The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Kucoin, emphasizing the classification of bitcoin, ethereum, and litecoin as commodities. The enforcement action, launched in the U.S. District Court for the Southern District of New York, accuses Kucoin of multiple regulatory breaches involving these digital assets. Kucoin’s Legal Battles Shine a Bright […]
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Indonesia’s Commodities Regulator Requests Finance Ministry to Review Crypto Taxes
The Indonesian Finance Ministry has been called upon to assess the implementation of cryptocurrency taxes by the nation’s Commodity Futures Trading Supervisory Agency. In the past few months, Indonesia’s revenue from crypto-based transactions has been surpassing that generated from fintech businesses. Crypto Industry Generates More Revenue than Fintech Companies Indonesia’s Commodity Futures Trading Supervisory Agency […]
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CFTC Chairman: Many Crypto Tokens Are Considered Commodities Under Existing Laws
The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, has stated that many digital assets are considered commodities under existing law. Behnam urged the U.S. Congress to hasten the process of establishing a regulatory regime for cryptocurrency. He also emphasized that he and Gary Gensler, the U.S. Securities and Exchange Commission chairperson, “get along quite well.”
Gap in Regulation
Rostin Behnam, the chairman of the Commodity Futures Trading Commission (CFTC), has stated that many digital assets or tokens are considered commodities under existing law. However, Behnam lamented the emergence of a gap in regulation and urged the U.S. Congress to step in.
“It is figuring out how existing, decades-old law, fits into this new technology that seems to be changing and ultimately needs a new way of thinking around policy and legislating,” says @CFTCbehnam on #crypto. “Under existing law, many of the tokens constitute commodities.” pic.twitter.com/F3JPjWq3wG
— Squawk Box (@SquawkCNBC) December 12, 2023
Unsurprisingly, the CFTC chairman’s view on crypto is seemingly at odds with U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler, who sees many altcoins, including XRP and ether (ETH), as securities. Besides insisting that most digital assets are securities, the SEC under Gensler’s stewardship is also accused of deliberately obfuscating crypto regulations.
U.S. Congress Urged to ‘Legitimize the Technology’
Consequently, some U.S. politicians, like Tom Emmer (R-MN), have called for Gensler’s removal and sought to restrict the SEC’s ability to carry out enforcement actions. They have also called for the speedy enactment of laws to regulate crypto.
When asked about the limited movement towards establishing a regulatory regime for digital assets, Behnam, who spoke on CNBC’s Squawk Box, acknowledged that progress has been slow. He declared that the U.S. Congress must move away from its stance of not wanting to legitimize the technology.
“Congress is gonna have to step in and overcome this feeling of not wanting to legitimize the technology and seeing this as not something that is tenable or sustainable. I mean it is here, it hasn’t gone away,” Behnam said.
Behnam also addressed the alleged turf war between the SEC and CFTC, stating that he and Gensler “get along quite well” and share similar values and interests, particularly when it comes to protecting markets. The CFTC chairman suggested that both organizations need to find a way to make the “decades-old law fit into this new technology.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Bank Of China Completes First Cross-Border Digital Yuan Commodities Trade
The Bank of China Hong Kong, the second largest bank in the region, has completed its first cross-border digital yuan-based trade. The transaction, finalized with its sibling bank, the Bank of China, served to receive the payment for an imported iron ore commodity bulk trade, establishing the digital yuan as an option for this kind of settlement.
Bank of China Settles .4 Million in Bulk Commodities Using the Digital Yuan
The Bank of China has opened the path for companies to settle their cross-border payments using the Chinese central bank digital currency (CBDC), the digital yuan. The Hong Kong branch of the bank, the second-largest financial institution in the region, has achieved a milestone in serving as an intermediary for the settlement of a .4 million bulk commodity payment between Baosteel group, a steel and iron powerhouse, and Bao-trans Enterprises, a manufacturer of premium steel products.
The Hong Kong subsidiary and its mainland-based branch set up digital yuan wallets to support this transaction, receiving the funds in the name of Bao-trans Enterprises as a payment for an order of imported iron ore. According to local press reports, this is the first time the financial institution has acted as an intermediary for a commodity bulk settlement using the digital yuan.
Xing Guiwei, Bank of China Hong Kong deputy chief executive, praised the virtues of the Chinese CBDC in this kind of application. For Guiwei, the digital yuan can also be leveraged for the international settlements use case in addition to the retail payments scenario.
Guiwei stressed this application contributes to extending the use of the digital yuan at an international level. He explained:
The successful trial transaction can be helpful for the normalization of digital yuan usage among corporates and the further development of yuan internationalization.
China has been advancing in the internationalization of its digital currency, as Standard Chartered started offering digital yuan exchange services in China in November, and the People’s Bank of China (PBOC) partnered with the Monetary Authority of Singapore (MAS) to allow tourists of both countries to spend digital yuan.
What do you think about using digital yuan for cross-border commodities settlements? Tell us in the comments section below.
China Mulls Digital Yuan Settlements for Commodities
The People’s Bank of China (PBOC) is considering using the digital yuan to settle services and commodities trades with Hong Kong. According to Di Gang, deputy director-general of the Digital Currency Institute of the PBOC, this would help companies avoid the difficulties of using a single high-cost, cross-border payment channel.
People’s Bank of China Eyes Digital Yuan Usage for Commodities and Services Settlements
The People’s Bank of China (PBOC) is examining the potential application of the Chinese central bank digital currency (CBDC), the digital yuan, for commodities and services settlements with Hong Kong. Di Gang, deputy director-general of the Digital Currency Institute of the PBOC, revealed the bank was considering this use case during the Hong Kong Fintech Week, an Asian finance conference.
Di explained that the cooperation between Hong Kong and the mainland could allow the trade and subsequent payment of natural gas, oil, and other services using the digital yuan. The introduction of the digital yuan would allow companies to avoid the traditional single payment channel, which features high-cost and low-efficiency operations compared to the Chinese CBDC activities, Di added.
Di stressed that other pilot applications could be considered between the mainland and Hong Kong to expand personal application scenarios and improve user experience.
Other Applications
The PBOC has also pioneered other applications to internationalize the digital yuan as a payment method for commodities, including oil. In October, reports indicated that Petrochina, one of the largest Asian oil companies, had settled a purchase of one million crude barrels in digital yuan, using the Shanghai Oil and Gas Trading Center as an intermediate.
Other clearing houses have also adopted the digital yuan as part of their payment options. In June, the Shanghai Clearing House, a top-three provider of securities settlement, announced support for digital yuan settlements for commodities in bulk, offering zero trading fees to incentivize its usage.
The usage of the digital yuan could also help Chinese companies sidestep economic sanctions, avoiding the use of traditional settlement channels. Back in August, experts expressed worries about the application of the digital yuan in the Mbridge project, a CBDC-based platform that, while still in its testing stages, would link the economies of China, Hong Kong, Thailand, and UAE, aiming to serve a trading market of more than 0 billion.
What do you think about using the digital yuan to settle commodities trade between Hong Kong and China? Tell us in the comments section below.
Indonesia Labels 501 Cryptocurrencies as Commodities, Paving the Way for Regional Adoption
In contrast to the regulatory stance taken by the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Supervisory Agency (CFTSA) of the Republic of Indonesia has officially labeled 501 cryptocurrencies as commodities. The list of these digital assets includes popular tokens such as bitcoin, ethereum, usd coin, litecoin, and several others that the SEC has classified as securities in recent years.
Crypto Regulations Diverge: Indonesia Embraces 501 Digital Assets as Commodities
On June 9, 2023, Indonesia’s regulatory agency Bappebti made public a comprehensive catalog of 501 crypto assets that are now classified as commodities within the country. This classification encompasses well-known coins like LTC, UNI, SOL, BTC, ADA, ETH, XRP, SAND, DOT, XTZ, XLM, BUSD, and XRP, among others. These assessments were made following the announcement by the Indonesian government regarding the establishment of a crypto exchange in September 2022. The subsequent month witnessed discussions around new financial legislation aimed at strengthening cryptocurrency regulations.
Furthermore, following the downfall of FTX, Bappebti issued directives to cryptocurrency exchanges, instructing them to halt trading of FTX’s native token, FTT. The regulatory approach of Indonesian authorities diverges significantly from that of their counterparts in the United States, where more than three dozen crypto assets, including telegram gram token (TON), tokencard (TKN), tron (TRX), xrp (XRP), xyo network (XYO), flexacoin (AMP), hydro (HYDRO), iht real estate (IHT), kik (KIN), kromatica (KROM), and lbry credits (LBC), have been classified as securities.
Moreover, Indonesia supports the de-dollarization efforts and the plans of the BRICS countries to strengthen non-U.S. fiat currencies. In April, Perry Warjiyo, the governor of the Bank of Indonesia, stated, “Indonesia has initiated diversification of the use of currency in the form of LCT — The direction is the same as the BRICS. In fact, Indonesia is more concrete.” Indonesia’s perspective on crypto assets resonates with the court rulings in China, where digital currencies and non-fungible tokens (NFTs) have been classified as property.
During an April court case involving the now-defunct crypto exchange Gatecoin, a judge in Hong Kong ruled that crypto assets should be treated as “property.” With Indonesia taking the lead in classifying 501 crypto assets as commodities, it is likely that several other countries in the region will follow the path laid out by Bappebti.
Will Indonesia’s classification of 501 cryptocurrencies as commodities pave the way for a global shift in regulatory approach? Share your thoughts and opinions about this subject in the comments section below.
Why Commodities Could See Decline Soon, Good News For Bitcoin?
Global commodities could be about to take a hit, the move might translate into some relief for Bitcoin and the crypto market. The nascent asset class has been experiencing downside pressure as the U.S. Federal Reserve (FED) is set to stop inflation from worsening.
Related Reading | Bitcoin Records 1st Weekly Green Candle In 3 Months – A Start Of A Bull Run?
At the time of writing, Bitcoin (BTC) trades at ,300 with a 4% profit in the last 24-hours. In the past week, the benchmark crypto records a 6% profit. BTC’s price has finally broken its consecutive weeks of trading in the red.
BTC with minor gains on the 4-hour chart. Source: BTCUSD Tradingview
The trend could extend in the short term. According to a report from Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone, commodities might be about to take a turn to the downside.
The report claims the following as it examines the Bloomberg Commodity Spot Index and the factors hinting at an increase in selling pressure for this sector:
Commodities may be swinging toward the downside in 2H, just like they did in 2008, We see parallels in 2022 and rising risk for a similar, roughly 50% plunge (…). Slumping lumber and copper may be early warnings that the higher price cure is gaining traction.
Source: Mike McGlone via Twitter
The Russia-Ukraine war, McGlone said, and a dropped in global liquidity. The expert claims the expansion of money supply in the U.S., as a result of the COVID-19 pandemic, is reversing.
With the narrative shifting away from this disease, the perception that the world is moving on from COVID-19, and high inflation in the U.S., is the key factor behind the increase in commodities. This could be a headwind for this sector in the short term, but good news for Bitcoin. McGlone noted:
If commodities keep rising, there are more threats to economic growth, and the Federal Reserve could be further emboldened vs. inflation. Gold may be a 2H price leader.
More Blood In Bitcoin Ahead? Why The FED Seeks Pain In Risk Assets
As NewsBTC reported, a decline in commodities prices could have the opposite effect on Bitcoin and risk-on assets. If the FED sees its tightening policy as being effective, it could be more likely to be less aggressive.
A fresh rally in commodities is a “threat” to economic growth, which would tell the FED that it needs to be more hawkish, which would translate into more pain for Bitcoin. McGlone noted the following in this scenario as BTC’s price, correlated with traditional stocks, such as the S&P 500 and Nasdaq 100 are currently trading above critical support:
The S&P 500 sustaining below 4,000 represents an ebbing tide for all risk assets, notably industrial metals, and support for gold. If equity prices keep sinking, the Federal Reserve will get some help arresting inflation (…).
Market expectations of more interest rate hikes, which translates into more pain for Bitcoin and stocks, have been declining, McGlone said. The experts claim interest rate hike expectations peaked at 2.5% and currently stand at around 2%.
Related Reading | Ethereum Single-Day Liquidations Reach Three-Year High As Price Breaks ,900
After an important decline in the price of traditional equities, the U.S. financial institutions appear to be effective at stopping inflation. However, McGlone added, the pain in Bitcoin, stocks, and risk-on assets could be in its early stage:
but the underlying potential for what we see as the great reversion of risk assets in 2022 appears in early days (…) despite a 20% retreat in the S&P 500 indicates that prices haven’t sufficiently declined.
How A Game-Changing Decentralized Synthetic Exchange Aims to Unlock the True Value of Commodities and Digital Assets On-Chain
The barter system, where you trade your cow for someone else’s grains, for instance, is probably older than you think. It has its roots dating back to 6000 BC when Mesopotamian tribes first made exchanges with other groups.
Those methods of exchange worked well before things like the Internet or decentralized technology existed. Trading was necessary not because commodities have financial value or even industrial utility, but because they were necessary for survival. Back then, societies weren’t as worried about gold or silver as they were about grains, milk, and beans.
Today, even though society is living in a time where artificial intelligence, automation, blockchain technology and decentralization are going to make means of exchange far more democratic, and private than ever before, commodities still derive their value from the same things.
Agricultural goods provide us with a means to nourish ourselves and survive. Energy in the form of oil, natural gas etc. allows us to keep the lights on and keep the economy moving, and precious metals provide us with industrial utility and the ability to hedge against inflation.
Here’s the thing. The above commodities are non-fungible. They are not so easy to trade. That means no matter how valuable they are, some of that value is sucked away by old-world value chains. Thus, it remains out of the hands of the everyday individual.
That’s why Comdex is launching a decentralized exchange (DEX) for synthetic assets. So that value can be unlocked and participants all around the world can benefit from such an unlocking event.
What Are Synthetic Assets?
In blockchain, a synthetic asset is a tokenized version of another asset, whether the latter is tangible or intangible. In the case of commodities, blockchain can be used to tokenize physical assets as well as their financial representations, be it oil, gold or silver. Comdex operates a DEX listing synthetic assets representing all types of commodities.
The benefits of synthetic assets are enormous, as they allow users to trade the real-world value of a commodity without the complexities inherent in holding the non-fungible good itself.
Comdex Alleviates the Pain Points Associated with Nonfungible Commodities Exchanges
The Comdex Decentralized Synthetics Exchange allows participants to act as:
- Traders (who engage in buying and selling of cAssets against CMDX using cSwap)
- Minters (who can create and open collateralized debt positions in order to obtain a newly minted cAsset. They must maintain a minimum collateral ratio of 150% to avoid liquidation.)
- Liquidity Providers who provide equal amounts of cAssets and CMDX so that users can facilitate trades and providers can benefit from rewards and transaction fees.)
- Stakers (who can earn CMD tokens using Omniflix and Unagii)
The interface itself is easy to navigate. The team and the project are mission-driven. The whole point of the launch of this product is to alleviate the pain points that come with commodities and digital assets.
Participants get the real-world benefit of on-chain diversification of assets. The benefit from the security and transparency a decentralized synthetic asset exchange can provide. They also don’t have to worry about the cumbersome nature of the logistics and storage that typically comes with investing in physical goods and commodities.
Why Trade Synthetic Assets?
Comdex anticipates that demand on its platform will expand at an accelerated pace given the benefits of synthetics over trading the physical assets themselves. Synthetic assets address multiple risks, including:
- Confiscation or ban risk – the recent decision of US President Joe Biden to ban oil and gas imports from Russia shows that the commodity market may be unpredictable and struggle with uncertainty. Sometimes governments can go even further by confiscating commodities altogether. Synthetics cannot be confiscated and trading cannot be banned as they reside on a decentralized infrastructure.
- Theft risk – storing gold coins under your bed can make you happier, but this is not the safest approach for sure. The risk of theft is considerable, and the problem is that your home insurance policy might cover any sizable investment as most insurance packages stipulate clauses preventing cover on high-value items like gold bars. Elsewhere, synthetics can’t be stolen if you keep your private key safely.
- Third-party risk – even if you give up storing physical items and decide to invest in futures contracts, you will most likely end up storing them with a third-party custodian like a bank or broker. Unfortunately, there is always an insolvency risk associated with any centralized organization, including banks, shipping companies, or brokers. In the case of bankruptcy, you can own your investments partially or entirely. Since synthetics are stored on the blockchain, there is no third-party risk.
On top of that, synths come with great benefits that can help traders have peace of mind about their commodity investments:
- Easy access – with synthetics, you can get exposure to any commodity market without any obstacle. All you need to have is an internet connection and an account with Comdex.
- Costs – if you trade physical commodities or their futures, you have to be ready to pay broker fees, as well as storage, conversion, transportation, withdrawal, and other fees. Trading commodity synthetics reduce the costs to a minimum thanks to the efficient use of resources.
- No Expiry of futures contracts – trading commodity futures may be problematic for investors, as in theory, they are obligated to take delivery of the physical goods once the contract expires. Synthetics function 24/7 with no expiry.
Comdex is striving to revolutionize how people engage in commerce with commodities by merging decentralized technologies with real-world assets. The hybrid approach to this new robust decentralized synthetic asset exchange is going to change the game for good.
The question is, are you ready for it?
Image: Pixabay
Gold, Stocks, Commodities, & Crypto: How To Trade In 2022
The year 2022 has begun unlike anyone had anticipated: at the precipice of World War III. An escalation between Russia and Ukraine and related economic sanctions have caused historical volatility and fear in financial markets. It arrives while the pandemic is still not entirely under control, and the lingering impact it had on supply chains and logistics is nowhere near subsiding.
The situation has dealt a crippling blow to global stock markets as investors brace for the potential business impact war and related economic turmoil can have. At the same time, important geopolitical commodities like oil are skyrocketing in value.
Gains in gold have also grown steady as investors move capital into known safe havens during such times of uncertainty or during periods of high inflation. Meanwhile, the highly volatile cryptocurrency market has recently decoupled from stocks and received newfound interest from oligarchs seeking to avoid economic sanctions and supporters of both sides looking to donate to the cause. However, their previous performance tied to stocks continues to make them a high-risk investment class.
With so much going on across financial markets globally, how will traders survive in the year 2022? Here is more info to help you trade your way through the unprecedented turbulent times.
Go For The Gold
Precious metals tend to perform while other assets struggle. They do well even during recessions, making them a flight to safety for investors of any size. Because gold is an international and borderless commodity and asset, it plays a critical geopolitical role globally. Most countries turn to it as a reserve asset outside of their own currency or the global reserve, USD. When any of these currencies are under pressure, gold is the place to be instead.
Gold’s use as a monetary asset dates back ages and remains the hard money standard. Most national currencies were once pegged to the price of gold. Today, fiat currencies are essentially printed out of thin air by creating debt. The situation, in turn, causes inflation, which gold traditionally has been used to combat. With inflation rates as high as 7.5% already, gold is once again becoming the de facto choice for investors to protect their hard earned capital.
The shiny yellow metal also tends to perform best during times of uncertainty. Gold rises around major political events such as US Presidential elections or Brexit, for example. Its recent climb began with the trade war between US and China. And it is once again performing positively with the situation growing more severe across Europe.
A Shaky Stock Market
Although the Fed’s ultra lax monetary policy post-pandemic allowed the stock market to flourish, looming rate hikes cut down recent gains and might have put a pause on performance for some time. News of the war further turned markets fearful, hitting emerging markets particularly hard.
Additional monetary easing could be warranted if the economy suffers further from ongoing war and sanctions, forcing the Fed’s hand during a time when inflation is already dangerously high. The Fed may need to stave off rate hikes instead without further monetary expansion, and the uncertainty will make for a rocky few quarters in the stock market. If the conflict in Europe subsides sooner than expected, rate hikes may develop as currently planned.
Simply put, the risk surrounding the stock market could keep performance at bay for most of 2022. More dynamic returns may not materialize until well into 2023, and with the current state of the economy, anything is possible.
Demand For Commodities
Certain restrictions surrounding the pandemic are finally being lifted, and with war taking over the headlines, the media is no longer pushing panic over COVID. But its damaging effects on supply chains and logistics continue to threaten the monetary system with frightening inflation. It has also put pressure on strategically important geopolitical assets that are already scarce and in steady demand.
Already weak supply in the face of high demand and fear of price inflation is pulling up energy prices sharply. Natural gas and oil have benefited enormously but are now at historic highs. Although they are considered the “hot commodities” at the moment, getting into oil this close to resistance could be a dangerous move. Several countries are close to deploying extensive measures to rescue their citizens from the strain high prices put on their pockets.
If and when the situation surrounding Ukraine and Russia begins to stabilize, and Iran unlocks some supply to the world, energy prices should correct and return closer to normal. If, for some reason, the situation turns tenser, oil prices could reach new record levels.
Make It Or Break It Moment For Bitcoin
Things are getting interesting for Bitcoin and cryptocurrencies. Bitcoin itself has been pitched as the best chance for fighting against inflation due to its hard-capped supply of just 21 million BTC and attributes that make it similar to digital gold. Yet the asset has struggled severely during the worst inflation in decades. Gold is performing well, so safe-haven assets aren’t the problem.
An ongoing correlation between crypto and the stock market helped propel Bitcoin and other coins into stardom during the post-pandemic stock market surge, but it has hurt cryptocurrencies since. The speculative asset class was once pitched as an uncorrelated asset class but has been stuck with a high correlation to stocks over the last two years. Investors panic sell cryptocurrencies at the first sign of weakness or fear in markets, making them even more volatile than stocks.
However, big players who missed the boat on the way up in crypto appear to be buying each dip, suggesting a deeper bullish trend has not entirely been broken. Bitcoin has also surprisingly surged in recent days as volumes in local Russian, and Ukrainian currencies reached the highest levels ever. Everyone from local supporters to wealthy oligarchs looking to skate sanctions might buy the asset, making the situation less clear. Cryptocurrencies could show better performance than the stock market but will perform best when risk appetite fully returns, and the stock market and crypto grow in tandem again.
How To Trade During Turbulent Times With PrimeXBT
Although there are clearly many critical challenges putting pressure on the economy, financial markets, and investors themselves, there are also plenty of once-in-a-lifetime opportunities as a result. In the current environment, buying cheaper assets becomes attractive but still risky given the situation globally and the weight of all factors combined. Rather than take on more risk than necessary, traders can strategically hedge against risk by using a combination of long and short positions on a variety of assets.
On the award-winning margin trading platform PrimeXBT, traders can open long and short positions with leverage on more than 100 different trading instruments for complete control over their portfolio and protect assets from risks when necessary. Margin trading also enables lower risk by allowing traders to put less capital on the line while still taking maximum advantage of the current market conditions and volatility. Trading with larger position sizes that require less capital is a safer way to tread carefully.
For those that are too fearful at the moment to enter positions yourselves or simply don’t have what it takes to survive these volatile times, there is always the Covesting copy trading module. The Covesting copy trading module connects followers with traders who regularly show stand-out success via transparent global leaderboards. Only with PrimeXBT and Covesting can followers copy the trades of more experienced traders and profit from those who not only know how to survive in these times –– but know how to thrive in them.
Market Update: All Major Cryptos On Rise, Commodities Prices Also Increasing
The crypto market is currently rallying after news that President Biden signed an executive order, the first step towards regulating cryptocurrency. It comes out of concerns for Russia’s potential use of digitally mined coins to bypass economic sanctions during times.
One of Singapore’s most prominent bank executives has compared crypto to gold, noting that he sees it continuing “to grow as a meaningful store-of-value” in the same vein.
Related Reading | Bitcoin Breaks Above K Again, But When Will Consolidation End?
Crushing sanctions, the war in Ukraine, and record temperatures across much of Europe have sent prices for key commodities shooting up to levels unseen in recent times.
The US indices were down yesterday after President Biden announced boycotting Russian energy imports.
Top Cryptocurrencies Performance
It is no surprise that Terra’s valuation has shot up, as it was recently listed on Wirex. However, the cryptocurrency added more than a fifth to its value today. And continues to push forward with aggressive momentum and could soon break 0.
With Avalanche in the lead, up 10%, it announced its Multiverse program to encourage subnets growth. The program was funded by 4 million AVAX worth around 0 million. The coin was also listed on Bitstamp two days ago.
Ethereum has been on an upward trend recently, climbing over 7%. Cardano and Solana also saw substantial gains, increasing 4% in the last day. Bitcoin was trading above ,000, up 8%, alone during its previous 24 hours.
Bitcoin is trading above ,000 with an 8% rise | Source: BTC/USD chart from Tradingview.com
Top Movers Of The Day
With its value increasing at a rapid rate, Monero has become one of the best-performing coins.
In terms of price growth over time, Monero has become the Terra of the top 100. All privacy coin rankings are rising but not as much compared with what’s seen with Monero.
Analysts believe that sanctions against Russia are leading to an increase in cybercrime, which is likely why hackers want payments processed through cryptocurrencies like Monero. Furthermore, another privacy token, Secret, gained 15% over 24 hours, which points to increased demand for privacy tokens such as these two titles.
The live price for NEAR protocol is .12, with a 24-hour trading volume that exceeds 0 million. The 22nd biggest cryptocurrency by market cap has seen an increase of 12% in the last 24 hours.
Related Reading | Monero And Zcash Take Off With 15% Gains, Here’s What May Have Spurred The Rally
The current market is seeing a lot of activity, with many coins reporting double-digit gains. Waves added another 12% today, and other notable ones include privacy coin Oasis, which has seen an increase in value by 16%, THORChain’s 11%. Arweave also had 18% growth, while Dash and Anchor saw 13%.
Featured image from Pixabay Chart from Tradingview.com