India, May 20 -- Cryptocurrencies rebounded early on Tuesday despite risk aversion in global financial markets in the aftermath of the U.S. sovereign ratings downgrade by Moody's. Overall crypto market capitalization jumped more than 1 percent overnight. Close to 40 percent of the top 100 cryptocurrencies are trading with overnight gains of more than a percent.
The U.S. dollar's weakness triggered by economic growth concerns as well as fiscal worries attributed to rising government debt levels and a widening budget deficit helped bolster dollar-denominated prices of the cryptocurrencies. The six-currency Dollar Index which measures the Dollar's strength against a basket of 6 currencies is currently at 100.28 versus 100.43 at the previous c...