WASHINGTON (dpa-AFX) - Crypto markets suffered declines over the past 24 hours amidst reports of Mt Gox, the defunct Bitcoin exchange making transfers between wallets as well as transfers to a crypto exchange, implying potential sales. Anxiety ahead of the PCE-based inflation readings from the U.S. due on July 26 as well as Fed's interest rate decision due on July 31 exacerbated the bearish market sentiment.
Overall crypto market capitalization has declined to $2.43 trillion from the level of $2.44 trillion a day earlier.
Bitcoin slipped more than half a percent in the past 24 hours to trade at $66,849.90, around 9 percent below the all-time-high. The 24-hour trading range was between $68,267 and $66,292. Bitcoin is holding on to weekly gains of 6.7 percent and year-to-date gains of 58 percent. Bitcoin currently dominates 54.3 percent of the overall crypto market.
Latest data from Farside Investors showed net inflows of $534 million to Bitcoin Spot ETF products in the U.S. on Monday, versus net inflows of $427 million on Friday. iShares Bitcoin Trust (IBIT) that recorded inflows of $527 million constituted bulk of the inflows.
Ethereum rallied 1 percent in the past 24 hours to trade at $3,513.73 as markets cheered the expected launch of the Ether spot ETF products on Tuesday.
Based on reports by Bloomberg analysts James Seyffart and Eric Balchunas, markets expect the Grayscale Ethereum Mini Trust (ETH), Franklin Ethereum ETF (EZET), VanEck Ethereum ETF (ETHV), Bitwise Ethereum ETF (ETHW), 21Shares Core Ethereum ETF (CETH), Fidelity Ethereum Fund (FETH), iShares Ethereum Trust (ETHA), Invesco Galaxy Ethereum ETF (QETH) as well as the Grayscale Ethereum Trust (ETHE) which has been converted to a spot ETF, to commence trading on Tuesday.
The Grayscale Ethereum Trust (ETHE), the Grayscale Ethereum Mini Trust (ETH) and the Bitwise Ethereum ETF (ETHW) would trade on the New York Stock Exchange whereas the iShares Ethereum Trust (ETHA) would list on the Nasdaq. The remaining 5 ETFs would trade on the CBOE exchange.
The 24-hour trading range was between $3,517 and $3,426. Ether is holding on to weekly gains of 4.6 percent and year-to-date gains of 54 percent. Ether currently dominates 17.4 percent of the overall crypto market.
4th ranked BNB (BNB) slipped 1.5 percent overnight to trade at $584.77. 5th ranked Solana (SOL) edged down 0.23 percent in the past 24 hours to trade at $177.56.
7th ranked XRP rallied 0.9 percent overnight to trade at $0.601. With a loss of more than 2 percent in 2024, XRP is the highest-ranking crypto to trade in the red zone on a year-to-date basis.
8th ranked Dogecoin (DOGE) slipped 0.9 percent overnight to trade at $0.1361. 9th ranked Toncoin (TON) lost 2.3 percent overnight to trade at $6.91. TON has gained 200 percent in 2024.
10th ranked Cardano (ADA) slipped 2.1 percent overnight to trade at $0.4248, lifting year-to-date losses to more than 28 percent.
74th ranked Ethereum Name Service (ENS) topped overnight gains with a surge of 4.4 percent. 98th ranked cat in a dogs world (MEW) and 77th ranked Starknet (STRK) followed with gains of more than 3 percent.
93rd ranked Mog Coin (MOG) topped overnight losses with a decline of close to 11 percent. 50th ranked Bonk (BONK) and 57th ranked Notcoin (NOT) followed with losses of more than 8 percent in the past 24 hours. 52nd ranked FLOKI (FLOKI) also shed 7.9 percent in the past 24 hours.
Meanwhile WazirX, the India-based cryptocurrency exchange that suffered a $230 million exploit last week has announced a hike in the White Hat Recovery reward to 10 percent i.e. up to $23 million. The crypto exchange has called upon white hat hackers, blockchain forensic experts and cybersecurity professionals from around the world to join the critical mission.
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