WASHINGTON (dpa-AFX) - Cryptocurrency market capitalization declined more than 3 percent in the past 24 hours amidst a bearish sentiment, triggered by outflows from digital asset investment products and anxiety ahead of the looming Fed review of interest rates.
The Fed's review of interest rates is due to be announced on Wednesday. Markets overwhelmingly expect the Fed to hold rates at current level.
According to the CME FedWatch tool that tracks the expectations of interest rate traders, expectation that interest rates would continue at the same high level is 97.3 percent for the Fed review in May and 88.4 percent for the review in June. Rate cut expectations grow higher only subsequently and probability assigned to a pause falls to 70 percent by July and 42 percent by September. Only 33 percent probability is assigned for rates to remain at current levels in the review in November. For the December review, markets now assign only a 19 percent chance for rates to remain at the current level.
The CoinShares' Digital Asset Fund Flows Weekly report showed an outflow of $435 million for the week ended April 26 versus outflows of $206 million for the week ended April 19. Year-to-date flows decreased to $13.1 billion, and cumulative AUM dropped to $88 billion.
Overall crypto market capitalization is currently at $2.3 trillion, versus $2.37 trillion a day earlier.
Bitcoin is currently trading at $62,286.55, slipping 2.1 percent overnight. The leading cryptocurrency has shed more than 6 percent in the past week but is holding on to gains of more than 47 percent in 2024.
The leading cryptocurrency currently commands 53.3 percent of the overall crypto market. The 24-hour trading range was between $63,935.27 and $61,955.00.
Ethereum touched a high of $3,351.18 and a low of $3,136.96 in the past 24 hours. The leading alternate coin has slipped close to 5 percent overnight and 1.6 percent in the past week but is holding on to gains of almost 38 percent in 2024 at its current price of $3,146.16.
The leading altcoin currently commands 16.7 percent of the overall crypto market. With a market capitalization of $160 billion, stablecoins dominate close to 7 percent of the overall crypto market.
4th ranked BNB (BNB) shed 2.5 percent overnight and its current price is $587.59.
5th ranked Solana (SOL) slipped 4.7 percent overnight and is trading at $135.64.
7th ranked XRP (XRP) has slipped 2.1 percent overnight to change hands at $0.5085. With losses of 17.3 percent, it is the highest ranking crypto to trade with year-to-date losses.
8th ranked Dogecoin (DOGE) slipped 5.6 percent overnight. The highest-ranking meme crypto is currently being traded at $0.1413.
9th ranked Toncoin (TON) lost 4.5 percent overnight. TON is currently trading at $5.25. With gains of 2.9 percent, TON is the highest-ranking crypto trade with gains over the 30-day horizon.
10th ranked Cardano (ADA) dropped 3.7 percent in the past 24 hours to trade at $0.4538.
90th ranked Helium (HNT) topped overnight gains with a surge of 15.6 percent. 74th ranked Wormhole (W) followed with gains of 6.4 percent.
44th ranked Maker (MKR) is the greatest overnight laggard with a decline of 9.6 percent. 63rd ranked Gala (GALA) and 52nd ranked Core (CORE) both slipped more than 8 percent overnight.
With an addition of 0.6 percent, 21st ranked UNUS SED LEO (LEO) is the highest-ranking crypto to trade with overnight gains.
With a surge of 6 percent, 13th ranked TRON (TRX) is the highest-ranking crypto to trade with weekly gains.
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