WASHINGTON (dpa-AFX) - Meme cryptos stood out with strong overnight gains in an otherwise gloomy crypto marketplace that braced for key updates to the Fed's monetary policy outlook. Meme cryptocurrencies surged amidst excitement that followed meme stock trader Keith Gill making a social media post after almost three years. Meanwhile, anxiety ahead of the release of key inflation readings from the U.S. as well as a speech by Fed Chair Jerome Powell dragged down cryptocurrency prices in the broader market.
Speculation about the Fed keeping interest rates higher for longer than expected weighed on market sentiment ahead of release of inflation readings for April from the U.S. Producer price inflation due on Tuesday morning is seen rising 0.3 percent, versus the increase of 0.2 percent recorded in the previous month. Headline annual consumer price inflation due on Wednesday morning is seen dropping to 3.4 percent, from 3.5 percent in the previous month. The month-on month reading is however seen steady at 0.4 percent.
Ahead of Jerome Powell's speech on Tuesday at the annual general meeting of Foreign Bankers Association, rate cut expectations have softened mildly across the board. Rate cut expectations for the September review decreased to 64.8 percent, from 65.7 percent a week earlier. Likewise, the probability of a rate cut in November edged down to 77.8 percent versus the expectation of 77.9 percent a week earlier. Only 89.1 percent now expects a rate cut in December, down from 89.9 percent a week earlier.
While overall crypto market capitalization dropped 1.69 percent overnight to $2.27 trillion, market capitalization of meme cryptos jumped 4.8 percent overnight to $53.5 billion.
Meme frenzy gripped crypto markets following famed meme trader Keith Grill's return to social media. The massive rally in meme stocks like AMC Entertainment Holdings (up 50 percent in pre-market trading) and GameStop Corp (up 44 percent in pre-market trading) triggered a rally across the meme cryptos as well.
23rd ranked meme crypto Pepe (PEPE) topped overnight gains with a surge of 17.8 percent. Other meme-coins followed suit with 53rd ranked FLOKI (FLOKI) rallying 9.6 percent and 96th ranked Book of Meme (BOME) gaining 6.3 percent in the past 24 hours. 9th ranked Dogecoin (DOGE), the highest-ranking meme crypto added 3.4 percent in the past 24 hours.
Meme-coin Pepe (PEPE) also hit a fresh all-time high earlier in the trade. It is currently trading 6 percent below the peak.
Bitcoin ranged between $63,422.66 and $61,400.88 in the past 24 hours, and is currently trading at $61,550.24, around 17 percent below the all-time high. At its current price, Bitcoin has recorded overnight losses of 2 percent, weekly losses of 3.6 percent and losses of more than 4 percent over the 30-day horizon. The cryptocurrency which occupies 53.6 percent of the overall crypto currency market is however holding on to gains of more than 45 percent on a year-to-date basis.
Latest data from Farside Investors on Bitcoin Spot ETF flows in the U.S. had shown net inflows of $66 million on Monday, versus net outflows of $84.7 million a day earlier. Only Fidelity Wise Origin Bitcoin Trust (FBTC), Bitwise Bitcoin ETF (BITB) and VanEck Bitcoin Trust ETF (HODL) recorded inflows on Monday.
The net cumulative Bitcoin Spot ETF inflows in U.S. have increased to $11.7 billion, after considering the cumulative outflows of $17.6 billion from the Grayscale Bitcoin Trust. iShares Bitcoin Trust (IBIT) topped with cumulative inflows of $15.5 billion. Fidelity Wise Origin Bitcoin Trust (FBTC) followed with cumulative inflows of $8.2 billion.
Ethereum slipped 2.4 percent in the past 24 hours and 6.2 percent in the past week to trade at $2,903.87. The 24-hour trading range was between $2,984.79 and $2,883.88. Ether is however holding on to year-to-date gains of 27 percent. Ether currently dominates 15.4 percent of the overall crypto market.
3rd ranked Tether (USDT) traded between $1.0014 and $0.9991 in the past 24 hours. The trading range for the highest-ranking stablecoin pegged to the U.S. Dollar was between $1.0014 and $0.9992 a day earlier.
4th ranked BNB (BNB) shed 2 percent overnight to trade at $585.06. 5th ranked Solana (SOL) edged up 0.26 percent in the past 24 hours to trade at $145.80.
7th ranked XRP also edged up 0.15 percent overnight to trade at $0.5037. With a loss of more than 18 percent in 2024, XRP is the highest-ranking crypto to trade in the red zone on a year-to-date basis.
8th ranked Toncoin (TON) erased 5.9 percent overnight to trade at $6.95. 10th ranked Cardano (ADA) plunged 3.4 percent overnight to trade at $0.4339, dragging year-to-date losses to almost 27 percent.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
