Cryptocurrencies declined close to a percent in the past 24 hours amidst anxiety triggered by the stronger-than-expected U.S.GDP and the tweaking in the yield curve control announced by the Bank of Japan.Advance estimates released on Thursday by the U.S.Bureau of Economic Analysis showed the U.S.economy grew at 2.4 percent in the second quarter of 2023, versus 2 percent in the previous period and much more than 1.8 percent that the markets were expecting.Sentiment remains muted as stronger than expected GDP data from the U.S.rekindled fears of how the Fed would respond, given its proclaimed stance of data-driven monetary policy action.
Close on the heels of the quarter percentage point rate hikes by the Federal Reserve and the ECB, the Bank of Japan on Thursday held rates steady but hinted at a flexible yield curve control policy.
Though BoJ said it would continue to allow 10-year JGB yields to fluctuate in the range of around plus and minus 0.5 percentage points from the target level, in its market operations it would be regarding the upper and lower bounds of the range as references, not as rigid limits.The rise in bond yields that followed the shocker bodes ill for cryptocurrencies as it increases the opportunity cost of holding cryptocurrencies.Overall crypto market capitalization has fallen to $1.18 trillion, from $1.19 trillion a day earlier.Bitcoin (BTC), the leading cryptocurrency has shed 1 percent overnight to trade at $29,199.74.The 24-hour trading range was between $29,520.71 and $29,099.35.Year-to-date gains have fallen to a little less than 76 percent.
Ethereum traded between $1,878.65 and $1,855.32 in the past 24 hours.It is currently changing hands at $1,867.32, having erased half a percent overnight and 1 percent over the past week.
Year-to-date gains are a little less than 56 percent.Bitcoin dominates 48.17 percent of the overall crypto market followed by Ethereum which accounts for 19.03 percent.4th ranked XRP (XRP) declined 1 percent in the past 24 hours and 8 percent in the past week.The cryptocurrency is currently changing hands at $0.709.
The cryptocurrency has added around 110 percent in 2023.5th ranked BNB (BNB) edged up 0.06 percent overnight.It is yet to recoup more than 1 percent loss made on a year-to-date basis.7th ranked Cardano (ADA) is also trading close to the flatline.
It has however gained more than 24 percent in 2023.
8th ranked Dogecoin (DOGE) has dropped 3.8 percent overnight.Weekly gains however exceed 6 percent.9th ranked Solana (SOL) shed 2.7 percent overnight and 2 percent over the past week.It has however gained more than 147 percent in 2023.10th ranked TRON (TRX) added 1 percent overnight.TRX has gained more than 50 percent in 2023.45th ranked Immutable (IMX) topped the price charts with an overnight rally of 9.2 percent.
75th ranked Pepe (PEPE) and 41st ranked Maker (MKR) have declined more than 5 percent overnight.Meanwhile, in a major step towards regulatory clarity for the crypto industry in the U.S., the House Financial Services Committee on Thursday passed legislation out of Committee that establish a regulatory framework for payment stablecoins and protect self-custody for digital assets.The Committee had a day earlier also passed key pieces of legislation out of Committee that provide robust consumer protections and legislative clarity for the digital asset ecosystem.The “Clarity for Payment Stablecoins Act of 2023,” provides a clear regulatory framework for the issuance of payment stablecoins.
The bill seeks to protects consumers by establishing necessary federal guardrails, while at the same time fostering innovation in the U.S.through a tailored approach for new entrants into the marketplace.Currently, stablecoins constitute 10.66 percent of the overall crypto market.Tether (USDT) ranked 3rd overall dominates 7.1 percent of the crypto market followed by 6th ranked USDCoin (USDC) that commands 2.3 percent of the overall crypto market.The “Keep Your Coins Act of 2023,” addresses one of the key risks identified by the FTX failure.It would ensure that consumers are allowed to maintain custody of their digital assets in self-hosted wallets.
This key tenet of blockchain technology would allow consumers to avoid the risks associated with centralized, third-party custody.The “Financial Innovation and Technology for the 21st Century Act,” seeks to create a comprehensive regulatory framework for the issuance and trading of digital assets at the SEC and the CFTC.It also provides clarity on which digital assets are regulated by each agency to allow innovators to build and develop new products with confidence, while also securing key consumer protections for purchasers of digital assets.This legislation represents an unprecedented joint effort to bring digital assets into the regulatory perimeter and is considered a historic step for American innovation and consumer protection.The “Blockchain Regulatory Certainty Act,” provides that blockchain developers and providers of blockchain services that do not take control of consumer funds are not deemed financial institutions or money service businesses under the law.The “Financial Technology Protection Act of 2023,” inter alia examines issues surrounding illicit finance in the digital asset ecosystem.
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