WASHINGTON (dpa-AFX) - Cryptocurrencies are trading in the overnight green zone even as markets brace for the release of the consumer price inflation readings from the U.S. on Wednesday morning.
Data to be released by the U.S. Bureau of Labor Statistics is expected to show headline annual inflation rising to 2.7 percent in November from 2.6 percent in October and 2.4 percent in September. The core component thereof is seen steady at the 3.3 percent recorded in October and September. Inflation on a month-on-month basis is seen rising to 0.3 percent from 0.2 percent prevailing since July. The core component thereof is however seen steady at the 0.3 percent level maintained since August.
Markets weighed in the Fed's commitment to returning inflation to its 2 percent objective as well as its approach to focus on the incoming data, the evolving outlook, and the balance of risks. Nevertheless, markets overwhelmingly expect the Fed to oblige with another rate cut in December. The CME FedWatch tool that tracks the expectations of interest rate traders shows expectations of a quarter-point rate cut in the ensuing review at 86.1 percent versus 88.9 percent a day earlier, 78.1 percent a week earlier and 65.3 percent a month earlier.
Overall crypto market capitalization has increased 2.3 percent overnight to $3.5 trillion. Only around 5 of the top 100 cryptocurrencies are trading with overnight losses in excess of a percent.
Bitcoin has gained 0.9 percent overnight to trade at $98,295.06, around 5 percent below the all-time high of $103,900 touched on December 5. BTC has gained 2.3 percent in the past week, 19.8 percent over the past 30 days and is holding on to gains of more than 132 percent in 2024.
Data from Farside Investors showed inflows of $439 million to Bitcoin Spot ETF products in the U.S. on Tuesday. Inflows were $479 million a day earlier.
Ethereum gained 0.8 percent in the past 24 hours to trade at $3,728.16, around 24 percent below the previous peak recorded in November 2021. Gains in 2024 are a little more than 63 percent. Ether traded between $3,737.7 and $3,520.37 in the past 24 hours.
Ether Spot ETF products in the U.S. saw inflows rising to $306 million from $150 million a day earlier.
4th ranked XRP (XRP) has rallied 9.6 percent overnight to trade at $2.36, around 39 percent below the all-time high touched in January 2018. The cryptocurrency issued by Ripple Labs is grappling with losses of more than 8 percent in the past week. Gains exceed 284 percent on a year-to-date basis. XRP jumped amidst reports of stablecoin RLUSD from Ripple Labs receiving approval from the New York Department of Financial Services.
Solana (SOL) ranked 5th overall surged 5.9 percent overnight. With year-to-date gains of 122 percent, SOL is currently trading at $225.32, around 15 percent below its record high on November 23.
6th ranked BNB (BNB) edged up 0.50 percent overnight. At its current trading price of $689.85, BNB is currently trading 13 percent below the all-time high touched on December 4.
7th ranked Dogecoin (DOGE) rallied 1.8 percent overnight to trade at $0.4043. Having added more than 350 percent in 2024, DOGE is trading 45 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) rallied 8.9 percent overnight to trade at $1.08. ADA is currently trading 65 percent below the record high touched in September 2021.
10th ranked TRON (TRX) gained 3.8 percent overnight to trade at $ 0.2783. TRX has slipped 27.3 percent in the past week. The trading price is 37 percent below the cryptocurrency's all-time high recorded on December 4.
76th ranked Raydium (RAY) and 86th ranked XDC Network (XDC) topped overnight gains with a surge of more than 20 percent. 34th ranked Bitget Token (BGB) followed with gains of 18.1 percent.
79th ranked Movement (MOVE) topped overnight losses with a decline of close to 13 percent. 89th ranked Curve DAO Token (CRV) followed with losses of 4.2 percent.
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