WASHINGTON (dpa-AFX) - Cryptocurrencies are trading below the flatline amidst Mt. Gox supply concerns that eclipsed Fed rate cut expectations and hopes of a potential crypto-friendly political leadership in the U.S.
Supply concerns attributed to the impending creditor transfers by the defunct Mt Gox cryptocurrency exchange persisted, dampening crypto market sentiment. The defunct Bitcoin exchange which collapsed following a hack in 2011 is returning over 140,000 Bitcoin to its creditors and fears of these being offloaded in the market has been haunting markets of late.
Meanwhile, reports of a security breach at WazirX, a leading India-based cryptocurrency exchange has also impacted crypto market sentiment. According to Blockchain sleuth Elliptic, around $235 million in crypto assets were lost in the breach. This made up of more than 200 different assets including $96.7 million Shiba Inu, $52.6 million Ether, $11 million Matic and $7.6 million Pepe. Elliptic also reported that the on-chain analysis and other information reviewed indicated that the hack was perpetrated by hackers affiliated with North Korea. WazirX has responded by suspending withdrawals.
Amidst the forthcoming U.S. Presidential race energizing the crypto space, comments for and against politicization of cryptocurrency made headlines on Thursday. Ethereum co-founder Vitalik Buterin warned against choosing a Presidential candidate based solely on pro-crypto stance whereas Charles Hopkins, another industry leader and founder of the Cardano blockchain exhorted to vote for pro-crypto candidates.
Meanwhile, data released on Thursday morning showed the number of people claiming unemployment benefits in the U.S. increased to 243 thousand in the week ended July 13 from 223 thousand in the previous week, surpassing market expectations of 230 thousand. The softening in the labor market is seen increasing the headroom available to the Fed to start monetary easing. The CME FedWatch tool shows rate cut expectations at 4.7 percent for the July review, 98 percent for the September review, 99 percent for the November review and 99.9 percent for the December review.
Amidst the developments, crypto market capitalization is currently at $2.38 trillion. Bitcoin (BTC) edged down 0.43 percent overnight to trade at $64,535.70, around 12 percent below the all-time high. BTC has gained 10.7 percent in the past week and more than 52 percent in 2024. Bitcoin's crypto market dominance is currently at 53.8 percent.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $53 million on Wednesday versus $423 million received on Tuesday. The sharply lower inflows also swayed crypto market sentiment.
Amidst anticipation of Ethereum Spot ETF launches as early as next week, Ethereum (ETH) gained 0.29 percent in the past 24 hours to trade at $3,463.58. Ether has added more than 9 percent in the past week while year-to-date gains exceed 51 percent. The leading altcoin now commands a share of 17.6 percent of the overall crypto market.
4th ranked BNB (BNB) is trading 0.22 percent lower at $574.35. The native token of the Binance.com cryptocurrency exchange is trading with weekly gains of close to 7 percent and year-to-date gains of almost 84 percent.
5th ranked Solana (SOL) slipped 0.24 percent overnight to trade at $160.40. At its current price, SOL has added 13.3 percent in the past week. Year-to-date gains exceed 58 percent.
XRP (XRP) slipped back to the 7th rank overall amidst an overnight decline of 6.4 percent and a trading price of $0.5729. XRP is the highest-ranking cryptocurrency to trade with year-to-date losses. The cryptocurrency issued by Ripple Labs has rallied more than 26 percent in the past week but is still grappling with losses of more than 6 percent in 2024.
8th ranked Toncoin (TON) slipped 0.41 percent overnight at its current price of $7.22. TON has also recorded weekly losses of 0.62 percent. TON's year-to-date gain of 212 percent is the best among the top 20 cryptocurrencies.
Dogecoin (DOGE), ranked 9th rank overall and highest among all meme coins is currently changing hands at $0.1214, implying overnight losses of 2.8 percent, weekly gains of 10 percent and year-to-date gains of more than 35 percent.
10th ranked Cardano (ADA) erased 3.9 percent overnight to trade at $0.4361. Weekly gains of 8.3 percent have however restricted year to-date-losses to 26.6 percent.
43rd ranked dogwifhat (WIF) topped overnight gains with a surge of 7.3 percent.
96th ranked Mog Coin (MOG) topped overnight losses among the top 100 cryptocurrencies with a decline of 9.6 percent. 13th ranked Shiba Inu (SHIB) followed with losses of 8.3 percent in the past 24 hours.
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