Cryptocurrency market capitalization slipped more than 1 percent in the past 24 hours amidst a strong Dollar and anxiety ahead of the release of the PCE-based inflation readings from the U.S.on Friday.Resumption of inflows to Bitcoin spot ETF products however capped losses.The Dollar Index, a measure of the Dollar’s strength against a basket of 6 currencies touched a high of 104.42, versus 104.29 a day earlier.It is currently at 104.31.Conflicting rate cut hints from Fed officials and expectations that the European Central Bank and Bank of England may be faster than the Fed in cutting rates increased the greenback’s appeal as a high-yielding and low-risk currency.
The yen’s weakness, amidst hints by Bank of Japan of a slower-than-expected transition from an accommodative monetary policy stance also supported the Dollar and the Dollar Index.Anxiety ahead of the release of the PCE-based inflation readings, widely perceived as the Fed’s preferred inflation gauge also weighed on sentiment.
The year-on-year PCE Price Index for February is seen edging up to 2.5 percent, from 2.4 percent in the previous month.The core component thereof is however seen steady at 2.8 percent.The month-on-month PCE Price Index is also seen edging up to 0.4 percent, from 0.3 percent in the previous month.The core component thereof is however expected to edge down to 0.3 percent, from 0.4 percent earlier.Rate cut expectations have of late been mellowed by concerns over whether the sticky inflation would reduce the headroom available to the Fed to commence its easing cycle.Data released by Farside Investors showed net inflows to Bitcoin spot ETF products exceeding $418 million on Tuesday versus $15 million a day earlier.The cumulative net inflows stood at $11.7 billion.iShares Bitcoin Trust (IBIT) topped with cumulative net inflows of $13.5 billion, followed by Fidelity Wise Origin Bitcoin Trust (FBTC) that witnessed cumulative net inflows of $7.5 billion.
The 24-hour trading volume in the crypto currency market dropped 8.9 percent overnight to $105 billion, whereas the overall market capitalization slipped to $2.63 trillion, from $2.69 trillion a day earlier.Only less than 10 percent of the top 100 cryptocurrencies are trading with overnight gains in excess of a percent.
Bitcoin is currently changing hands at $70,039.79, after ranging between $71,268.67 and $69,335.61 in the past 24 hours.The top-ranked cryptocurrency has slipped 1.6 percent overnight but is nevertheless holding on to weekly gains of almost 11 percent and year-to-date gains of more than 65 percent.
With a market capitalization of $1.4 trillion, Bitcoin currently dominates 52.2 percent of the overall crypto market.Bitcoin is also holding on to rank 9 in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.As of this writing, Ethereum’s price is at $3,573.30, declining 2.6 percent on an overnight basis.The leading alternate coin is however holding on to weekly gains of 10.7 percent and year-to-date gains of almost 57 percent.With a market capitalization of $429 billion, Ethereum currently dominates 16.3 percent of the overall crypto market.
The leading alternate coin is also ranked 25th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.4th ranked BNB (BNB) has slipped 3.3 percent overnight to trade at $577.10.5th ranked Solana (SOL) also shed 4.8 percent in the past 24 hours and is currently changing hands at $186.02.6th ranked XRP (XRP) slipped 4.4 percent in the past 24 hours amidst anxiety about the impact of SEC’s motion for remedies in the long-standing legal dispute with Ripple Labs.The SEC has moved the United States District Court of the Southern District of New York seeking a final judgement against Ripple Labs that permanently enjoins it from future violations of Section 5 of the Securities Act of 1933 and from conducting an unregistered offering of XRP in Institutional Sales.It has also asked the court to order Ripple labs to pay approx.$876 million in disgorgement, $198 million in prejudgment interest and $876 million in civil penalty.Among meme cryptos, 8th ranked Dogecoin (DOGE) slipped 0.85 percent overnight whereas 11th ranked Shiba Inu (SHIB) gained 2.3 percent in the same span.
9th ranked Cardano (ADA) recorded overnight losses of 4.2 percent, dragging price to $0.6488.10th ranked Avalanche (AVAX) slipped 5.7 percent in the past 24 hours.AVAX is currently changing hands at $55.02.12th ranked Toncoin (TON) declined 7 percent overnight as trading price dropped to $4.90.32nd ranked Mantle (MNT) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 39 percent.92nd ranked KuCoin Token (KCS) led the laggards with an overnight decline of more than 14 percent.For More Cryptocurrency News, visit rttnews.com For comments and feedback contact: [email protected] Technology News Biotech Stocks Facing FDA Decision in March 2024 Biotech Stocks Facing FDA Decision In November 2023 Biotech Stocks Facing FDA Decision In October 2023 Major central banks, led by the U.S.Fed, dominated the economics scene this week with some delivering histroic shifts.
In the U.S., the Fed was in focus as Chair Jerome Powell announced the latest policy decision and forward guidance.In Asia, all eyes were on the Bank of Japan as markets waited to see if the central bank would exit its ultra loose monetary policy.Find out how the Swiss central bank gave a surprise in Europe and learn what is the path ahead for U.K.interest rates..
