WASHINGTON (dpa-AFX) - Positive sentiment returned to crypto markets amidst renewed hopes of a dovish stance by the Fed. Sentiment improved following Fed Chair Jerome Powell's congressional testimony that boosted market expectations of an early rate cut by the Fed.
Markets in the meanwhile await the final first quarter GDP reading due on Thursday and the Fed's preferred PCE-based inflation readings for the month of May due on Friday.
The CME FedWatch tool that tracks the expectations of interest rate traders currently shows the likelihood of a quarter-percent rate cut by the Fed in late July at 24.8 percent. It was at 12.5 percent a week ago.
Strong inflows to digital asset investment products also supported sentiment. The CoinShares digital asset fund flows report for the period ended June 20 showed weekly inflows of $1.24 billion as well as record year-to-date inflows of $15.1 billion dollars.
Overall crypto market capitalization has added 0.5 percent in the past 24 hours. It is currently at $3.29 trillion. The 24-hour trading volume has however decreased more than 7 percent overnight to $111 billion.
The CMC Crypto Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the emotional state of the market steadily increased to 50 that implying a 'neutral' market state. The reading was at 48 a day earlier.
Bitcoin gained 0.33 percent overnight to trade at $107,351. It is currently trading 4 percent below the all-time-high of $111,970 recorded on May 22. The original cryptocurrency traded between $108,306 and $106,620 during the past 24 hours. The leading cryptocurrency is trading with gains of 2.2 percent over the 7-day horizon and losses of 2.2 percent over the 30-day horizon. Year-to-date gains are at 14.9 percent.
Ethereum added 1.5 percent overnight to trade at $2,462. Ether has shed 3 percent in the past week. Losses in 2025 have fallen to a little more than 26 percent. Ether's current trading price is 50 percent below its all-time-high. The 24-hour trading range was between $2,520 and $2,395.
Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $548 million on Wednesday versus $589 million on Tuesday. iShares Bitcoin Trust (IBIT) topped with inflows of $340 million.
Ethereum-based Spot ETF products witnessed inflows of $60 million as compared with inflows of $71 million on Tuesday.
Bitcoin's crypto market dominance edged closer to the yearly high of 64.9 percent recorded on June 23. It is currently at 64.8 percent versus 64.4 percent a day ago.
Ether dominates 9 percent of the overall crypto market whereas the residual cryptocurrencies command a market share of 26.1 percent.
Bitcoin is currently ranked 6th and Ethereum 38th in the ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP edged down 0.3 percent overnight to trade at $2.17, around 43 percent below the all-time high.
5th ranked BNB also gained 0.4 percent overnight at its current trading price of $647. The price of 6th ranked Solana dropped 1.1 percent overnight to $144.07.
8th ranked TRON slipped 0.65 percent overnight and is currently changing hands at $0.2717.
9th ranked Dogecoin declined 1.6 percent overnight to trade at $0.1628. DOGE is currently trading 78 percent below the record high.
10th ranked Cardano slipped 2.2 percent overnight to trade at $0.5645. The trading price is 82 percent below the cryptocurrency's all-time high.
91st ranked Kaspa (KAS) topped overnight gains among the top 100 cryptocurrencies with a gain of 5.4 percent. 83rd ranked Bitcoin Cash (BCH) followed with gains of 1.1 percent.
85th ranked Curve DAO Token (CRV) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 10 percent. 68th ranked Fartcoin (FARTCOIN) followed with losses of 9.5 percent.
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