WASHINGTON (dpa-AFX) - Cryptocurrencies surged ahead in the past 24 hours despite a hotter-than-expected consumer price inflation reading from the U.S. and caution about rate cuts sounded in the FOMC Minutes. Excitement over the looming Bitcoin halving event, expectation of Bitcoin Spot ETF approval by Hong Kong, the restoration of positive flows to Bitcoin Spot ETF products and the lower-than-expected uptick in producer price inflation in the U.S., all supported sentiment.
Meanwhile the ECB as widely expected, held rates steady but stressed on achieving its inflation target, amidst the threat of a divergence from the Federal Reserve's monetary policy outlook. The ECB noted that it would be appropriate to reduce the current level of monetary policy restriction if the updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission were to further increase its confidence that inflation was converging to the target in a sustained manner.
Data released on Wednesday had showed headline annual inflation in the U.S. jumping to 3.5 percent in March, from 3.2 percent in the previous month and surpassing expectations of a reading of 3.4 percent. The core component thereof which was expected to fall to 3.7 percent, however remained steady at 3.8 percent. Inflation as well as core inflation on a month-on-month basis which was seen edging down to 0.3 percent, remained steady at 0.4 percent.
The Minutes of the Federal Open Market Committee held in mid-March released on Wednesday revealed members not considering it appropriate to reduce the target range until they had gained greater confidence that inflation was moving sustainably toward 2 percent.
Shrugging off the hotter-than-expected inflation readings, overall crypto market capitalization has increased 3.9 percent to $2.63 trillion.
Bitcoin is currently trading at $70,926.73 implying overnight gains of 4.9 percent, weekly increase of 5.9 percent and a year-to-date addition of almost 68 percent. Bitcoin touched a high of $71,256.24 and a low $67,503.57 in the past 24 hours and currently dominates 52.8 percent of the overall crypto market.
Latest data from Farside Investors shows net inflows of $123.7 million on Wednesday versus outflows of $18.6 million on Tuesday and outflow of $223.8 million on Monday. The net cumulative Bitcoin Spot ETF inflows stood at $12.5 billion on April 10. Considering the cumulative outflows of $16 billion from the Grayscale Bitcoin Trust, the gross inflows to the Bitcoin Spot ETFs that debuted in 2024 is close to $28.5 billion.
iShares Bitcoin Trust (IBIT) topped with cumulative inflows of almost $15 billion. Fidelity Wise Origin Bitcoin Trust (FBTC) followed with cumulative inflows of more than $8 billion. ARK 21Shares Bitcoin ETF (ARKB) witnessed inflows of $2.3 billion whereas Bitwise Bitcoin ETF (BITB) recorded cumulative inflows of $1.7 billion. The keenly anticipated Bitcoin halving event is 1,245 blocks away and is expected to happen in around 7 days.
Ethereum gained 4.3 percent in the past 24 hours to trade at $3,563.36. The 24-hour trading range was between $3,616.19 and $3,415.46. Ether is holding on to weekly gains of 6.1 percent and year-to-date gains of 56 percent. Ether currently dominates 16.2 percent of the overall crypto market.
4th ranked BNB (BNB) added 4.4 percent overnight to trade at $602.02.
5th ranked Solana (SOL) also rallied 4.8 percent in the past 24 hours to trade at $172.14. SOL is the highest ranking crypto to trade with weekly losses. SOL has slipped 8.5 percent in the past week.
6th ranked XRP gained 2.6 percent overnight to trade at $0.6144. With a marginal loss of 0.10 percent in 2024, XRP is the highest-ranking crypto to trade in the red zone on a year-to-date basis.
8th ranked Dogecoin (DOGE) jumped 6.8 percent overnight to trade at $0.1949.
9th ranked Toncoin (TON) leaped more than 10 percent overnight to trade at $7.38.
10th ranked Cardano (ADA) added close to 4 percent overnight to trade at $0.5875.
69th ranked Neo (NEO) topped overnight gains with a surge of more than 22 percent.
90th ranked JasmyCoin (JASMY), 26th ranked Bittensor (TAO) and 99th ranked Helium (HNT), all added more than 15 percent in the past 24 hours.
83rd ranked Nervos Network (CKB) topped overnight losses with a decline of more than 15 percent. 21st ranked Uniswap (UNI) followed with losses of more than 14 percent after the DeFi platform received a Wells Notice from the SEC.
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