Theseย 30ย days the total marketย cap of the cryptoย stablecoin sector within the digitalย currency space has reached its weakestย point since September 2021, marking its fourteenth consecutive 30ย days of decline, as it dropped 0.45 percent to $130 Billion as of May 23.
Reportsย by CCDataโs latest Cryptoย Stablecoins & CBDCs report, cryptoย stablecoin trading volumes dropped theseย 30ย days by 40.6 percent to 460 billion,ย recording the lowest monthly volumeย ofย trading since December 2022. As of May 22, the report adds, only $292 Billion have been traded, with volumes on track to record an even lower volume.
The report adds that despiteย theย factย that the total cryptoย stablecoin marketย cap dropped theseย 30ย days, its dominance within the digitalย currency space rose to 11.1 percent as the cryptocurrencyย market contracts and major digitalย currencies remain range-bound after failing to break through key resistance levels.
1 cryptoย stablecoin that bucked the bearish tendency was TrueUSD (TUSD), whose trading volumes on centralized platforms of trading totaled $29 Billion as of May 23, making it the second- largest cryptoย stablecoin by volumeย ofย trading over BUSD and USDC. Growing demand and liquidity even saw the cryptoย stablecoin trade at $1.208.
The report likewise details that while USDT balances on centralized digitalย currency platforms of trading bounced back to pre- FTXย Tradingย Ltd collapse levels of $9.33 billion, USDC and DAI balances on these platforms have dropped to their weakestย point since March 2021.
The report comes at a time in which JPMorganโs chief worldwide markets strategist Marko Kolanovic has suggested investors reevaluate their portfolios amid worldwide fall fears, recommending investors reduce their stock holdings and diversify into cash andย goldย as a precautionary measure.
Kolanovic recently expressed concerns in a memorandum regarding the buoyant rally of stocks inย theย year, which have seen a near 10 percent boost to date.
His comments were accompanied by a note of discord regarding the optimism of the fed funds futures, which anticipate numerous interest price cuts by yearโs end. Such a scenario, Kolanovic argues, is unlikely to herald positiveย tendency trends, as these cuts would typically only be introduced as a response to a severe economic downturn or a jolt to the financial markets.
Itโsย worthย notingย that, Polandโs monetaryย authority hasย amassed 14.8 tonnes of goldย in April, signaling the nationโs proactive response to economic uncertainties.
Reportsย by the report, the net worth of the countryโs gold, comprising gold deposits and swapped gold, escalated to a substantial $15.52 Billion in April, compared to the preceding value of $14.55 billion.
Featured Image viaย Unsplash
