WASHINGTON (dpa-AFX) - Cryptocurrencies slipped in the past 24 hours amidst mixed emotions triggered by rate cut anxiety as well as anticipation of the Bitcoin halving event a week away. Reduced inflows to Bitcoin Spot ETF products as well as the U.S. Dollar's strength also dampened crypto market sentiment.
Overall crypto market capitalization is currently at $2.6 trillion. It was $2.62 trillion a day earlier.
Uncertainty over the Fed's rate trajectory heavily weighed on market sentiment. The CME FedWatch tool that tracks the expectations of interest rate traders currently shows a probability of 6 percent for a Fed rate cut in the review scheduled for May 1. With the recent spike in consumer price inflation, rate cut expectations for the June review have also dropped to 29 percent. A 55-percent chance of a rate cut is however expected in the FOMC scheduled for July and a 77 percent rate cut probability is assigned for the Fed review in September. Interest rate traders now perceive an 83-percent probability for a rate cut in November and a 92- percent probability for a rate cut in December.
The Dollar Index, a measure of the Dollar's strength against a basket of 6 currencies is currently trading at 105.95, recording an overnight jump of 0.63 percent. The index had touched a 5-month high of 106.02 earlier in the trade.
Net inflows to Bitcoin Spot ETF products dropped to $91.3 million, from $123.7 million a day earlier.
Excitement over the keenly anticipated Bitcoin halving event which is 1,128 blocks away and expected to happen in around 7 days however supported sentiment.
Bitcoin is currently trading at $69,782.81, edging down 0.13 percent. The leading cryptocurrency has added 3.8 percent in the past week and close to 65 percent in 2024. The leading cryptocurrency currently commands 53.2 percent of the overall crypto market. The 24-hour trading range was between $71,222.74 and $69,571.81.
Latest data from Farside Investors shows the net cumulative Bitcoin Spot ETF inflows at $12.6 billion on April 11. Considering the cumulative outflows of $16.1 billion from the Grayscale Bitcoin Trust, the gross inflows to the Bitcoin Spot ETFs that debuted in 2024 is close to $28.7 billion.
iShares Bitcoin Trust (IBIT) tops with cumulative inflows of $15.1 billion. Fidelity Wise Origin Bitcoin Trust (FBTC) follows with cumulative inflows of $8.1 billion. ARK 21Shares Bitcoin ETF (ARKB) has witnessed inflows of $2.3 billion whereas Bitwise Bitcoin ETF (BITB) has recorded cumulative inflows of $1.7 billion.
Bitcoin is trading 5 percent below its all-time high of $73,750.07 recorded on March 14, whereas spot prices of gold, a rival inflation hedge is 0.08 percent below its all-time high of $2,404.36 recorded just a while ago.
Ethereum touched a high of $3,552.59 in the past 24 hours. The leading alternate coin has slipped 1.5 percent overnight but is holding on to gains of 5.5 percent in the past week and more than 51 percent in 2024 at its current price of $3,454.49.
The leading altcoin currently commands 16.1 percent of the overall crypto market. With a market capitalization of $155 billion, stablecoins dominate close to 6 percent of the overall crypto market.
4th ranked BNB (BNB) gained 1.8 percent overnight and its current price is $611.89. BNB is the highest-ranking crypto to trade with overnight gains. With a gain of more than 16 percent, BNB is the highest-ranking crypto trade with gains over the 30-day horizon.
5th ranked Solana (SOL) shed 3.3 percent overnight and is trading at $167.00. Solana (SOL) is the highest-ranking crypto to trade with weekly losses.
6th ranked XRP (XRP) has slipped 2.6 percent overnight to change hands at $0.5946. XRP has however gained 2.9 percent in the past week. With losses of 3.3 percent, it is the highest ranking crypto to trade with year-to-date losses.
8th ranked Dogecoin (DOGE) slipped 0.90 percent overnight. The highest-ranking meme crypto is currently being traded at $0.1912.
9th ranked Toncoin (TON) slipped 3.3 percent overnight. TON is currently trading at $7.06.
10th ranked Cardano (ADA) shed 3.5 percent in the past 24 hours to trade at $0.564.
70th ranked BitTorrent (New) BTT topped overnight gains with a surge of 5.4 percent. 30th ranked Cronos (CRO) followed with gains of 2.6 percent.
31st ranked Bittensor (TAO) is the greatest overnight laggard with a decline of more than 20 percent. 41st ranked dogwifhat (WIF) and 69th ranked Pendle (PENDLE) both slipped more than 10 percent overnight.
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