which might hurt the US economy.This news pushed investors sentiment to positive, as it has increased expectations that FED might slow down with its further rate hikes as of the first quarter of the next year.At the same time, benchmark 10Y US Treasury yields reached their highest level since 2008, reaching 4,3%.Current economic prospectus are unclear, but what economists agree on is that the higher market volatility might continue at least until Q1 2023.The company Tether officially announced on Twitter that it has made its stablecoin USDT available in Brazil, on 24.000 ATM`s.
The company’s aim is to include more people into the financial system and bring major changes to the payments industry.It has been estimated that 1.4 billion USDT worth of transactions were made in Brazil during August this year.
In May, the company also launched a MXNT, a token pegged to the Mexican peso.The current acting chairman of the Federal Deposit Insurance Corporation (FDIC), Martin Gruenberg, expressed his concerns, during the last week, that the stablecoins could have a disturbing effect on the established banking system.In this sense, he proposes to US regulators to bring a regulation which would allow stablecoins to interact with traditional banking systems but without altering it.There might be a crypto winter when it comes to crypto asset prices, but it seems that IT developers are working like never before.This is the conclusion from Jason Shah, an official from Alchemy, a development company within the Web3 network, in an interview with Coindesk.He also noted a trend, which he sees on the market, that major companies based on IT technology are moving toward Web3 now, incorporating it into their businesses.
Crypto market cap Current status-quo on financial markets is reflected on the crypto market.Inflation figures show that the inflation is topping, but there is not much news from the FED officials, to provide their perspective over the state of the US economy.After the last FOMC meeting, FED Chair Powell bravely stated that the FED will push the US economy into recession to halt the surging inflation .Now that the inflation is peaking, the markets are on hold, with only one question in mind – to be or not to be another rate hike? The Wall Street Journal published an article on Friday, stating that some FED officials are concerned about too strong rate hikes, which might hurt the US economy.Although this news pushed equity markets to the upside, still the crypto market remained flat during the week.Total crypto market capitalization ended the week almost without any change compared to the week before.The only change is related to daily trading volumes which has been further decreased to the level of $81B on a daily basis.The market is slowly but certainly drying up.
Total funds outflow from the beginning of this year still holds at level of $1.302B, which is a total drop of 60%.Regardless of a short move to the upside during the week, still the majority of crypto coins are finishing the week at levels from the week before.For major coins, changes were incremental.Bitcoin added $1B or 0.3% in its total market capitalization, while Ether was up by $1.7% or almost $3B plus to the market cap.At the same time, Cardano continues to lose strength, by decreasing its market cap by additional 4.7% or $0.6B on a weekly basis.The same loss has Solana , by decreasing its market cap by additional $6.5%.Major weekly gainers among altcoins were Maker, with weekly increase of 5.3%, Polygon with a surge in the market cap by 4.15% and Zcash with additional 3.8% in market cap.It was interesting to see that during the previous week even three most prominent coins on the market decreased their coins in circulation, among which were Ether with a drop of 0.4% XRP was down by 0.2% and surprisingly, Binance Coin which decreased the number of coins in circulation by 0.8%.
This is a situation not so frequently seen on the crypto market among major coins.Crypto futures market The status-quo was a word dominant not only on the spot market, but also on the crypto futures market during the previous week.ETH futures were sort of “frozen” during the week, making only incremental changes.The futures curve continues to be inverted, but within a very short range, starting with $1.300 for futures maturing as of the end of this month, and ending at level of $1.274 for maturities in December 2023.
BTC futures were also quite modestly changed.Futures maturing in December this year were down by some 0.3%, ending the week at level of $19.1K.At the same time, longer term futures had a higher drop, ranging around 2%, with December 2023 ending the week at level of $19.6K.Related Ideas.
