WASHINGTON (dpa-AFX) - Cryptocurrencies are trading firmly in the green despite negative surprises in the latest inflation updates from the U.S. Consumer price inflation readings released on Wednesday and producer price inflation update released on Thursday showed price pressures at both the factory gate and at the consumer's end.
Data released by the U.S. Bureau of Labor Statistics just a while ago showed producer price inflation on a month-on-month basis at 0.4 percent versus an upwardly revised 0.5 percent in December. Markets had anticipated a reading of 0.3 percent only. The core PPI recorded a level of 0.3 percent as expected, versus 0.4 percent in December. The annual reading which was seen at 3.2 percent disappointed with a reading of 3.5 percent. Core PPI came in at 3.6 percent, far higher than 3.3 percent that the markets had expected.
Data released by the U.S. Bureau of Labor Statistics on Wednesday had showed annual headline inflation unexpectedly rising to 3 percent in January. Markets had expected it to be steady at 2.9 percent. The core component thereof which was seen edging down to 3.1 percent from 3.2 percent in December unexpectedly edged up to 3.3 percent. Inflation on a month-on-month basis which was seen edging down to 0.3 percent from 0.4 percent in December unexpectedly edged up to 0.5 percent. The core portion thereof which was seen edging up to 0.3 percent from 0.2 percent in December actually increased to 0.4 percent, implying sticky inflation.
With markets overwhelmingly predicting a hold by the Federal Reserve in March, the latest data failed to dampen market sentiment. Hopes of a potential peace deal in the Ukraine-Russia war also supported sentiment.
Overall crypto market capitalization increased 1.1 percent overnight to $3.17 trillion. Trading volume over the 24-hour period increased 6.6 percent to $121 billion.
BTC has gained 0.38 percent overnight to trade at $95,808.26, around 12 percent below the all-time high. BTC is however grappling with losses of 2.2 percent in the past week. The leading cryptocurrency touched a high of $98,151.03 and a low of $94,777.27 in the past 24 hours.
Data from Farside Investors showed that Bitcoin Spot ETF products in the U.S. witnessed outflows of $251 million on Wednesday as compared with outflows of $57 million a day earlier. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with outflows of $102 million.
Ethereum rallied 1.3 percent in the past 24 hours to trade at $2,632.90, around 46 percent below the previous peak recorded in November 2021. Weekly losses however exceed 4.3 percent. Ether traded between $2,794.87 and $2,572.09 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed outflows of $41 million on Wednesday versus inflows of $13 million on Tuesday.
Bitcoin is now ranked 7th and Ethereum 36th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP (XRP) jumped 1.6 percent overnight to trade at $2.43, around 37 percent below the all-time high touched in January 2018. The cryptocurrency's weekly gains exceed 2.4 percent.
BNB (BNB) jumped to the 5th rank overall with an overnight surge of 8 percent. At its current trading price of $699.50, BNB is currently trading 12 percent below the all-time high. BNB has gained more than 20 percent in the past week.
Amidst an overnight decline of 1.4 percent, Solana (SOL) slipped to the 6th rank overall. With weekly losses of 2.5 percent, SOL is currently trading at $190.81, around 35 percent below its record high.
8th ranked Dogecoin (DOGE) added 0.9 percent overnight to trade at $0.2553. Having shed 0.3 percent in the past week, DOGE is trading 65 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) gained 0.96 percent overnight to trade at $0.7788. ADA is currently trading 75 percent below the record high touched in September 2021.
10th ranked TRON (TRX) slipped 2.4 percent overnight to trade at $ 0.2358. TRX has gained more than 3 percent in the past week. The trading price is 46 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
86th ranked PancakeSwap (CAKE) topped overnight gains with a surge of 24.3 percent. 60th ranked Ethena (ENA) followed with gains of 14.8 percent.
23rd ranked BitgetToken (BGB) topped overnight losses with a decline of 6.2 percent.
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