WASHINGTON (dpa-AFX) - Cryptocurrencies traded firm above the flatline despite the much-awaited PCE-based inflation readings throwing negative surprises.
Data released by the U.S. Bureau of Economic Analysis earlier showed year-on-year PCE Price Index rising 2.7 percent in March versus 2.5 percent in the previous month. Markets had expected it to rise to only 2.6 percent. The core component unexpectedly remained steady at 2.8 percent despite markets expecting a decline to 2.6 percent. The month-on-month PCE Price Index as well as its core component, both remained steady at 0.3 percent as widely expected.
In response to the sticky inflation readings in the Fed's preferred inflation gauge, expectations of an interest rate cut have been further weakened. The CME FedWatch tool reveals rate cut expectations for the review in May dropping to 2.9 percent, from 6.9 percent a day earlier.
Overall crypto market capitalization is currently at $2.35 trillion, versus $2.34 trillion a day earlier.
Bitcoin rallied 1.2 percent in the past 24 hours to trade at $63,965.95, around 13 percent below the all-time-high. Bitcoin is however grappling with weekly losses of more than 1 percent. Nevertheless, year-to-date gains exceed 51 percent.
The 24-hour trading ranged between $65,275.21 and $62,783.63. The range was between $66,195.22 and $62,783.63 a day earlier.
Bitcoin currently dominates 53.5 percent of the overall crypto market versus 53.4 percent a day earlier.
Ethereum edged up 0.33 percent in the past 24 hours to trade at $3,122.55. The 24-hour trading range was between $3,190.98 and $3,083.83. Ether is holding on to weekly gains of 0.9 percent and year-to-date gains of close to 37 percent. Ether currently dominates 16.2 percent of the overall crypto market.
4th ranked BNB (BNB) slipped 0.95 percent overnight to trade at $599.61.
5th ranked Solana (SOL) shed 1.1 percent in the past 24 hours to trade at $142.63.
7th ranked XRP added more than a percent overnight to trade at $0.5216. With a loss of more than 15 percent in 2024, XRP is still the highest-ranking crypto to trade in the red zone on a year-to-date basis.
8th ranked Dogecoin (DOGE) shed 0.21 percent overnight to trade at $0.1487.
9th ranked Toncoin (TON) gained 2.9 percent overnight to trade at $5.36.
10th ranked Cardano (ADA) gained more than half a percent overnight to trade at $0.4671, lifting year-to-date losses above 25 percent.
57th ranked Bonk (BONK) and 69th ranked BitTorrent (BTT) Wormhole (W) topped overnight gains with a surge of more than 6.6 percent.
66th ranked Pendle (PENDLE), 89th ranked Ronin (RON), and 25th ranked Hedera (HBAR) have all slipped more than 5 percent in the past 24 hours.
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