WASHINGTON (dpa-AFX) - Sentiment remains subdued in crypto markets ahead of a widely expected Fed rate cut to be announced on September 18. Overall crypto market capitalization has fallen from the levels a day earlier.
Meanwhile, crypto markets digested the economic data releases from the U.S. that could sway the Fed's interest rate decision. Positive sentiment generated by the European Central Bank's second rate cut also supported crypto market sentiment.
Data released by the U.S. Bureau of Labor Statistics on Thursday showed factory gate prices increasing 0.2 percent month-on-month in August versus a downwardly revised flat reading in July and higher than forecasts of 0.1 percent.
According to the U.S. Department of Labor's report released on Thursday, the number of people claiming unemployment benefits increased to 230 thousand during the week ended September 7, matching market expectations.
Amidst the mixed economic readings, interest rate expectations as revealed in the CME FedWatch tool has increased to 41 percent in favor of a 50-basis points rate cut from 28 percent a day earlier. The likelihood of a 25-basis points rate cut has fallen to 59 percent from 72 percent a day earlier.
Overall crypto market capitalization is currently at $2.04 trillion.
Bitcoin slipped 0.4 percent overnight to trade at $58,024.94, around 21 percent below the all-time high. BTC has however gained more than 4 percent in the past week while holding on to gains of close to 37 percent in 2024. The original cryptocurrency traded between $58,534.41 and $57,354.41 in the past 24 hours.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $39 million on Thursday as compared with a net outflow of $44 million on Wednesday. Ark 21Shares Bitcoin ETF (ARKB) topped inflows with $18.3 million followed by Fidelity Wise Origin Bitcoin Fund (FBTC) that recorded inflows of $11.5 million. Only Grayscale Bitcoin Trust (GBTC) recorded outflows, of $6.5 million.
Ethereum slipped 0.56 percent in the past 24 hours to trade at $2,347.70, around 52 percent below the previous peak. Weekly losses are close to 0.10 percent whereas gains in 2024 have decreased to less than 3 percent. Ether traded between $2,372 and $2,316 in the past 24 hours.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed a net outflow of $20.1 million on Thursday versus outflow of $0.5 million on Wednesday. The outflows are attributed entirely to Grayscale Ethereum Trust (ETHE), No other ETF recorded inflows or outflows.
4th ranked BNB (BNB) slipped 0.69 percent overnight but has gained 7.7 percent in the past week to trade at $541.32.
5th ranked Solana (SOL) slipped 0.60 percent overnight, restricting weekly gains to 4.3 percent. SOL is currently trading at $134.16.
7th ranked XRP (XRP) has rallied 5.5 percent overnight and 5.8 percent in the past week to trade at $0.5668 amidst reports of digital currency asset manager Grayscale reintroducing an XRP trust. The cryptocurrency issued by Ripple Labs is however grappling with year-to-date losses of more than 7 percent.
8th ranked Dogecoin (DOGE) gained 2.1 percent overnight to trade at $0.1044.
9th ranked Toncoin (TON) rallied 2.7 percent overnight. TON is currently trading at $5.54.
TRON (TRX) ranked 10th overall has slipped 2.1 percent in the past 24 hours to trade at $0.1511.
89th ranked Worldcoin (WLD) topped overnight gains with a surge of more than 6.5 percent. The utility token associated with World ID, a privacy-preserving global identity network has gained 8.4 percent in the past week.
68th ranked Quant (QNT) also rallied 6.1 percent overnight, lifting weekly gains to more than 27 percent.
100th ranked BinaryX (BNX) topped overnight losses with a decline of close to 8 percent. 24th ranked Artificial Superintelligence Alliance (FET) and 39th ranked Aave (AAVE) have both slipped more than 6 percent in the past 24 hours.
Meanwhile the Securities and Exchange Commission has on Thursday announced that eToro USA LLC has reached a settlement with SEC whereby it would cease trading activity in nearly all crypto assets. It has also agreed to pay $1.5 million to settle charges that it operated as an unregistered broker and unregistered clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets as securities.
Without admitting or denying the SEC's findings, eToro has agreed to the entry of a cease-and-desist order. It has also agreed that within 187 days of the order, it would liquidate any crypto assets being offered and sold as securities that eToro is unable to transfer to its customers and return the proceeds to the respective customers.
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