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Why Cryptocurrency Prices Are Falling Today

While bitcoin has seen a marginal increase of 0.2% over the last 24 hs, the majority of coins are experiencing a decline
May 13, 2024

The global cryptocurrency market capitalization is up by 0.2% over the last 24 hours, standing at $2.38 trillion. However, most of the top 100 coins are facing a downward trend today.

Immutable (IMX) takes the biggest hit, dropping by 9% to $2. Ribbon Finance (RBN) follows with a 7.8% decrease to $1. Among the few green coins today, Toncoin (TON) performed the best, rising by 4.3% to $7.18, closely followed by THORChain (RUNE), which rose by 4.2% to $6.05.

Interestingly, most of the top 10 coins by market capitalization are on the rise today, with Toncoin recording the highest increase.

Bitcoin (BTC) follows with a 1.5% increase, currently trading at $61,707. BNB is the only other coin with a rise above 1%, now trading at $596. Ethereum (ETH) has appreciated by 0.55%, changing hands at $2,935.

However, Solana and XRP are down today by 2% and 1.2% to $141 and $0.5001, respectively. The market decline can be attributed largely to hawkish comments from the US Federal Reserve and speculation that it may postpone its easing plans. This has strengthened the US dollar, contributing to Bitcoin’s losses.

Bitfinex analysts have noted that the rise of the US dollar has strongly impacted the rise of risk assets. While this correlation is evident, they stress that the dollar's rise is not the cause behind Bitcoin's weakness.

The analysts argue that a sustained strength and a reclaim of range lows on BTC post-FOMC and job market data, along with simultaneous weakness in the dollar, are signs of a new regime. They believe this would set Bitcoin up for a very bullish Q3-Q4.

In Q1 of 2024, Ethereum saw significant developments, including a rise to the $4,000 level, an increase in staking, and the Dencun upgrade, which improved its scalability and lowered transaction costs.

According to a report by the analytics platform Glassnode, Ethereum's derivatives market saw a notable increase, with options open interest going up by 50%, hitting record highs. This growth indicates increasing involvement of traders and institutional investors in Ethereum’s financial products.

The report also notes that Ethereum's staking landscape evolved, with a 9% increase in staked ETH. New developments such as Maximal Extractable Value (MEV), Liquid Staking, Restaking, and Liquid Restaking are driving this growth.

Fireblocks has announced the Fireblocks Global Custodian Partner Program, a global network of licensed digital asset custodians, to support its customers in meeting rising regulatory standards. The program, built on the Fireblocks Network, will launch this quarter.

The move comes as a response to increasing regulatory requirements and growing institutional demand for qualified custodians in the digital assets space. The Fireblocks Trust Company, regulated by the New York Department of Financial Services (NYDFS), will offer cold storage custody solutions to US clients.

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