WASHINGTON (dpa-AFX) - The positive sentiment in crypto sphere attributed to dovish hints by Fed Chair Jerome Powell at the Jackson Hole symposium on Friday diminished subsequently. Most cryptocurrencies which had rallied significantly in the aftermath of strong hints of an adjustment in the monetary policy stance by Fed Chair Jerome Powell on Friday are currently trading in the overnight red zone.
In his Jackson Hole speech, Chair Powell hinted at a potential change in the Fed's monetary policy stance. He noted that in the current situation, the risks to inflation were tilted to the upside while the risks to employment were to the downside. He remarked that in challenging situations like this, the monetary policy framework demanded balancing both sides of the dual mandate.
He acknowledged that with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting the Fed's policy stance. He also noted that with the policy rate now 100 basis points closer to neutral than it was a year ago, the stability of the unemployment rate and other labor market measures allowed the Fed to proceed carefully as it considers changes to its policy stance. Bitcoin touched a high of $117,377 following the Jackson Hole speech. However, the leading cryptocurrency is currently trading way below the high levels clocked after Powell's speech on Friday.
Over the past 24 hours, cryptocurrency market capitalization has declined 2.8 percent to $3.87 trillion. The 24-hour trading volume has however increased 67 percent to $220 billion.
Among the top 100 cryptocurrencies, 3 are trading with overnight gains of more than a percent and 83 are trading with overnight losses of more than a percent. Over the 7-day horizon, 33 of the top 100 cryptocurrencies are trading with gains of more than 1 percent while only 41 are trading with losses of more than 1 percent.
12th ranked HyperLiquid (HYPE) is the highest-ranking cryptocurrency to trade in the green on an overnight basis. HYPE has gained 2.6 percent in the past 24 hours.
Outflows from Bitcoin Spot ETF products in the U.S. declined while Ethereum Spot ETF products witnessed an increase in inflows. Net outflows from Bitcoin-based Spot ETF products in the U.S. stood at $23 million on Friday versus $194 million on Thursday. iShares Bitcoin Trust (IBIT) topped with outflows of $199 million. Ethereum-based Spot ETF products witnessed net inflows of $338 million on Friday versus $288 million on Thursday. Fidelity Ethereum Fund (FETH) topped with net inflows of $118 million.
Bitcoin is ranked 7th and Ethereum 22nd in the global ranking of all assets as per market capitalization compiled by companiesmarketcap.com.
Bitcoin's crypto market dominance has declined to 57.5 percent while Ethereum's share has increased to 14.4 percent of the overall crypto market. The residual altcoins account for a 28.1-percent share of the overall crypto market.
Bitcoin, which dropped to a low of $111,060.54 in the past 24 hours is currently trading at $111,569.87, about 10 percent below the all-time-high of $124,457.12 recorded on August 14. The original cryptocurrency touched a high of $115,017.33 during the past 24 hours. The leading cryptocurrency is trading with losses of 2.8 percent in the past 24 hours, 3.2 percent over the 7-day period and 5.1 percent over the 30-day horizon. Year-to-date gains have fallen to a little above 19 percent.
Ethereum declined 3.5 percent overnight to trade at $4,607.60. Ether has however gained 8.2 percent in the past week. Gains in 2025 now stand at more than 38 percent. Ether's current trading price is 7 percent below its all-time-high. The 24-hour trading range was between $4,953.73 and $4,560.31.
3rd ranked XRP slipped 3 percent overnight to trade at $2.94, around 23 percent below the all-time high.
5th ranked BNB shed 0.94 percent overnight at its current trading price of $861.17.
The price of 6th ranked Solana decreased 3.7 percent overnight to $200.35.
8th ranked TRON erased 3.5 percent overnight and is currently changing hands at $0.3530.
Dogecoin, ranked 9th overall slipped 4.7 percent overnight and is currently changing hands at $0.2212.
10th ranked Cardano slipped 3.6 percent overnight to trade at $0.8738.
46th ranked VeChain (VET) topped overnight gains among the top 100 cryptocurrencies with a gain of 3.6 percent. 28th ranked Monero (XMR) followed with gains of 2.8 percent.
49th ranked Pudgy Penguins (PENGU) topped overnight losses among the top 100 cryptocurrencies with a decline of 9.1 percent. 32nd ranked Mantle (MNT), 84th ranked Pendle (PENDLE) and 31st ranked Ethena (ENA) followed with overnight losses of more than 8 percent.
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