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Cryptocurrencies Saw Mixed Performances

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Mixed reaction of cryptocurrencies

Bitcoin rose during the weekend. However, over the last 24 hours, bitcoin is down almost 0.10% and was trading at $8,925 as of 7:00 AM EST. It briefly crossed the $9,000 mark. Bitcoin has been volatile, and has seen more downs than ups in the last few months. However, it seems to be in an uptrend currently. The RSI (relative strength index) level for bitcoin is at 63, and its volatility is at 50.1%. Its market cap is at $151 billion, and its dominance is at 38%. The overall market cap of cryptocurrencies combined is $398 billion total.

Among the other top cryptocurrencies, ripple was down 2.3% over the past 24 hours and trading at $0.88. EOS and Cardano were also down 1.1% and 1.5%, respectively. Ethereum rose 2.4% and was at $637.5. Bitcoin cash saw a considerable rise of 18.9% and was trading at $1,396.5.

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Broader markets

The above chart compares the performance of the cryptocurrency-based ARKW ETF (ARKW) and the S&P 500 Index (SPY). Their moves seem to be correlated, and cryptocurrencies seem to be taking cues from broader equity markets. The unrest in the markets could be causing the demand for risky assets like cryptos to decline.

Similar to India’s central bank, the Central Bank of Iran (CBI) recently banned domestic banks from any dealings that involve cryptocurrencies. Also, Taiwan’s Ministry of Justice is putting regulations on cryptocurrencies to prevent money laundering.

The top performers of the day were dent, bytom, and golem, which rose 34.2%, 20.2%, and 19.9%, respectively. The worst performers for the day were tenX and digixDao, which fell 6.2%, 4.2%, and 3.9%, respectively.

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