WASHINGTON (dpa-AFX) - The global revival in market sentiment following a labor market update from the U.S. that showed a decline in the initial jobless claims lifted crypto market sentiment also significantly. Crypto market capitalization surged more than 4 percent overnight while Bitcoin regained the $62.7k level. Sentiment was also supported by the vastly higher inflows to Bitcoin Spot ETFs and the lower outflows from Ethereum Spot ETFs in the U.S. on Thursday.
Data released on Thursday by the U.S. Department of Labor showed the number of people claiming unemployment benefits in the U.S. declining to 230 thousand during the week ended August 3 from 250 thousand a week earlier and market expectations of 240 thousand. The data allayed recession fears that had triggered a massive turmoil on Monday in markets worldwide.
Despite the improved data from the labor market, markets overwhelmingly expect the Fed to cut rates in September. The CME FedWatch tool that tracks the expectations of interest rate traders shows a probability of 45 percent for a 25-basis points cut and a 55-percent likelihood for a 50-basis points cut.
Data released by Farside Investors showed inflows to Bitcoin Spot ETF products in the U.S. rising to $195 million on Thursday from $45 million a day earlier. iShares Bitcoin Trust (IBIT) topped with inflows of $158 million followed by WisdomTree Bitcoin Fund (BTCW) that recorded inflows of $119 million. Data also showed outflows from Ethereum Spot ETF products trickling down to $3 million from $24 million a day earlier.
Overall crypto market capitalization increased 4.7 percent overnight to $2.11 trillion. Meme category market capitalization jumped 3.5 percent overnight to $39.8 billion or 1.9 percent of the overall market. Dog-themed memes gained 2.8 percent overnight whereas the political memes category recorded only an overnight addition of 0.8 percent in market capitalization. The market capitalization of the AI & Big Data category also surged 3.3 percent overnight to $22.6 billion implying a crypto market share of 1.1 percent.
Bitcoin touched a high of $62,673.76 in the past 24 hours as compared to a low of $56,740.87 during the same period. Despite overnight gains of 4.6 percent, the impact of Monday's meltdown lingers, and the leading cryptocurrency is grappling with weekly losses of more than 6 percent. Nevertheless, Bitcoin has gained 6 percent over the past 30 days and 43.5 percent in 2024. At its current price of $60,667.54 which is 18 percent below the all-time high, Bitcoin has increased its crypto market dominance to 56.3 percent.
Ethereum too recorded overnight gains of more than 6 percent. After ranging between $2,721.95 and $2,414.25 in the past 24 hours, the leading altcoin is trading at $2.628.88, around 46 percent below the all-time high. Ether has recorded overnight gains of 6.3 percent and weekly losses of 16.4 percent. It has shed 14 percent over the past 30 days, limiting gains in 2024 to 15 percent.
4th ranked BNB (BNB) added 3.3 percent in the past 24 hours. 5th ranked Solana (SOL) however edged down 0.15 percent overnight. 8th ranked Toncoin (TON) rallied 3.4 percent whereas 9th ranked Dogecoin (DOGE) and 10th ranked Cardano (ADA) added more than 2 percent overnight.
Prices of 7th ranked XRP (XRP) slipped 5.3 percent overnight amidst reports that the SEC would file an appeal in the dispute with Ripple Labs and unconfirmed reports of cryptocurrency movements by some whales. The cryptocurrency is currently changing hands at $0.582 which is 85 percent below the all-time high.
99th ranked Gala (GALA) also declined a little less than 5 percent.
32nd Sui (SUI) topped overnight gains with a surge of close to 25 percent. 30th ranked Cronos (CRO) followed with overnight gains of 21.5 percent.
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