WASHINGTON (dpa-AFX) - Cryptocurrencies got a boost on Friday amidst growing expectations that the U.S. administration may be softening its stance towards Beijing. The easing in bond yields in the U.S. also supported sentiment.
Overall crypto market capitalization is currently at $2.97 trillion, implying gains of 2.6 percent in the past 24 hours. The 24-hour trading volume however slipped 6.8 percent to $98 billion.
Bitcoin has gained 2.1 percent overnight to trade at $94,577, around 13 percent below the all-time high. The leading cryptocurrency traded between $95,011 and $92,607 during the past 24 hours and had added 1.3 percent on a year-to-date basis.
Bitcoin Spot ETF products in the U.S. witnessed inflows of 442 million on Thursday versus inflows of $917 million on Wednesday and $913 million a day earlier. iShares Bitcoin Trust (IBIT) accounted for bulk of the flows with an inflow of $327 million.
Ethereum has also rallied 1.6 percent in the past 24 hours to trade at $1,782. The leading alternate coin traded between $1,802 and $1,740 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed inflows of $64 million on Thursday as compared with outflows of $24 million on Wednesday.
4th ranked XRP added 1.7 percent during the past 24 hours as it changes hands at $2.19.
5th ranked BNB gained 1.5 percent whereas 6th ranked Solana jumped 4 percent during the past 24 hours. 8th ranked Dogecoin also rallied 4.8 percent whereas 9th ranked Cardano added 4.1 percent. 10th ranked TRON edged down 0.35 percent in the past 24 hours.
11th ranked Sui extended weekly gains to 72 percent with an overnight rally of 21 percent.
80th ranked Bitcoin SV (BSV) topped overnight gains among the top 100 cryptocurrencies with a surge of 28.9 percent.
63rd ranked DeXe (DEXE) topped overnight losses among the top 100 cryptocurrencies with a decline of 4.2 percent.
Meanwhile, in a major regulatory relief for the crypto industry, the Federal Reserve has withdrawn its earlier guidance on investments in cryptos by banks. The Fed on Thursday announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities. These actions are expected to further support innovation in the banking system.
The Board rescinded its 2022 supervisory letter establishing an expectation that state member banks provide advance notification of planned or current crypto-asset activities. It also rescinded its 2023 supervisory letter regarding the supervisory nonobjection process for state member bank engagement in dollar token activities.
Also, the Board, together with the Federal Deposit Insurance Corporation joined the Office of the Comptroller of the Currency in withdrawing from two 2023 statements jointly issued by the federal bank regulatory agencies regarding banks' crypto-asset activities and exposures.
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