Crypto news: USDC flips Solana; Near on the rise as cryptos dip again; Fed blamed for selloff

USDC . currency go past Solana To become the No. 5 cryptocurrency as the red-hot, high-speed Layer 1 blockchain struggles to deal with denial of service attacks.

Recently on December 26, Coinmarketcap ranked 8th among USDC, also behind Cardano and XRP. But these coins have suffered double losses since then, while the supply of USDC has increased slightly.

Its market cap of $42.3 billion still puts it behind the leading stablecoin Tether, which also dominates the entire cryptocurrency market by trading volume.

But USDC is coming. Its circulating supply has increased more than ninefold from a year ago, while Tether’s market capitalization has nearly tripled.

Close to the pumps again

Near Protocol was the biggest gainer over the past 24 hours, up 15.2 percent to $15.47. It reached an all-time high of $17.60 on January 4.

Cosmos (Atom) advanced 8.6 percent to $38, making it the second-largest gainer. It is followed by Oasis Network, with a gain of 6.6 percent.

prognosis The biggest loser, down 15.4 percent to $403, was followed by Thorchen, down 8.6 percent.

Cryptocurrency market down 1.7%

Overall, the crypto market was at $1.94 trillion, down 1.71 percent from yesterday.

Bitcoin It fell 0.5 percent to $41.747, while Ethereum It fell 2.9 percent to $3,070.

Koenigku

“Momentum works both ways.”

Pepperstone’s head of research, Chris Weston, offered his view on the crypto sale this morning on Ausbiz, telling the broadcast service that while there were exciting and innovative things happening in the sector, Bitcoin was the main beneficiary of monetary stimulus measures put in place during the crisis. coronavirus.

“This was one of the beneficiaries of the liquidity — and you know, you buy everything in the quantitative easing (QE) world; you buy everything at zero interest rates and negative interest rates,” Weston said.

“The opposite is true now.

“Quantitative tightening, which we are running up front, is specifically designed to take people off the risk curve, and is designed to lower asset prices and tighten financial conditions.

“And Bitcoin is stuck in that — you’re not fighting the Fed. You’re basically short right now. … It’s a momentum vehicle, and momentum works both ways.”

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