Cryptos Firm As October Fed Rate Hike Bets Fade
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Sentiment in cryptocurrency market remains positive as expectations of a rate hike by the Federal Reserve in October continued to decline. Anxiety ahead of the release of the minutes of the Federal Open Markets Committee on Wednesday however limited the upside. Overall crypto market capitalization has increased more than a percent overnight while Bitcoin is hovering near $86,400.
Rate hike expectations from the Federal Reserve weakened over the course of the past week amidst disappointing economic data releases from the U.S. A decline in job openings, softer-than-expected PCE inflation readings, an unexpected decline in ISM manufacturing PMI, additions to non-farm payrolls that was sharply below expectations as well as an unexpected increase in the unemployment rate forced markets to tone down expectations of a Fed rate hike in October. Dovish comments from a Fed official that there was no need to rush with another rate increase also exacerbated the repricing of rate hike expectations.
Overall cryptocurrency market capitalization has rallied 1 percent overnight to $2.93 trillion. The increase in market capitalization is accompanied by a 71-percent jump in trading volumes.
Bitcoin (BTC), the largest cryptocurrency is currently trading 1.3 percent higher on an overnight basis at $86,364.52, around 32 percent below the all-time high of $126,198. The leading cryptocurrency has gained 3.6 percent in the past week. Year-to-date losses have declined to 1.3 percent. The 24-hour trading ranged between $86,971.78 and $85,098.47.
Bitcoin Spot ETF products in the U.S. witnessed net inflows increasing to $190 million on Friday from $103 million on Thursday.iShares Bitcoin Trust ETF (IBIT) topped with net inflows of $158 million.
Bitcoin is currently ranked in the 11th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is positioned between 10th ranked Meta Platforms and 12th ranked Broadcom.
Ethereum (ETH) is trading 0.8 percent higher at $2,719.33, around 45 percent below the all-time high of $4,953. The leading alternate coin has gained 1.4 percent in the past week but has lost 8.4 percent on a year-to-date basis. The 24-hour trading ranged between $2,738.26 and $2,692.69.
Ethereum Spot ETF products in the U.S. witnessed net outflows decreasing to $37 million on Friday from $55 million on Thursday and $60 million on Wednesday. iShares Ethereum Trust ETF (ETHA) topped with net outflows of $20 million.
Ethereum is currently ranked in the 56th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) added 0.3 percent overnight resulting in price increasing to $791.78.
5th ranked XRP (XRP), a payments-focused cryptocurrency rallied 0.96 percent overnight and is currently trading at $1.51.
The price of 7th ranked Solana (SOL) decreased 0.76 percent overnight to $120.74, around 59 percent below the all-time high of $294.33. U.S.-listed Solana Spot ETF products witnessed net inflows of $1 million on Friday as compared with net outflows of $1 million on Thursday.
TRON (TRX) ranked 8th overall is currently trading 0.18 percent higher at $0.3362.
9th ranked Hyperliquid (HYPE) rallied 3.3 percent on an overnight basis to $93.05, around 5 percent below the all-time high of $97.98. U.S.-listed Hyperliquid Spot ETF products witnessed net inflows declining to $3 million on Friday from $5 million on Thursday.
10th ranked Zcash (ZEC) rallied 1 percent overnight and the cryptocurrency is currently trading at $1,342.96, around 77 percent below the all-time high of $5,941.80. U.S.-listed Zcash Spot ETF products witnessed net outflows increasing to $27 million on Friday from $12 million on Thursday.
For More Cryptocurrency News, visit rttnews.com
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