WASHINGTON (dpa-AFX) - Sentiment in crypto markets remain firm as the next FOMC draws closer. Friday's job market update from the U.S. has renewed rate cut hopes bolstering sentiment in the cryptocurrency market. The decline in bond yields as well as the Dollar's retreat also lifted cryptocurrency prices. Crypto currency market capitalization has increased by more than half a percent in the past 24 hours.
With just 9 days to go for the Fed's next interest rate review, Fed rate cut hopes remain strong. 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 at 88.1 percent. Markets have also assigned a 11.9-percent probability for a 50-basis points rate cut by the Fed in the forthcoming FOMC.
Bond yields eased across regions and tenors. Ten-year sovereign bond yields declined by more than 1 percent in Canada as well as France and by more than half a percent in the U.S., U.K., Spain, Italy and Japan. The softening in bond yields and the consequent reduction in the opportunity cost of holding cryptocurrencies have lifted market sentiment.
As markets digested the weak labor market data and factored in the strong rate cut expectations, the U.S. dollar weakened against major currencies. The 6-currency Dollar Index is trading 0.29 percent lower on an overnight basis. The index is currently at 97.48 after ranging between 97.47 and 97.90 in the day's trade.
The price movement in the cryptocurrency market comes amidst Gold's resurgence to a fresh all-time high of $3,674.52 per troy ounce.
Around 65 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent. On the contrary, only 7 are trading with overnight losses of more than a percent.
Overall crypto market capitalization has gained 0.7 percent overnight to $3.84 trillion.
Bitcoin is currently trading at $111,898.94 recording overnight gains of 0.62 percent. BTC had ranged between $112,161 and $110,631 in the past 24 hours. The cryptocurrency is currently trading about 10 percent below the all-time-high of $124,457.12 recorded on August 14.
Ethereum also added 0.30 percent overnight to trade at $4,317.51. Ether's current trading price is 13 percent below its all-time-high. The 24-hour trading range was between $4,337 and $4,272.
Bitcoin-based Spot ETF products in the U.S. witnessed outflows of $160 million on Friday versus outflows of $223 million on Thursday. Ethereum-based Spot ETF products recorded net outflows of $447 million on Friday versus net outflows of $167 million on Thursday.
3rd ranked XRP jumped 4.8 percent overnight to trade at $2.98, around 22 percent below the all-time high. 5th ranked BNB gained 0.82 percent overnight at its current trading price of $879.60. The price of 6th ranked Solana also surged 4.9 percent overnight to $213.32. 8th ranked Dogecoin also leaped 8.1 percent overnight and is currently changing hands at $0.2366. TRON ranked 9th overall added 0.95 percent overnight and is currently changing hands at $0.3329. 10th ranked Cardano rallied 3.3 percent overnight to trade at $0.8572.
46th ranked Worldcoin (WLD) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 22 percent. 52nd ranked Pudgy Penguins (PENGU) followed with overnight gains of close to 14 percent.
54th ranked MemeCore (M) and 28th ranked World Liberty Financial (WLFI) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 7.5 percent.
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