WASHINGTON (dpa-AFX) - Renewed rate cut bets that followed the easing in CPI readings in the U.S. helped bolster sentiment for cryptocurrencies. Amidst a price surge in most of the top-ranked cryptocurrencies, overall crypto market capitalization jumped close to 2 percent in the past 24 hours.
The CME Fedwatch tool that tracks the expectations of interest rate traders now shows rate cut probability of 8.7 percent for the June meeting, 31 percent for the July FOMC, 68 percent for the September review, 80 percent for the November meeting and almost 92 percent for the year's final meeting in December.
Data released on Wednesday morning had revealed a cooling in CPI inflation in the U.S. in the month of April almost along expected lines. Headline annual inflation cooled as expected to 3.4 percent, from 3.5 percent in the previous month. The core component also eased as expected to 3.6 percent, the lowest reading since April 2021, from 3.8 percent in March. Month-on-month inflation which was seen steady at 0.4 percent dropped more than expected to 0.3 percent. The core-component thereof which excludes volatile items such as food and energy also eased as expected to 0.3 percent from 0.4 percent in March.
The dollar's weakness that followed the CPI update on Wednesday also boosted the dollar-denominated prices of cryptocurrencies. The Dollar Index, which measures the Dollar's strength against a basket of 6 currencies is currently at 104.61 versus 105.06 on Tuesday.
Markets now await Fed Chair Jerome Powell's speech on Sunday and the release of the FOMC minutes on Wednesday, for more cues on the monetary policy and the potential impact on prices of cryptocurrencies.
Overall crypto market capitalization is currently at $2.39 trillion, versus $2.33 trillion a day earlier.
Bitcoin is currently trading at $66,023.08 implying overnight gains of 2.9 percent, weekly increase of 7.6 percent and a year-to-date addition of almost 56 percent. Bitcoin touched a high of $66,712.43 and a low $64,016.31 in the past 24 hours and currently dominates 54.8 percent of the overall crypto market.
Continuing inflows to Bitcoin Spot ETF products also boosted sentiment for the leading cryptocurrency. Data from Farside Investors on Bitcoin Spot ETF flows in the U.S. showed net inflows of $303 million on Wednesday versus $100 million on Tuesday and $66 million on Monday.
The net cumulative Bitcoin Spot ETF inflows increased to $12.2 billion after considering the cumulative outflows of $17.7 billion from the Grayscale Bitcoin Trust. iShares Bitcoin Trust (IBIT) tops the list with cumulative inflows of $15.5 billion. Fidelity Wise Origin Bitcoin Trust (FBTC) follows with cumulative inflows of more than $8.3 billion. ARK 21Shares Bitcoin ETF (ARKB) has recorded inflows of $2.4 billion whereas Bitwise Bitcoin ETF (BITB) received cumulative inflows of $1.9 billion.
Ethereum gained 0.5 percent in the past 24 hours to trade at $2,971.89. The 24-hour trading range was between $3,041.81 and $2,945.97. Though Ether has slipped 0.3 percent in the past week, it is holding on to year-to-date gains of 30 percent. Ether currently dominates 15.1 percent of the overall crypto market.
4th ranked BNB (BNB) shed half a percent overnight to trade at $575.47. 5th ranked Solana (SOL) rallied 6.6 percent in the past 24 hours to trade at $162.17.
7th ranked XRP gained 1.7 percent overnight to trade at $0.5167. With a loss of close to 16 percent in 2024, XRP is the highest-ranking crypto to trade in the red zone on a year-to-date basis.
8th ranked Toncoin (TON) slipped 4.5 percent overnight to trade at $6.67. 9th ranked Dogecoin (DOGE) gained more than half a percent overnight to trade at $0.1526. 10th ranked Cardano (ADA) added 2.3 percent overnight to trade at $0.4539.
49th ranked Fantom (FTM) topped overnight gains with a surge of more than 13 percent. 30th ranked Immutable (IMX) and 56th ranked sei (SEI), both added more than 10 percent in the past 24 hours.
96th ranked Notcoin (NOT), the cryptocurrency of the viral web3 game that was launched on the TON blockchain slipped almost 50 percent from the all-time high. 24th ranked Pepe (PEPE) and 27th ranked Render (RNDR) have both slipped more than 9 percent in the past 24 hours.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
