Crypto Weekly Roundup: Which Pilots Will Go Back Into the Red Amid Macroeconomic Fears?

All stable coin volume is currently $49.79B, or 91.98% of the 24-hour volume for the entire crypto market. The cryptocurrency market has held up well over the past week, with the total market capitalization hovering around $1 trillion. However, Bitcoin, which recently broke above the $20,000 level, is currently back in the red with a dominance of 39.60%, down 0.35% from the previous day. Bitcoin was last seen trading at $19,410.21, down 0.83% from the previous hour, 3.43% from the previous day and 1.79% from the previous seven trading sessions. The market capitalization of the mentioned cryptocurrency was $372,558,999,098 and the volume was $30,167,308,577 in the last 24 hours.

Due to strong inflation and fluctuations in the US dollar over the past week, volatility in cryptocurrency markets remained high. USDINR was seen closing at 82.32, up 44 paise, a new record high. The intraday peak was 82.42. Regardless of the price reversal of key crypto assets, Binance already had the strongest headline of the week, as roughly $100 million worth of Binance Coin was stolen through hacking.

Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch, said “Crypto markets have remained resilient over the past week, with a combined market cap near the $1 trillion level, while BTC has been trading at around $20k. XRP has continued to pump after its minor win against the SEC , up nearly 10% from last week. MATIC is up over 11% as it continues to build major partnerships for adoption.”

He further added that “On a macroeconomic level, there was a major policy U-turn from the newly formed UK government, which decided to roll back the proposed tax cuts, which had sent the GBP into a weakening spiral. Risk-weighted assets responded in tact, with most of them reversing the price slide, trading in the green for the past two sessions. However, the recovery appears to be built on fragile narratives, and investors need to be cautious, especially on European inflation. Germany’s monthly inflation was in double digits ( 10.9%) after 70 years! And OPEC+ has decided to make deep production cuts to prop up oil prices, defying US pressure.”

“In India, the CRE8 Index rose by 1.22%, reflecting global sentiments. Starting at. 08:00 IST, 07 October, the index value (the sum of crypto asset values ​​for all crypto assets in the CRE8 index) was at ₹2678.62. BTC and ETH were the largest assets by market capitalization. From a weekly perspective, from September 30 to October 7, the CRE8 index was marginally down by 0.008%, from ₹2678.84 more ₹2678.62,” said Parth Chaturvedi.

While the effects of global interest rate hikes and inflation continue to have an influence on the cryptocurrency market, it appears to be on the approach of disaster. Despite continued gloomy financial statistics from overseas markets, a strong opening to Q3FY23 for cryptocurrencies, with a total market capitalization of over $1 trillion, the prevailing macroeconomic environment has a significant impact on the cryptocurrency market mixed with rising inflation in the global economy.

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