WASHINGTON (dpa-AFX) - The slowing job market in the U.S. and the rising hopes of an emphatic easing by the Fed boosted sentiment in the cryptocurrency market. Easing bond yields and the Dollar's retreat also supported sentiment. Crypto currency market capitalization has increased by 1.7 percent overnight.
Data released just a while ago by the U.S. Bureau of Labor Statistics showed additions to non-farm payrolls in August at 22 thousand. This compares with 79 thousand in July and 14 thousand in June. The unemployment rate increased to 4.3 percent from 4.2 percent in July, matching expectations.
The CME FedWatch tool that tracks the expectations of interest rate traders currently shows the likelihood of a 25-basis points rate cut by the Fed in September at 88 percent. Markets also assigned a 12-percent probability for a 50-basis points rate cut in September.
Bond yields have eased across regions and tenors. Ten-year sovereign bond yields declined by more than 2 percent in the U.S., Canada, Germany, Spain and Italy and by more than 1.5 percent in France, U.K. and Japan. Softening in bond yields reduce the opportunity cost of holding cryptocurrencies that are typically non-interest bearing.
Rate cut hopes have dragged down the dollar and the 6-currency Dollar Index is trading 0.67 percent lower on an overnight basis. The index is currently at 97.68 after ranging between 97.52 and 98.17 in the past 24 hours.
The rally in crypto market comes amidst Gold's resurgence to a fresh all-time high of $3,644.62 per troy ounce. It has since retreated to $3,635.82.
More than 65 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent. On the contrary, only 5 are trading with overnight losses of more than a percent.
Overall crypto market capitalization has gained 1.7 percent overnight to $3.87 trillion.
Meme category cryptos witnessed a surge of 2.8 percent in market capitalization. Cryptocurrencies associated with AI & Big Data rallied 2.4 percent. Market capitalization of the cryptocurrencies identified for U.S. Strategic Crypto Reserve also gained 2.3 percent overnight. The Made in America cryptocurrencies recorded an overnight addition of 1.7 percent in market capitalization.
Bitcoin is currently trading at $113,117.69 recording overnight gains of 2.3 percent. BTC had ranged between $113,357 and $109,347 in the past 24 hours. The cryptocurrency is currently trading about 9 percent below the all-time-high of $124,457.12 recorded on August 14.
Ethereum also rallied 1.9 percent overnight to trade at $4,461.18. Ether's current trading price is 10 percent below its all-time-high. The 24-hour trading range was between $4,484 and $4,269.
Bitcoin-based Spot ETF products in the U.S. had witnessed outflows of $223 million on Thursday versus inflows of $301 million a day earlier. Ethereum-based Spot ETF products had recorded net outflows of $167 million on Thursday versus net outflows of $38 million on Wednesday.
3rd ranked XRP rallied 1.4 percent overnight to trade at $2.87, around 25 percent below the all-time high.
5th ranked BNB gained 1 percent overnight at its current trading price of $856.67.
The price of 6th ranked Solana also increased more than 1 percent overnight to $209.45.
8th ranked Dogecoin added 1.9 percent overnight and is currently changing hands at $0.2204.
TRON ranked 9th overall edged up 0.09 percent overnight and is currently changing hands at $0.3386.
10th ranked Cardano rallied 3.4 percent overnight to trade at $0.8436.
57th ranked MemeCore (M) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 23 percent. 30th ranked World Liberty Financial (WLFI) followed with overnight gains of more than 12 percent.
28th ranked Aave (AAVE) topped overnight losses among the top 100 cryptocurrencies with a decline of 3.5 percent.
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