WASHINGTON (dpa-AFX) - Cryptocurrencies plunged heavily in the past 24 hours as markets brace for the U.S. Presidential election on Tuesday and the Federal Reserve's interest rate decision on Thursday. Anxiety ahead of the monthly jobs data also played out on crypto market sentiment.
Overall crypto market capitalization slipped 3.9 percent overnight to the level of $2.33 trillion. Only 2 of the top 100 cryptocurrencies are trading with overnight gains in excess of a percent.
Meme category market capitalization plunged 6.7 percent overnight to $58.5 billion implying a market share of 2.5 percent. Political memes category recorded an overnight decline of 4.5 percent in market capitalization whereas celebrity memes erased 10.6 percent of market cap.
The AI & Big Data category recorded an overnight decline of 4 percent, dragging market capitalization to $31.7 billion or 1.4 percent of the overall crypto market. Amidst the negative market sentiment, market capitalization of the not-so-volatile stablecoins decreased 0.22 percent to $178.8 billion or 7.68 percent of the overall crypto market.
Data to be released by the U.S. Bureau of Labor Statistics on Friday morning is expected to show addition to non-farm payrolls declining to 113 thousand in October from 254 thousand in the previous month. The lower expectation is attributed to the effect of hurricanes as well as the strike at Boeing. The unemployment rate is however seen steady at 4.1 percent whereas hourly earnings are seen declining on a month-on-month basis.
The ISM Manufacturing PMI due from the U.S. on Friday is expected to show an uptick to 47.6 in October from 47.2 in the previous month.
In the PCE-based inflation readings released from the U.S. on Thursday, the annual/monthly PCE price Index matched market expectations. Though the month-on-month core component also matched market expectations, the core component on a year-on-year basis did not decline as was expected by the markets.
Bond yields in the U.S. hardened across tenors as election drew nearer. 30-year yields increased 0.11 percent whereas the ten-year tenor witnessed a spike of 0.35 percent. An increase of 0.33 percent was recorded in the 5-year tenor. The short-term tenor of 2 years also saw yields hardening by 0.40 percent.
Bitcoin slipped 3.2 percent overnight to trade at $69,941.74, around 5 percent below the all-time high. Weekly gains have decreased to 3.2 percent whereas addition over the 30-day horizon has fallen to 13.8 percent. Gains in 2024 are at 65.4 percent. The original cryptocurrency traded between $72,662 and $68,779 in the past 24 hours.
Data from Farside Investors showed inflows of $32 million to Bitcoin Spot ETF products in the U.S. on Thursday versus $893 million on Wednesday and $870 million a day earlier.
iShares Bitcoin Trust (IBIT) topped with inflows of $318.8 million. Valkyrie Bitcoin Fund (BRRR) also recorded net inflows of $1.9 million.
Ark 21Shares Bitcoin ETF (ARKB) topped outflows with $94.2 million followed by Fidelity Wise Origin Bitcoin Fund (FBTC) that recorded outflows of $75.2 million. Bitwise Bitcoin ETF (BITB) saw record outflows of $74 million.
Ethereum too lost 4.3 percent in the past 24 hours to trade at $2,517.22, around 49 percent below the previous peak. Weekly losses are at 1 percent. Gains in 2024 are a little more than 10 percent. The leading alternate coin traded between $2,645.98 and $2,467.82 in the past 24 hours.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net inflows of $13 million on Thursday as compared with $4.4 million on Wednesday.
4th ranked BNB (BNB) slipped 0.91 percent overnight, clocking weekly losses of 2.2 percent at its current trading price of $578.13.
5th ranked Solana (SOL) slipped 3.9 percent overnight, increasing weekly losses to 2.9 percent. SOL is currently trading at $168.11.
7th ranked XRP (XRP) edged up 0.2 percent overnight to trade at $0.5192. The cryptocurrency issued by Ripple Labs is saddled with losses of more than 15.5 percent on a year-to-date basis.
XRP rallied amidst Judge Phyllis J. Hamilton asked the parties to consider an alternative resolution of filing a voluntary dismissal without prejudice of the remaining individual claim, subject to being re-filed after resolution of the appeal on the class claims.
8th ranked Dogecoin (DOGE) plunged 6.5 percent overnight to trade at $0.16.
9th ranked TRON (TRX) declined 1.8 percent overnight to trade at $ 0.1671.
10th ranked Toncoin (TON) dropped almost a percent overnight. TON is currently trading at $4.87.
45th ranked Celestia (TIA) and 28th ranked Kaspa (KAS) recorded overnight gains of more than 3.5 percent.
44th ranked Immutable (IMX) is the greatest laggard with an overnight plunge of close to 13.9 percent. 36th ranked dogwifhat (WIF) shed 9.4 percent followed by 57th ranked Pyth Network (PYTH) that erased 8.9 percent.
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