WASHINGTON (dpa-AFX) - Amidst growing regulatory actions from the U.S. government agencies as well as the persisting geopolitical unease in the Middle East, cryptocurrencies slipped close to 2 percent on an overnight basis.
Close on the heels of the Wells notice issued against Robinhood Crypto, Rostin Behnam, the Chair of the U.S. Commodities Futures Trading Commission on Monday warned of continuing scrutiny of cryptocurrency firms. The Securities and Exchange Commission, in the meanwhile filed the remedies reply brief in relation to its legal proceedings against Ripple Labs, the issuer of the XRP cryptocurrency.
Amidst the increased legal enforcement against the crypto industry, overall crypto market capitalization dropped to $2.37 trillion, from $2.41 trillion a day earlier. Bitcoin (BTC) is currently trading at $64,121.22, dropping 1.7 percent overnight. The leading cryptocurrency has however added more than 4 percent in the past week and close to 52 percent in 2024.
The leading cryptocurrency currently commands 53.4 percent of the overall crypto market. The 24-hour trading range was between $65,270.18 and $62,746.24. Data from Farside Investors showed net inflows of $217 million to Bitcoin Spot ETF products in the U.S. on Monday versus net inflow of $378 million on Friday and net outflow of $34.4 million on Thursday.
The net cumulative Bitcoin Spot ETF flows stood at $11.8 billion on May 6. Considering the cumulative outflows of $17.5 billion from the Grayscale Bitcoin Trust, the gross inflows to the Bitcoin Spot ETFs that debuted in 2024 is $29.3 billion.
iShares Bitcoin Trust (IBIT) continued on the top slot with cumulative inflows of $15.5 billion. Fidelity Wise Origin Bitcoin Trust (FBTC) followed with cumulative inflows of $8.1 billion. ARK 21Shares Bitcoin ETF (ARKB) witnessed inflows of $2.2 billion whereas Bitwise Bitcoin ETF (BITB) recorded cumulative inflows of $1.7 billion.
Ethereum touched a high of $3,207.14 and a low of $3,027.59 in the past 24 hours. The leading alternate coin has slipped 2.9 percent overnight but is holding on to gains of 2.2 percent in the past week and more than 36 percent in 2024 at its current price of $3,109.76.
The SEC on Monday extended by 60 days the time it requires for taking a decision on the Invesco Galaxy Ethereum ETF application. The leading altcoin currently commands 15.8 percent of the overall crypto market.
With a market capitalization of $160 billion, stablecoins currently dominate close to 6.8 percent of the overall crypto market.
Meanwhile a recent blogpost by payments giant Visa titled 'Making sense of stablecoins' has observed three notable trends relating to the current state and potential of stablecoins. First and foremost, the report states that the supply of stablecoins was nearing all-time highs. Also, there has been a steady growth of monthly active stablecoin users and as on April 24, 2024, there were around 27.5 million monthly active users across all chains.
The report as on April 24, 2024, also observes a discrepancy between the total transfer volume and the bot-adjusted transfer volume. The report notes that by applying a simple heuristic that removes inorganic data, the transfer volume for the last 30 days would fall from $2.65 trillion to $265 billion. In the light of the report by Visa, concerns about more than 90 percent of stablecoin transactions not being from real, have been voiced by several crypto commentators.
4th ranked BNB (BNB) slipped 0.8 percent overnight and its current price is $592.87. With a gain of close to a percent, BNB is the highest-ranking crypto to trade with gains over the 30-day horizon.
5th ranked Solana (SOL) rallied 0.90 percent overnight and is trading at $157.59. SOL is the highest-ranking crypto to trade with overnight gains.
7th ranked XRP (XRP) has edged down 0.2 percent overnight to change hands at $0.5411. XRP has however gained 7.4 percent in the past week. With losses of more than 12 percent, XRP continues to be the highest-ranking crypto to trade with year-to-date losses.
8th ranked Dogecoin (DOGE) slipped 4.9 percent overnight. The highest-ranking meme crypto is currently being traded at $0.1591.
9th ranked Toncoin (TON) slipped 3.2 percent overnight. TON is currently trading at $5.90.
10th ranked Cardano (ADA) shed 4.1 percent in the past 24 hours to trade at $0.4525.
89th ranked AIOZ Network (AIOZ) topped overnight gains with a surge of 7.1 percent. 24th ranked Render (RNDR) followed with gains of 5.7 percent.
60th ranked Bonk (BONK) is the greatest overnight laggard with a decline of close to 10 percent. 33rd ranked dogwifhat (WIF) and 87th ranked Starknet (STRK) both slipped more than 8 percent overnight.
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