With the market already anxious about knock-on effects from war in Ukraine and Federal Reserve rate hikes, US president Joe Biden is set to sign a crypto executive order. Pencil-snapping stuff.
The executive order, worked on by the White House since late last year, will summarise the US government’s strategy for dealing with cryptocurrencies, according to reports from Bloomberg and Reuters.
The order will direct federal agencies to consider potential regulatory changes, in addition to the US national security and economic implications of cryptocurrencies, reported Bloomberg.
There are prominent Democrats who are no fans of crypto, such as Treasury Secretary Janet Yellen and Senator Elizabeth Warren, so the chances of this being another headwind for Bitcoin and crypto is certainly reasonably high at this point.
Crypto and crypto exchanges have also been copping a fair bit of criticism from Hillary Clinton recently. The former presidential candidate has been calling out the lack of regulations on the asset class as a potential enabler for Putin and pals to evade crippling financial sanctions from the West.
One thing, though – one of Joe Biden’s biggest election campaign donors was Sam Bankman-Fried’s FTX crypto exchange… so maybe there’s still hope yet for some reasonably positive regulatory decisions from the US.
But speaking of Sam Bankman-Fried, he’s sounding as unsure about the market movements as anyone right now.
It’s definitely a dicey time to be aggressively trading Bitcoin and other assets, unless you really know what you’re doing. And even then…
Top 10 overview
With the overall crypto market cap at about US$1.79 trillion, down 2% from this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Cardano (ADA) is the worst-performing top 10 coin on the 24-hour timeframe, although everything’s in a pretty similar leaky boat right now, to be fair.
Most eyes are on the market leader and market mover Bitcoin (BTC), though, as usual. Analyst Rekt Capital isn’t overly bearish…
Can’t say the same for his fellow trader “Roman”, however…
Uppers and downers: 11–100
Sweeping a market-cap range of about US$18.5 billion to about US$816 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
DAILY PUMPERS
• Zcash (ZEC), (market cap: US$1.55 billion) +14%
• Monero (XMR), (mc: US$3.1b) +8%
• Waves (WAVES), (mc: US$2.3b) +6%
• Arweave (AR), (mc: US$1.6b) +5%
• Synthetix (SNX), (mc: US$816 million) +3%
DAILY SLUMPERS
• Anchor Protocol (ANC), (market cap: US$956 million) -13%
• Frax Share (FXS), (mc: US$1b) -8%
• THORChain (RUNE), (mc: US$1.25b) -8%
• Radix (XRD), (mc: US$1.2b) -8%
• Juno (JUNO), (mc: US$1.8b) -6%
Uppers and downers: lower caps
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
DAILY PUMPERS
• Deus Finance (DEUS), (market cap: US$15m) +140%
• DeFi Land (DFL), (mc: US$18m) +75%
• Alpine F1 Team Fan Token (ALPINE), (mc: US$40m) +48%
• AIOZ Network (AIOZ), (mc: US$78m) +26%
• Kyber Network Crystal (KNC), (mc: US$188m) +21%
DAILY SLUMPERS
• Rich Quack (QUACK), (market cap: US$65 million) -17%
• Universe.XYZ (XYZ), (mc: US$49.5m) -14%
• Geist Finance (GEIST), (mc: US$43m) -12%
• Vader Protocol (VADER), (mc: US$97m) -11%
• Avalaunch (XAVA), (mc: US$87m) -11%