A US Commerce Department report finally confirmed that the country was in a recession, by the traditional definition of two consecutive quarters of negative gross domestic product. This understandably had its sway on Wall Street and the crypto market.
The global cryptocurrency market cap is trading marginally higher at $942.84 billion, rising less than a per cent in the last 24 hours. However, the total trading volume tumbled as much as 16%, close to $69.93 billion.
Top crypto tokens were trading mixed this morning. Ethereum and Bitcoin dropped marginally, whereas XRP soared 9%. Polkadot gained over 4%, followed by a 2% rise in Polygon and Solana.
Interestingly, the bitcoin-British pound (BTC/GBP) pair listed on major cryptocurrency exchanges, including Bitstamp and Bitfinex, is more active than ever. This can be attributed to the fall in the price of the pound, and potential hedging activity by investors!