WASHINGTON (dpa-AFX) - Weak sentiment persisted in cryptocurrency markets as investors grappled with persisting geopolitical tensions in the Middle East, a firmer Dollar and a decline in Fed-rate cut expectations.
The Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently at 101.85, versus 101.68 a day earlier, 100.52 a week earlier and 101.82 a month earlier.
The CME FedWatch tool currently shows expectations of a 50-basis points cut in November falling to 34.7 percent from 35.2 percent a day earlier and 49.3 percent a week earlier.
Strong economic data from the U.S. as well as the spike in crude oil prices softened expectations of another jumbo easing by the Federal Reserve, boosting the greenback. War-led safe-haven bids also lifted the U.S. dollar.
Indications of a widespread rebound in job creation contained in the ADP Employment Change report assuaged concerns about the job market. According to the report released on Wednesday, private businesses in the U.S. added 143 thousand workers to their payrolls in September versus 103 thousand in August and exceeding forecasts of 120 thousand.
Anxiety ahead of the release of the Services PMI on Thursday and Non-farm payrolls on Friday also kept market sentiment subdued.
Crypto markets responded to the developments with market capitalization dropping to $2.1 trillion from $2.15 trillion a day earlier.
Bitcoin slipped 0.87 percent overnight to trade at $60,703.04, around 18 percent below the all-time high. BTC has shed 4.9 percent in the past week while holding on to gains of more than 43 percent in 2024. The original cryptocurrency traded between $62,357.69 and $59,996.95 in the past 24 hours.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net outflow of $52.9 million on Wednesday versus net outflow of $242.6 million a day earlier.
Ethereum plunged 4.1 percent in the past 24 hours to trade at $2,352.70, around 52 percent below the previous peak. Weekly losses are more than 10 percent. Gains in 2024 have decreased to just above 3 percent. Ether traded between $2,478.05 and $2,321.53 in the past 24 hours.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed a net inflow of $19.8 million on Wednesday versus a net outflow of $48.6 million on Tuesday.
Bitcoin's crypto market dominance has jumped further to 56.9 percent from 56.2 percent a day earlier. In contrast, Ethereum's share of the overall crypto market has fallen to 13.4 percent from 13.7 percent a day earlier.
4th ranked BNB (BNB) decreased 1.1 percent overnight, lifting weekly losses to 8.8 percent at its current trading price of $542.51.
5th ranked Solana (SOL) dropped 5.9 percent overnight and 8.8 percent in the past week. SOL is currently trading at $137.47.
7th ranked XRP(XRP) plunged 11.5 percent overnight amidst the Securities and Exchange Commission filing a notice of appeal to the United States Court of Appeals for the Second Circuit. In its final judgment on August 7, 2024, Judge Analisa Torres had held Ripple Labs liable for violating Section 5 of the Securities Act. As the violations were not isolated and spanned eight years involving forty-one counterparties, Ripple Labs was also permanently restrained and enjoined from violating Section 5 of the Securities Act.
The court also imposed a civil monetary penalty of $125 million but denied the SEC's request for disgorgement and prejudgment interest on the ground that the pecuniary-harm requirement was not satisfied. The SEC had in March 2024 moved the court seeking to order Ripple labs to pay approx. $876 million in disgorgement, $198 million in prejudgment interest and $876 million in civil penalty.
The price move comes also amidst Bitwise submitting S-1 filing to the U.S. SEC for an XRP-based ETF in the U.S.
8th ranked Dogecoin (DOGE) slipped 2.6 percent overnight to trade at $0.1037.
9th ranked TRON (TRX) edged up 0.2 percent overnight. TRX is currently trading at $0.1542.
10th ranked Toncoin (TON) lost 3.4 percent overnight and 9.6 percent in the past week. TON is currently changing hands at $5.23.
79th ranked Flare (FLR) and 22nd ranked Aptos (APT) topped with overnight gains of 7.7 percent. 90th ranked eCash (XEC) followed with gains of 5.9 percent. 34th ranked Stacks (STX) that gained close to 3 percent is the only other cryptocurrency among the top 100 to trade with overnight gains of more than a percent.
75th ranked Ethena (ENA) is the greatest laggard, shedding more than 17 percent overnight. 83rd ranked Beam (BEAM) slipped 15.3 percent followed by 48th ranked Fantom (FTM) that has declined 14.2 percent in the past 24 hours. 52nd ranked Bonk (BONK) also lost 12.6 percent in the past 24 hours.
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