WASHINGTON (dpa-AFX) - Cryptocurrencies are trading with losses amidst trade-related worries and anxiety ahead of key economic data updates from the U.S.
A data release by the U.S. Department of Labor on Thursday morning is expected to show initial jobless claims falling to 235 thousand in the week ended May 31 from the level of 240 thousand recorded in the previous week.
The monthly data for May slated for release on Friday is expected to show an addition of 130 thousand to non-farm payrolls versus 177 thousand recorded in the previous month. The unemployment rate is expected to be steady at 4.2 percent.
Ahead of the job market update, rate cut expectations from the Federal Reserve for the upcoming review on June 18 portend a pause. The CME FedWatch tool currently shows a probability of only 4.4 percent for a Fed rate cut in June.
The European Central Bank is in its scheduled interest rate review expected to slash rates by a quarter percentage point. The ECB decision due on Thursday morning is expected to support economic growth in the bloc amidst trade related uncertainties and a decline in inflation.
Amidst worries about the effect of the trade tariffs on economic activity in the U.S., the 6-currency Dollar Index is hovering near 98.75, versus 98.79 at close on Wednesday and 99.23 at close on the day prior.
Early on Thursday, global bond yields have eased, and the prices of the yellow metal have rallied. Nevertheless, crypto market capitalization has decreased around 1.3 percent in the past 24 hours. It is currently at $3.29 trillion. The 24-hour trading volume has decreased more than 2.5 percent overnight to $102 billion.
Bitcoin slipped 0.94 percent overnight to trade at $104,757. It is currently trading 6 percent below the all-time-high of $111,970 recorded on May 22. The original cryptocurrency traded between $105,837 and $104,232 during the past 24 hours.
The leading cryptocurrency with an overall market share of 63.2 percent is trading with losses of 3.5 percent over the 7-day horizon and gains of 11.2 percent over the 30-day horizon. Year-to-date gains are at 12.2 percent.
Ethereum declined 1.3 percent overnight to trade at $2,604. Ether has shed 4.6 percent in the past week. Losses in 2025 have fallen to a little less than 22 percent. Ether's current trading price is 47 percent below its all-time-high. The 24-hour trading range was between $2,678 and $2,596.
Inflows from Bitcoin-based Spot ETF products in the U.S. recorded $87 million on Wednesday versus $375 million a day earlier. iShares Bitcoin Trust (IBIT) recorded inflows of $284 million whereas Fidelity Wise Origin Bitcoin Fund (FBTC) recorded outflows of $197 million.
Ethereum-based Spot ETF products witnessed inflows of $57 million on Wednesday versus inflows of $110 million on Tuesday.
Bitcoin is currently ranked 6th and Ethereum 34th in the ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP slipped 2.5 percent overnight to trade at $2.20, around 43 percent below the all-time high.
5th ranked BNB also lost 0.4 percent overnight at its current trading price of $666.97.
The price of 6th ranked Solana dropped 2.7 percent overnight to $152.71.
8th ranked Dogecoin erased 3.4 percent overnight to trade at $0.1889. DOGE is currently trading 74 percent below the record high.
9th ranked TRON edged down 0.16 percent overnight and is currently changing hands at $0.2723.
10th ranked Cardano lost 2.76 percent overnight to trade at $0.6792. The trading price is 78 percent below the cryptocurrency's all-time high.
80th ranked Tether Gold (XAUt) is the only cryptocurrency among the top 100 to trade with overnight gains of a percent or more. Tether Gold has rallied 1 percent overnight followed by 82nd ranked PAX Gold (PAXG) that has added 0.99 percent in the past 24 hours.
76th ranked Fartcoin (FARTCOIN) topped overnight losses among the top 100 cryptocurrencies with a plunge of more than 16 percent. 77th ranked dogwifhat (WIF) followed with overnight losses of 10.6 percent.
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