WASHINGTON (dpa-AFX) - Sentiment in crypto markets improved amidst renewed expectations of another rate cut by the Federal Reserve in the next FOMC scheduled for late October. The uncertainty triggered by the shutdown of the U.S. government and the delay in publication of key economic reports considered decisive for monetary policy decision making boosted risk assets including Bitcoin and gold. Strong inflows on Thursday to Bitcoin and Ethereum spot ETF products in the U.S. also bolstered crypto market sentiment.
The delay in publication of the official payrolls data as well as the labor market stress revealed in the recent data from private institutions supported crypto market sentiment. The CME FedWatch tool that tracks the expectations of interest rate traders shows the likelihood of a quarter-percentage rate cut in October at 96.7 percent versus 98.3 percent a day earlier.
Bitcoin and Ethereum rallied strongly. Bitcoin breached the $121k level and Ethereum surpassed the $4.5k level in the past 24 hours. Gold also gained a little less than a percent. The Dollar Index has in the meanwhile slipped from Thursday's levels.
Gold Futures for December settlement is currently trading at $3,905.50 per troy ounce, implying overnight gains of 0.97 percent. Gold Futures had touched an all-time high of $3,923.30 a day earlier.
The 6-currency Dollar Index which measures the dollar's strength against a basket of 6 currencies is currently at 97.74, versus 97.85 at the previous close.
Overall crypto market capitalization rallied 2.1 percent in the past 24 hours to $4.15 trillion. The 24-hour trading volume increased 4.2 percent to $197 billion.
64 of the top 100 cryptocurrencies have gained more than a percent whereas 8 of the top 100 cryptocurrencies have slipped more than a percent in the past 24 hours.
Bitcoin's crypto market dominance stands at 58.04 percent while Ethereum's share is currently 13.04 percent of the overall crypto market.
Bitcoin is currently trading at $120,761.15 recording overnight gain of 1.8 percent. BTC had ranged between $121,086.41 and $118,611.80 in the past 24 hours. The cryptocurrency is currently trading about 3 percent below the all-time-high of $124,457.12 recorded on August 14.
Ethereum rallied 2.9 percent overnight to trade at $4,469.39. Ether's current trading price is 10 percent below its all-time-high. The 24-hour trading range was between $4,558.02 and $4,343.66.
Net inflows to Bitcoin-based Spot ETF products in the U.S. stood at $627 million on Thursday versus $676 million on Wednesday. iShares Bitcoin Trust ETF (IBIT) topped with inflows of $467 million.
Ethereum-based Spot ETF products witnessed net inflows rising to $307 million on Thursday from $81million on Wednesday. iShares Ethereum Trust (ETHA) topped with inflows of $177 million.
Bitcoin maintained the 7th position while Ethereum retained the 22nd position in the global ranking of all assets as per market capitalization compiled by companiesmarketcap.com.
3rd ranked XRP added 2.9 percent overnight to trade at $3.04, around 21 percent below the all-time high.
5th ranked BNB jumped 9.1 percent overnight at its current trading price of $1,139.77. The cryptocurrency touched an all-time high of $1,142.21 just a while ago.
TRON ranked 9th overall added 0.25 percent overnight and is currently changing hands at $0.3422.
10th ranked Cardano gained 2.3 percent overnight to trade at $0.8595.
77th ranked PancakeSwap (CAKE) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 36 percent. 88th ranked ether.fi (ETHFI) also surged 16.9 percent.
62nd ranked MYX Finance (MYX) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 35 percent. 60th ranked DoubleZero (2Z) also erased around 10 percent in the past 24 hours.
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