
WASHINGTON (dpa-AFX) - Cryptocurrencies are trading in positive territory amidst strong bets that the Fed would continue the easing stance it launched a week earlier. Stimulus measures from China as well as hopes of monetary easing by more central banks supported sentiment.
Overall crypto market capitalization increased to $2.24 trillion from $2.23 trillion a day earlier amidst markets expecting another round of easing by the Fed in November.
In the Summary of Economic Projections released a week ago, the Federal Reserve had lowered the projected Federal funds rate at the end of 2024 to 4.4 percent, implying another 50 basis points of rate cuts in 2024.
The CME FedWatch tool that tracks the expectations of interest rate traders currently shows a 58-percent probability of a 50-basis points cut and a 42-percent likelihood of a 25-basis points cut in the Fed's next review in early November. Market expectations about the Fed's likely action in the mid-December review shows an 18-percent probability for a 50-basis points cut, 49-percent probability for a 75-basis points cut and a 33-percent probability for a 100-basis points cut.
However, anxiety ahead of the GDP update on Thursday and the PCE-based inflation update on Friday limited gains. The year-on-year PCE Price Index in the Fed's preferred inflation gauge is expected to cool to 2.3 percent in August from 2.5 percent in the previous month.
Bitcoin edged up 0.32 percent overnight to trade at $63,761.97, around 14 percent below the all-time high. BTC has gained 6.4 percent in the past week while holding on to gains of more than 50 percent in 2024. The original cryptocurrency touched a 1-month high of $64,804.50 in the past 24 hours.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $136 million on Tuesday, jumping from $4.5 million on Monday. iShares Bitcoin Trust (IBIT) recorded massive inflows of $98.9 million. Bitwise Bitcoin ETF (BITB) added $17.4 million followed by Fidelity Wise origin Bitcoin Fund (FBTC) that recorded inflows of $16.8 million. Grayscale Bitcoin Mini Trust (BTC) also received inflows of $2.9 million. No other ETF recorded inflows or outflows on Tuesday.
Ethereum slipped 0.93 percent in the past 24 hours to trade at $2,624.16, around 46 percent below the previous peak. Weekly gains exceed 13 percent whereas gains in 2024 exceed 15 percent. Ether traded between $2,672.46 and $2,593.15 in the past 24 hours.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed a net inflow of $62.5 million on Tuesday versus a net outflow of $79.3 million on Monday. With inflows of $59.3 million, iShares Ethereum Trust ETF (ETHA) accounted for bulk of the inflows. Van Eck Ethereum ETF (ETHV) and Invesco Galaxy Ethereum ETF (QETH) also recorded inflows of more than $1 million. No other ETF recorded inflows or outflows on Tuesday.
4th ranked BNB (BNB) shed 0.91 percent overnight, restricting weekly gains to 9.9 percent at its current trading price of $596.18.
5th ranked Solana (SOL) added 2 percent overnight, lifting weekly gains to 15.3 percent. SOL is currently trading at $149.94.
7th ranked XRP (XRP) has shed quarter percent overnight to trade at $0.5884. Despite weekly gains of 2.3 percent, the cryptocurrency issued by Ripple Labs is saddled with year-to-date losses of more than 4 percent.
8th ranked Dogecoin (DOGE) gained almost half a percent overnight to trade at $0.1088. 9th ranked Toncoin (TON) gained 2 percent overnight. TON is currently trading at $5.70.
10th ranked Cardano (ADA) recorded an overnight rally of 3.3 percent and a weekly surge of 15.2 percent. At its current trading price of $0.3818, ADA has however lost 35.7 percent on a year-to-date basis.
52nd ranked Sei (SEI), a layer-1 blockchain topped with overnight gains of more than 24 percent. Though SEI has rallied 69 percent in the past week and more than 30 percent over the past 30 days, it is saddled with year-to-date losses of more than 18 percent.
21st ranked Sui (SUI), another layer 1 blockchain also gained more than 12 percent in the past 24 hours. 77th ranked Notcoin (NOT) and 69th ranked Popcat (POPCAT) have also added more than 9 percent in the past 24 hours.
53rd ranked Arweave (AR) topped overnight losses with a decline of 4.9 percent. 43rd ranked Injective (INJ) followed with overnight losses of 4.2 percent. 88th ranked Nervos Network (CKB) has also shed 3.8 percent in the past 24 hours.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News