WASHINGTON (dpa-AFX) - Sentiment remains mildly positive as crypto markets wait for Fed Chair Jerome Powell's speech at the Jackson Hole economic symposium. Markets are attaching great importance to the address as it comes close on the heels of the release of the FOMC minutes and the downward revision in U.S. jobs data, both of which exacerbated the expectations of a rate cut by the Fed in September.
The Federal Reserve Bank of Kansas City hosts dozens of central bankers, policymakers, academics and economists from around the world at its annual economic policy symposium in Jackson Hole, Wyoming. Jerome Powell, Chair of the Board of Governors of the Federal Reserve System would deliver the keynote address for the current year's symposium on Friday morning. The topic for the current year's symposium is Reassessing the Effectiveness and Transmission of Monetary Policy.
The symposium has provided a unique forum for the exchange of ideas on important policy issues of interest to central banks around the world. Andrew Bailey, Governor of the Bank of Angland would be addressing the symposium later in the day. Markets are also looking forward to monetary policy cues from officials from Bank for International Settlements, Norges Bank, European Central Bank as well as Bank of Brazil.
Ahead of the speech, the Dollar Index is trading close to the flatline. The CME FedWatch tool currently shows a probability of 71.5 percent for a 25-basis points rate cut and 28.5 percent for rate cut of 50 basis points in September.
Bond yields have also priced in the rampant rate cut expectations. Ten-year U.S. treasuries declined 0.26 percent overnight. Yields on the 30-year tenor slipped 0.51 percent whereas the 5-year tenor yields have also eased close to 0.4 percent. The overall crypto market capitalization has increased half a percent overnight to $2.16 trillion. Bitcoin, Ethereum, Solana and a host of other top-ranked cryptocurrencies are trading in the green zone.
Bitcoin added 0.91 percent overnight to trade at $61,057.71, around 17 percent below the all-time high. BTC has gained 4.3 percent in the past week and more than 44 percent in 2024. The original cryptocurrency traded between $61,340.77 and $60,141.54 in the past 24 hours.
Bitcoin Spot ETF products in the U.S. witnessed inflows rising to $64.8 million from $39.5 million a day earlier. iShares Bitcoin Trust (IBIT) topped with inflows of $75.5 million followed by Fidelity Wise Origin Bitcoin Fund (FBTC) that recorded inflows of $9.2 million and Ark 21Shares Bitcoin ETF (ARKB) that witnessed inflows of $7.8 million.
Ethereum rallied 1.6 percent in the past 24 hours to trade at $2,654.66, around 46 percent below the previous peak. Weekly gains exceed 1.8 percent whereas gains in 2024 have also increased to more than 16 percent. Ether traded between $2,688.95 and $2,592.22 in the past 24 hours.
Ether Spot ETF products in the U.S. saw outflows falling to $0.8 million from $18 million a day earlier. Inflows of $14.3 million in Fidelity Ethereum Fund (FETH) and $3.7 million in Grayscale Ethereum Mini Trust (ETH) did not suffice to offset the outflows of $19.8 million in Grayscale Ethereum Trust (ETHE).
With a market capitalization of $1.21 trillion, Bitcoin dominates more than 55.8 percent of the overall crypto market. Ethereum which enjoys a market cap of $319 billion follows with a market share of 14.8 percent.
4th ranked BNB (BNB) slipped 0.80 percent overnight. BNB is currently changing hands at $578.70 implying year-to-date gains of more than 85 percent.
5th ranked Solana (SOL) added 0.8 percent overnight to trade at $144.11. SOL has added more than 41 percent in 2024.
The overnight slippage of 0.44 percent dragged 7th ranked XRP (XRP) to $0.5961. Weekly gains exceed 5.8 percent. Nevertheless, the cryptocurrency is still grappling with losses of more than 3 percent on a year-to-date basis.
8th ranked Toncoin (TON) gained 0.61 percent in the past 24 hours to trade at $6.58. 9th ranked Dogecoin (DOGE) gained 1.95 percent on an overnight basis to trade at $0.1077.
10th ranked TRON (TRX) rallied 1.4 percent overnight and is currently changing hands at $0.1584.
65th ranked Core (CORE) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 12 percent. 85th ranked Gala (GALA) and 67th ranked Sei (SEI) followed with overnight gains of more than 10 percent.
94th ranked Zcash (ZEC) topped overnight losses with a decline of 3.9 percent. 93rd ranked SATS (1000SATS) followed with losses of more than 2 percent.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
