WASHINGTON (dpa-AFX) - Cautious optimism ahead of the release of the monthly non-farm payrolls data for May from the U.S. due on Friday morning kept crypto markets nervous. Softer private payrolls data from the U.S. as well as the rate cuts by Bank of Canada and the European Central Bank helped cryptocurrencies limit losses.
The U.S. Bureau of Labor Statistics is expected to show an addition of 185 thousand to payrolls in the month of May, slightly higher than the 175 thousand jobs in April. The unemployment rate is seen steady at 3.9 percent. The average hourly earnings on a month-on-month basis are seen edging up to 0.3 percent from 0.2 percent earlier. On a year-on-year basis, the same is seen steady at 3.9 percent.
The Dollar Index which measures the Dollar's strength against a basket of 6 currencies and widely perceived as a proxy for rate cut expectations is currently at 104.05 versus 104.10 at the previous close.
The Fed's next review is on June 12 and thereafter on July 31. Rate cut expectations as per the CME FedWatch tool that tracks the expectations of interest traders is 2 percent for the review in June and 21 percent for the FOMC in July. The probability of a Fed rate cut rises to 68 percent in September, 80 percent in November and 94 percent in December.
While rate cut expectations have helped maintain crypto market capitalization steady at $2.63 trillion, the 24-hour trading volume has fallen more than 4 percent overnight to $75 billion.
Bitcoin (BTC) is currently trading at $71,082.84, edging up 0.09 percent overnight. The leading cryptocurrency has added 4.3 percent in the past week. BTC currently commands 53.2 percent of the overall crypto market. The 24-hour trading range was between $71,625.74 and $70.119.12.
Latest data from Farside Investors shows Net inflows to Bitcoin Spot ETF products in the U.S. dropped to $217.7 million on Thursday, from $488.1 million a day earlier. The net cumulative Bitcoin Spot ETF inflows stood at $15.6 billion on June 6. Considering the cumulative outflows of $17.9 billion from the Grayscale Bitcoin Trust, the gross inflows to the Bitcoin Spot ETFs that debuted in 2024 is more than $33 billion.
iShares Bitcoin Trust (IBIT) tops with cumulative inflows of $17.4 billion. Fidelity Wise Origin Bitcoin Trust (FBTC) follows with cumulative inflows of $9.6 billion. ARK 21Shares Bitcoin ETF (ARKB) has witnessed inflows of $2.6 billion whereas Bitwise Bitcoin ETF (BITB) has recorded cumulative inflows of $2.1 billion.
At its current price of $3,814.85, Ethereum has slipped 1 percent overnight but is holding on to gains of 2.4 percent in the past week. The leading altcoin currently commands 17.4 percent of the overall crypto market.
With a market capitalization of $162 billion, stablecoins dominate 6.2 percent of the overall crypto market.
4th ranked BNB has slipped 0.94 percent whereas 5th ranked Solana (SOL) shed 0.4 percent overnight. 7th ranked XRP edged up 0.04 percent. 8th ranked Dogecoin erased 0.81 percent over the past 24 hours. 9th ranked Toncoin rallied 2.7 percent in the past 24 hours. 10th ranked Cardano (ADA) recorded overnight gains of 0.53 percent.
47th ranked Injective (INJ), 72nd ranked ORDI (ORDI), 76th ranked Wormhole (W) and 55th ranked JasmyCoin (JASMY), all rallied more than 10 percent in the past 24 hours.
64th ranked BitgetToken (BGB), 26th ranked Kaspa (KAS), 62nd ranked Fetch.ai (FET) and 75th ranked Beam (BEAM), all slipped more than 4 percent in the past 24 hours.
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