WASHINGTON (dpa-AFX) - Cryptocurrencies slipped heavily in the past 24 hours despite rising bets of a big Fed rate cut. Overall cryptocurrency market capitalization has declined over the past day despite a jump in Fed rate cut expectations over the same period.
The CME Group's closely monitored FedWatch Tool that tracks the expectations of interest rate traders now places a 61 percent chance of a half-point cut and a 39 percent probability on a quarter-point easing by the Federal Reserve. The same was evenly distributed at 50 percent each a day earlier. Rate cut expectations were 30 percent in favor of a 50-basis points cut and 70 percent in favor of a 25-basis points cut a week earlier.
Overall cryptocurrency market capitalization is currently at $2.03 trillion. It was $2.10 trillion a day earlier and $1.97 trillion a week earlier.
The decline in crypto market capitalization is despite rate cut expectations driving the Dollar Index lower and gold prices higher. The 6-currency Dollar Index, a measure of the Dollar's strength against a basket of 6 currencies is currently at 100.71 versus the low of 100.59 recorded in the day's trading. Spot Gold prices touched an all-time high of $2,589.69 earlier in Monday's trading before dropping to its current level of $2,583.32.
Bitcoin slipped 3.3 percent overnight to trade at $58,257.91, around 21 percent below the all-time high. BTC has however gained close to 5 percent in the past week while holding on to gains of close to 38 percent in 2024. The original cryptocurrency traded between $60,381.92 and $58,077.37 in the past 24 hours.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed net inflows jumping to $263 million on Friday from $39 million on Thursday.
Fidelity Wise Origin Bitcoin Fund (FBTC) topped with inflows of $102.1 million followed by Ark 21Shares Bitcoin ETF (ARKB) that received inflows of $99.3 million. Market leader iShares Bitcoin Trust (IBIT) recorded no inflows. No ETF recorded net outflows on Friday.
Ethereum slipped 4.9 percent in the past 24 hours to trade at $2,280.19, around 53 percent below the previous peak. Weekly losses are more than half percent. The leading alternate currency is trading with losses of 0.07 percent on a year-to-date basis. Ether traded between $2,415.59 and $2,253.71 in the past 24 hours.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed a net inflow of $1.5 million on Friday as compared with a net outflow of $20.1 million on Thursday.
4th ranked BNB (BNB) slipped 2 percent overnight but has gained more than 8 percent in the past week to trade at $544.82.
5th ranked Solana (SOL) lost 2.7 percent overnight, restricting weekly gains to 2.2 percent. SOL is currently trading at $131.28.
7th ranked XRP (XRP) has shed 2.6 percent overnight to trade at $0.5703. Despite weekly gains of 7.5 percent, the cryptocurrency issued by Ripple Labs is saddled with year-to-date losses of more than 7 percent.
8th ranked Dogecoin (DOGE) declined more than 4 percent overnight to trade at $0.1009.
9th ranked Toncoin (TON) slipped 2.3 percent overnight. TON is currently trading at $5.46.
No cryptocurrency among the top 100 is trading with overnight gains of more than a percent. 10th ranked TRON (TRX) topped overnight gains with an addition of 0.76 percent. 100th ranked BinaryX (BNX) followed with overnight gains of 0.52 percent.
36th ranked Bittensor (TAO) topped overnight losses with a decline of close to 11 percent. 77th ranked Brett (BRETT) followed with overnight losses of more than 9 percent. 62nd ranked Sei (SEI), 82nd ranked Beam (BEAM), 43rd ranked Injective (INJ), 64th ranked Celestia (TIA)and 40th ranked Immutable (IMX) have all slipped more than 8 percent in the past 24 hours.
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