WASHINGTON (dpa-AFX) - Rate cut hopes reinforced by the Bank of England's readiness for loosening, a lowering of interest rates by the Swiss National Bank as well as not so robust economic data from the U.S. helped cryptocurrencies remain firm in the past 24 hours.
As widely expected, the Bank of England, in its monetary policy review, maintained rates at 5.25 percent but hinted at a growing readiness for a rate cut. Meanwhile, as expected, the Swiss National Bank reduced its key policy rate by 25 basis points to 1.25 percent while Norway's Norges Bank maintained status quo on rates in line with view.
Weaker-than-expected economic data from the U.S. on Thursday morning also helped garner support for cryptocurrencies. Preliminary estimate by the U.S. Census Bureau showed Building Permits falling to 1.386 million in May, from 1.44 million in the previous month. The lowest reading since June 2020 came in below market expectations of 1.45 million. The initial jobless claims for the week ended June 15 which was seen falling to 235 thousand from 243 thousand in the previous period declined only to 238 thousand. The Philadelphia Fed Manufacturing Index eased to 1.3 in June, down from 4.5 in the previous month and missing market forecasts of 5. The lowest reading in five months also implied a second consecutive month of slowing activity.
Amidst the renewed rate cut expectations, overall crypto market capitalization increased to $2.38 trillion, from $2.37 trillion a day earlier.
Bitcoin dominates 54.2 percent of the overall crypto market followed by Ethereum which accounts for 18.3 percent. Stablecoins make up 6.8 percent of the market leaving a 20.7 percent market share for the residual altcoins.
Bitcoin is currently trading at $65,293.74, having added 0.3 percent overnight. The leading cryptocurrency traded between $66,451.77 and $64,693.30 in the past 24 hours. Nevertheless, it is saddled with weekly losses of more than 4 percent.
Ethereum edged up 0.05 percent overnight and 0.8 percent over the past 7 days. The leading alternate currency had touched a low of $3,513.30 and a high of $3,623.89 over the past 24 hours.
4th ranked BNB (BNB) shed 0.14 percent overnight and 1.9 percent in the past week amidst reports of Binance facing a fine of $2.2 million from Indian regulators. BNB is currently changing hands at $597.63.
5th ranked Solana (SOL) shed 2.2 percent overnight and 10.6 percent on a weekly basis to trade at $135.14.
7th ranked XRP (XRP) edged up 0.2 percent on an overnight basis as it changes hands at $0.4957. With losses of close to 19 percent, XRP is the highest-ranking crypto to record overnight losses.
8th ranked Dogecoin (DOGE) slipped half a percent on an overnight basis and more than 14 percent on a weekly basis.
9th ranked Toncoin (TON) rallied 3.5 percent on the past 24 hours that helped limit weekly losses to a little over 10 percent.
10th ranked Cardano (ADA) edged up 0.12 percent and is currently changing hands at $0.3873.
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