WASHINGTON (dpa-AFX) - Cryptocurrencies are trading on a mixed note even as markets digested the dollar's weakness amidst persisting tensions on the trade front. The Dollar Index or DXY, a measure of the dollar's weakness against a basket of 6 currencies is currently trading at 99.75 after hitting a 3-year low earlier in the trade.
The dollar has been particularly bruised ever since President Trump introduced massive reciprocal tariffs on its trade partners on April 2 that stunned world markets. Though the DXY closed at 103.81 on the day, it has steadily descended since then and touched a low of 99.01 by Friday a level last traded in March 2022. The rising trade tensions between the U.S. and China dragged down the greenback.
Softer-than expected CPI readings from the U.S. also supported the Dollar's decline. The CME FedWatch tool that tracks the expectations of interest rate traders currently shows a probability of 30.3 percent for a Fed rate cut in the next review in May. It was 27.4 percent a day earlier.
Data released by the U.S. Bureau of Labor Statistics on Thursday showed annual headline inflation in the U.S. declining to 2.4 percent from 2.8 percent in February. Markets had expected it to decline to only 2.6 percent by March. The core component thereof which was seen declining to 3 percent from 3.1 percent in February eased more than expected to 2.8 percent. Month-on-month inflation which was expected to edge down to 0.1 percent from 0.2 percent in February recorded -0.1 percent. The core component which was anticipated to rise to edge up to 0.3 percent from 0.2 percent in February unexpectedly declined to 0.1 percent.
Bitcoin's response to the dollar's weakness has been limited, with the leading cryptocurrency rising to a high of $82,918 only in the past 24 hours. Gold, on the contrary surged ahead to a fresh all-time high of $3,255.26 per troy ounce. Gold futures for June settlement are currently trading at $3,230.74, implying gains of 1.7 percent in the past day, 6.6 percent in the past week and 22.5 percent till date in 2025.
Overall crypto market capitalization has increased 0.9 percent overnight to $2.61 trillion. Meme category cryptos witnessed a 2.5-percent surge in market capitalization. The Made in America cryptocurrencies recorded an overnight addition of 2.1 percent in market capitalization. Cryptocurrencies associated with AI & Big Data rallied 1.9 percent. Market capitalization of the cryptocurrencies identified for U.S. Strategic Crypto Reserve also gained 1.1 percent overnight.
Bitcoin has added 0.66 percent overnight to trade at $82,271.
Ethereum has slipped close to 2 percent in the past 24 hours to trade at $1,561.
4th ranked XRP rallied 1.1 percent during the past 24 hours as it changes hands at $2.01.
5th ranked BNB gained 1.2 percent whereas 6th ranked Solana added 3.8 percent during the past 24 hours. 8th ranked Dogecoin increased 1.3 percent followed by 9th ranked TRON that declined 1.8 percent overnight. 10th ranked Cardano gained almost a percent in the past 24 hours.
81st ranked Onyxcoin (XCN) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 76 percent. The token has gained around 149 percent in the past week and 817 percent in 2025. 70th ranked Curve DAO Token (CRV) and 68th ranked Fartcoin (FARTCOIN) have both added more than 21 percent in the past 24 hours.
56th ranked DeXe (DEXE) topped overnight losses among the top 100 cryptocurrencies with a decline of 5.8 percent. 62nd ranked Story (IP) and 19th ranked MANTRA (OM) have also declined more than 4 percent overnight.
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