WASHINGTON (dpa-AFX) - Cryptocurrencies rose marginally in the past 24 hours as markets waited for the PCE-based inflation readings for April from the U.S. While overall crypto market capitalization gained, the 24-hour trading volume dipped.
Data for April to be released by the U.S. Bureau of Economic Analysis is expected to show the year-on-year PCE Price Index steady at 2.7 percent. The core component is also expected to be steady at 2.8 percent. The month-on-month PCE Price Index as well as its core component, are both expected to remain steady at 0.3 percent.
Data for the same period released by the U.S. Bureau of Labor Statistics a fortnight ago had revealed headline annual consumer price inflation at 3.4 percent and core component thereof at 3.6 percent. The month-on-month reading as well as its core component stood at 0.3 percent.
The PCE price index is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior. The PCE-based readings assume significance as it is the Fed's preferred inflation gauge. Though the FOMC initially focused on CPI inflation, after extensive analysis, it started relying on the PCE inflation.
Crypto market sentiment has suffered as the Fed, despite initial hints of three rate cuts in 2024 now appears hesitant to cut rates. Markets fear sticky inflation is forcing the Fed to maintain rates at the current high levels for longer than expected. Market capitalization of cryptocurrencies is currently at $2.53 trillion.
Market-leader Bitcoin gained 0.81 percent overnight and 1.1 percent in the past week to trade at $68,146.98. The original cryptocurrency which dominates 53 percent of the overall crypto market has gained 61 percent in 2024.
Data from Farside Investors showed net inflows of $49 million to Bitcoin Spot ETF products in the U.S. on Thursday versus net inflow of $28 million on Wednesday and net inflow of $45 million on Tuesday. Fidelity Wise Origin Bitcoin Trust (FBTC) topped with overnight inflows of $119 million on Thursday whereas ARK 21Shares Bitcoin ETF (ARKB) saw record outflows of $99.9 million.
The net cumulative Bitcoin Spot ETF flows stood at $13.8 billion on May 30. Considering the cumulative outflows of $17.8 billion from the Grayscale Bitcoin Trust, the gross inflows to the Bitcoin Spot ETFs that debuted in 2024 is $31.6 billion.
iShares Bitcoin Trust (IBIT) continues on the top slot with cumulative inflows of $16.5 billion. Fidelity Wise Origin Bitcoin Trust (FBTC) followed with cumulative inflows of $8.9 billion. ARK 21Shares Bitcoin ETF (ARKB) witnessed inflows of $2.2 billion whereas Bitwise Bitcoin ETF (BITB) recorded cumulative inflows of $2 billion.
Ethereum added 1.2 percent overnight to trade at $3,765.37. The leading alternate coin has gained 2.1 percent in the past week and 65 percent in 2024.
3rd ranked Tether (USDT) traded between $1.0008 and $0.9997 in the past 24 hours.
4th ranked BNB (BNB) gained 0.35 percent overnight to trade at $592.71.
5th ranked Solana (SOL) rallied 1.3 percent in the past 24 hours to trade at $167.31.
6th ranked USDC (USDC) traded between $1.0010 and $0.9989 in the past 24 hours.
7th ranked XRP also added 0.5 percent overnight to trade at $0.5206. With a loss of more than 15 percent in 2024, XRP is the highest-ranking crypto to trade in the red zone on a year-to-date basis.
8th ranked Dogecoin (DOGE) added 0.82 percent overnight. The highest-ranking meme crypto is currently being traded at $0.1598.
9th ranked Cardano (ADA) edged down 0.22 percent overnight to trade at $0.4488, dragging year-to-date losses to almost 25 percent.
10th ranked Toncoin (TON) erased 1.1 percent overnight to trade at $6.42.
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