WASHINGTON (dpa-AFX) - Anxiety ahead of key economic data releases from the U.S. exacerbated by fears of a federal government shutdown dampened sentiment towards cryptocurrencies in the past 24 hours. Cryptocurrency market capitalization slipped more than 1.75 percent overnight sharply contrasting with gold's half-percent surge and the Dollar's broadly flat move.
Federal Reserve Chair Jerome Powell's comments on Tuesday that cast doubts on immediate rate cuts by the Federal Reserve also lingered, adding to the risk aversion in the market.
Data releases due on Thursday from the U.S. include Durable Goods Orders for August, Final update to second quarter GDP, initial jobless claims for the week ended September 20 and Existing Home Sales for the month of August. Speeches by several key Fed Officials are also scheduled for Thursday. The Fed's concerns against inflation were also in focus ahead of the release of PCE-based inflation readings from the U.S. on Friday morning.
The risk of a partial federal government shutdown beginning next week also dampened crypto market sentiment. Reports of the White House preparing for job cuts also swayed market sentiment.
Gold futures (for December settlement) which had touched an all-time high of $3,824.60 on Tuesday is currently trading at $3,787.37, implying overnight gains of 0.51 percent.
The six-currency Dollar Index, a measure of the U.S. Dollar's strength against a basket of six currencies which closed at 97.87 on Wednesday is currently hovering near 97.80.
Mixed sentiment prevailed in the crypto spot ETF space on Wednesday with Bitcoin Spot ETFs in the U.S. recording inflows of $241 million and Ethereum Spot ETFs witnessing outflows of $79 million.
The CMC Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market however reverted to the 'neutral' category with a reading of 41. The reading was at 39 a day earlier implying a state of 'fear'.
Overall crypto market capitalization declined 1.76 percent in the past 24 hours to $3.83 trillion. The 24-hour trading volume however increased more than 9 percent to $176 billion.
77 of the top 100 cryptocurrencies have lost more than a percent in the past 24 hours whereas only 4 of the top 100 cryptocurrencies have gained more than a percent during the same period.
Bitcoin is currently trading at $111,691.87 recording overnight losses of more than a percent. BTC had ranged between $113,986.27 and $111,511.39 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 slipped 3.7 percent overnight to trade at $4,030.05. Ether's current trading price is 19 percent below its all-time-high. The 24-hour trading range was between $4,206.90 and $3,978.69.
4th ranked XRP dropped 1.5 percent overnight to trade at $2.83, around 26 percent below the all-time high.
5th ranked BNB slipped 3.7 percent overnight at its current trading price of $989.42. The price of 6th ranked Solana decreased 3.9 percent overnight to $203.08.
8th ranked Dogecoin shed 3.7 percent overnight and is currently changing hands at $0.2329.
TRON ranked 9th overall shed 1.4 percent overnight and is currently changing hands at $0.3334.
10th ranked Cardano dropped 3.6 percent overnight to trade at $0.7883.
78th ranked Zcash (ZEC) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 11 percent. 79th ranked Kaia (KAIA) also rallied 4.7 percent in the past 24 hours. 33rd ranked OKB(OKB) and 53rd ranked Flare (FLR) that gained more than 3 percent are the only other cryptocurrencies among the top 100 to trade with overnight gains of more than a percent.
85th ranked OG (OG) topped overnight losses among the top 100 cryptocurrencies with a decline of 21.2 percent. 37th ranked Story (IP) also erased more than 21 percent in the past 24 hours.
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