WASHINGTON (dpa-AFX) - Federal Reserve Chair Jerome Powell's comments on Tuesday that highlighted the challenging situation faced by central banks swayed crypto market sentiment. Powell, on Tuesday said that further rate cuts by the Federal Reserve are not guaranteed given the challenging situation of inflation rising and job market cooling.
The CME FedWatch tool that tracks the expectations of interest rate traders shows the likelihood of a quarter percentage rate cut by the Federal Reserve in October at 91.9 percent. Nevertheless, the debate for and against further monetary easing by the Fed is expected to be impacted by the updates to GDP as well as PCE inflation due in this week and the payrolls data due next week.
Global markets responded to the central bank official's comments, with the dollar rallying and gold softening. Bitcoin moved in a mixed manner following the comments. The six-currency Dollar Index, a measure of the U.S. Dollar's strength against a basket of six currencies which touched a low of 97.20 on Tuesday has since rallied to 97.58.
Gold futures (for December settlement) which had touched an all-time high of $3,824.60 on Tuesday is currently trading at $3,800.2, implying overnight losses of 0.41 percent.
Bitcoin is trading at $112,759.82 recording overnight losses of 0.24 percent. The leading cryptocurrency had touched a high of $113,352 and a low of $111,536 on Tuesday.
The CMC Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market has slipped to 39 denoting 'Fear'. The reading was at 40 a day earlier implying a 'Neutral' state.
Overall crypto market capitalization decreased amidst selling attributed to whales. Market capitalization has dropped 0.5 percent in the past 24 hours to $3.89 trillion. The 24-hour trading volume also declined more than 10 percent to $162 billion.
21 of the top 100 cryptocurrencies have gained more than a percent whereas 16 of the top 100 cryptocurrencies have slipped more than a percent in the past 24 hours.
Bitcoin is currently trading at $112,759.82 recording overnight losses of 0.24 percent. BTC had ranged between $113,309.52 and $111,229.64 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 slipped 0.3 percent overnight to trade at $4,183.01. Ether's current trading price is 16 percent below its all-time-high. The 24-hour trading range was between $4,212.04 and $4,081.35.
4th ranked XRP gained 0.59 percent overnight to trade at $2.87, around 25 percent below the all-time high.
5th ranked BNB surged 3 percent overnight at its current trading price of $1,031.48.
The price of 6th ranked Solana slipped 3.67 percent overnight to $210.88.
8th ranked Dogecoin added 0.35 percent overnight and is currently changing hands at $0.2416.
TRON ranked 9th overall shed 1.1 percent overnight and is currently changing hands at $0.3381.
10th ranked Cardano dropped 0.67 percent overnight to trade at $0.8178.
34th ranked Aster (ASTER) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 40 percent. 65th ranked Immutable (IMX) also rallied 12.1 percent in the past 24 hours.
33rd ranked Story (IP) topped overnight losses among the top 100 cryptocurrencies with a decline of 11.7 percent. 75th ranked OG (OG) erased close to 10 percent in the past 24 hours.
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