WASHINGTON (dpa-AFX) - Cryptocurrencies are trading on a muted note as markets digest the fresh tariff threats by the U.S. administration. Anxiety ahead of the release of PCE-based inflation readings, deemed the Fed's preferred inflation gauge also weighed on prices.
In data to be released on Friday morning, the U.S. Bureau of Economic Analysis is expected to reveal an uptick in year-on-year PCE price index to 2.6 percent from 2.4 percent in the previous month. The core component thereof is however seen steady at 2.8 percent. The PCE price Index on a month-on-month basis is expected to rise to 0.3 percent from 0.1 percent previously. The core component thereof is also expected to edge up to 0.2 percent from 0.1 percent in the previous month. The uptick in inflation is seen compounding the Fed's concerns over elevated inflation that has reduced the headroom available to it to ease monetary policy.
The more-than-expected decline in GDP growth in the U.S, revealed in data published on Thursday, also weighed on prices. The U.S. Bureau of Economic Analysis showed the U.S. economy expanded at an annualized 2.3 percent in the fourth quarter versus 3.1 percent in the third quarter. With the slowest growth in three quarters, the latest reading came below forecasts of 2.6 percent.
Crypto markets also took cognizance of the massive uptick in gold prices in the past two sessions. Gold Futures (for April settlement) is currently trading at $2,845.10 per troy ounce after touching a fresh all-time high of $2,859.45 earlier in the day. Spot Gold also scaled a fresh all-time high of $2,800.96 in Friday's trading before declining to its current level of $2,794. The safe-haven demand for the yellow metal came amidst tariff-related warnings by the U.S. administration and the resultant uncertainty in the market.
The uptick in Tokyo CPI in Japan to 3.40 percent in January from 3 percent in December also endorsed the hawkish narrative of Bank of Japan, weighing on market sentiment.
Overall crypto market capitalization has decreased 0.44 percent overnight to $3.55 trillion. The 24-hour trading volume has also decreased 23 percent to $100 billion.
Bitcoin slipped 0.91 percent overnight to trade at $104,299.75, around 4 percent below the all-time high. BTC has lost 1.1 percent in the past week. The leading cryptocurrency traded between $106,418.77 and $103,912.81 in the past 24 hours.
Data from Farside Investors showed that Bitcoin Spot ETF products in the U.S. witnessed inflows of $588 million on Thursday versus inflows of $92 million a day earlier. iShares Bitcoin Trust (IBIT) topped with inflows of $322 million followed by Fidelity Wise Origin Bitcoin Fund (FBTC) that recorded inflows of $209 million.
Ethereum, however, rallied 1.7 percent in the past 24 hours to trade at $3,271.01 around 33 percent below the previous peak recorded in November 2021. The leading alternate coin is also grappling with weekly losses of 4.2 percent. Ether traded between $3,282.99 and $3,209.20 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed inflows of $68 million on Thursday as compared with outflows of $5 million on Wednesday.
3rd ranked XRP (XRP) erased 0.76 percent overnight to trade at $3.08, around 20 percent below the all-time high touched in January 2018. The cryptocurrency is saddled with losses of 3.6 percent over the past week. Nevertheless, the cryptocurrency issued by Ripple labs leads year-to-date gains among the top 10 cryptocurrencies.
The price of 5th ranked Solana (SOL) dropped 2.2 percent overnight. With weekly losses of 10.6 percent, SOL is currently trading at $236.06, around 20 percent below its record high on January 19, 2025.
6th ranked BNB (BNB) edged up 0.13 percent overnight at its current trading price of $678.77. BNB is currently trading 14 percent below the all-time high of $793.35 touched on December 4, 2024. With a year-to-date loss of 3.9 percent, BNB leads losses among the top 10 cryptocurrencies.
8th ranked Dogecoin (DOGE) shed 1.3 percent overnight to trade at $0.3271. Having lost 9.1 percent in the past week, DOGE is trading 56 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) lost 0.75 percent overnight to trade at $0.9535. ADA is currently trading 69 percent below the record high touched in September 2021. 10th ranked TRON (TRX) rallied 2.9 percent overnight to trade at $ 0.2546. TRX has lost 1 percent in the past week. The trading price is 42 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
69th ranked JasmyCoin (JASMY) topped overnight gains with a surge of 21.5 percent. 62nd ranked DeXe (DEXE) rallied 20.5 percent followed by 29th ranked Mantra (OM) that added 16.4 percent in the past 24 hours.
93rd ranked Fartcoin (FARTCOIN) topped overnight losses with a decline of 12.1 percent. 65th ranked Movement (MOVE) also declined 9.7 percent followed by 85th ranked Onyxcoin (XCN) that also slipped 8.6 percent overnight.
85th ranked Onyxcoin (XCN) tops year-to-date gains among the top 100 cryptocurrencies with a surge of 1371 percent. 98th ranked Pudgy penguins (PENGU) tops year-to-date losses with a decline of 57 percent.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
