The crypto market has been in decline for the past six months, with a valuation of $1.23 trillion in May 2022, down from nearly $3 trillion in November 2021.
Fears of rising inflation, the Federal Reserve's hawkish stance, and the ongoing crisis between Ukraine and Russia caused investors to reduce their exposure to riskier assets. In addition, their growing thirst for safe-haven assets like the US dollar pulled down demand for some of the most popular cryptocurrencies and US stocks.
As a result, several digital assets, such as Dogecoin (DOGE) and Cardano (ADA), have dropped by more than 80% from their previous highs.
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Monero is a cryptocurrency (-65 percent )
Since November 2021, the privacy-focused cryptocurrency Monero (XMR) has incurred fewer losses than its leading competitors in the industry.
From a high of about $300 in November 2021, the price of XMR has declined roughly 40% to $186. The drop came as part of a larger correction that began after Monero hit a new high above $520 in May 2021, bringing the net downward retracement to around 65 percent.
Since November 2021, XMR's limited downside prospects have surfaced amid reports that it has been utilized to circumvent sanctions. Meanwhile, concerns about tight rules looming over the cryptocurrency industry appeared to have bolstered Monero's speculative demand.
XMR has been consolidating in a range established by its 50-week exponential moving average (50-week EMA; red wave) around $211 and 200-week EMA (blue wave) near $167, highlighting a bias conflict.
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SED LEO OF THE UNITED STATES OF AMERICA (-40 percent )
The utility cryptocurrency UNUS SED LEO (LEO), which is backed by iFinex, the parent firm of the BitFinex exchange, has mostly remained unaffected by broader crypto trends.
After November 2021, the token continued to rise even as its top-30 competitors fell; it hit an all-time high of roughly $8.15 in February 2022, but has since corrected by nearly 40%, and is now trading at around $4.90.
iFinex, for example, launched LEO in a private token sale to raise $1 billion in 2018. The company intended to make up for the cash shortage it had incurred as a result of its payment processor, Crypto Capital, being partially seized.
IFinex also said it will buy back LEO for a minimum of 27% of its consolidated revenues from the previous month, thereby reducing its supply from the market. In addition, the company has committed to buying LEO using 95 percent of the monies seized from Crypto Capital and 80 percent of the funds acquired from the BitFinex attack in 2016.
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