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Crypto Markets Turning Green, Oil Prices Tumble


Crypto Markets Turning Green, Oil Prices Tumble

After yesterday’s slump, crypto markets are showing signs of recovery, with bitcoin trading around $7,900

Thursday, May 23 — Cryptocurrency markets are starting to move upward, having overcome the drop in the beginning of the day, according to Cointelegraph’s Coin360.

Market visualization from Coin360

The leading cryptocurrency bitcoin (BTC) started the day at $7,638 gradually reaching its intraday high of $7,946. At press time, bitcoin is trading at around $7,914, up 2.64% over the past 24 hours.

Bitcoin 24-hour price chart. Source: CoinMarketCap

The second-largest cryptocurrency, ether (ETH), has also taken an upturn and is currently trading at around $246.50, up 0.60% on the day. During the day, ether experienced a slump to as low as $233.89, while its daily high was $247.62.

Ethereum 24-hour price chart. Source: CoinMarketCap

As reported earlier today, American digital asset manager Grayscale Investments confirmed its Ethereum Trust (ETHE) has gained regulatory approval from the Financial Industry Regulatory Authority for retail trading. Set to become the first publicly-quoted security based on ethereum, ETHE received the go-ahead from FINRA to trade on over-the-counter markets.

Ripple (XRP) is up 1.05% on the day to trade at $0.381. The altcoin’s market capitalization is around $16.07 billion, while its circulating supply is nearly 100 million to press time.

Ripple 24-hour price chart. Source: CoinMarketCap

Among the top-20 cryptocurrencies by market capitalization, bitcoin SV (BSV), cosmos (ATOM) and dash (DASH) are trading in the red, down by 0.94%, 2.58%, and 0.56% respectively.

Cosmos (ATOM) has seen the biggest losses over the past day and is trading at around $4.28 at press time. Throughout the day, the altcoin has been gradually sliding to its current price, while it started the day at $4.44.

Cosmos 24-hour price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies is around $245 billion at press time –– up а solid $6 billion from $240 billion at the start of the day. The 24-hour trading volume of all cryptocurrencies on the CoinMarketCap is around $75 billion at press time.

Total market capitalization 24-hour chart. Source: CoinMarketCap

Meanwhile, oil prices tumbled nearly 6% today, extending steep losses in the previous sessions, as a reaction on a prolonged United StatesChina trade war, according to CNBC. U.S. West Texas Intermediate crude futures reportedly settled $3.51 lower at $57.91 per barrel, tumbling 5.7% to the lowest closing price since March 12, while Brent crude futures sank $3.35, or 4.7%, to $67.64 per barrel.

Gold prices reportedly jumped 1% today as the U.S. dollar pulled back from a two-year peak scaled earlier in the session. Spot gold gained 1% to $1,285.63 per ounce, after falling to its lowest since May 3 on Tuesday at $1,268.97. U.S. gold futures rose 0.9% to $1,285.50 an ounce.

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