WASHINGTON (dpa-AFX) - An anticipated uptick in headline consumer price inflation in the U.S. did not deter cryptocurrencies from rising above the flatline. Overall cryptocurrency market capitalization has increased more than 1 percent in the past 24 hours even as the U.S. Dollar strengthened, gold declined and bond yields hardened. Hopes of an easing in the trade tensions between the U.S. and China remained strong ahead of the meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping.
The U.S. Bureau of Labor Statistics is expected to reveal on Friday morning, the consumer price inflation readings for the month of September. Headline annual inflation is seen rising to 3.1 percent from 2.9 percent in August and 2.7 percent in July and June. The spike to the highest level since May 2024 is however not expected to deter the Fed from easing rates by another 25 basis points in the FOMC on October 29. The core component thereof is expected to remain steady at 3.1 percent prevailing since July.
Month-on-month inflation is expected to remain steady at 0.4 percent recorded in August whereas the core component is expected to remain steady at 0.3 percent prevailing since July.
Concerns on the labor front are expected to goad the Fed to ease rates. The CME FedWatch tool shows a probability of 98.97 percent for the Fed to cut rates by 25 basis points next week to bring down the target rate to the 3.75 percent to 4 percent range. It was 98.3 percent a day ago, 98.4 percent a week ago and 91.9 percent a month ago.
The probability for the Fed to cut rates by another 25 basis points in December to bring down the target rate to 3.5 percent to 3.75 percent range is at 91.8 percent. The same was at 91.1 percent a day ago, 93.7 percent a week ago and 73.3 percent a month ago.
Overall crypto market capitalization increased 1.4 percent in the past 24 hours to $3.74 trillion. The 24-hour trading volume however decreased 16 percent to $156 billion.
The CMC Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market has rebounded to 32 from 28 a day ago. The same was at 28 (fear) a week ago and 39 (fear) a month ago. In tandem, the number of cryptocurrencies among the top 100 trading with overnight gains of more than 1 percent has increased to 80 from 45 a day ago. The number of cryptocurrencies among the top 100 trading with overnight losses of more than 1 percent has decreased to 5 from around 10 a day ago.
Ahead of the CPI update from the U.S., gold declined, shedding 1.7 percent on an overnight basis to trade at $4,074.90 per troy ounce. Current prices imply weekly losses of 3.3 percent, monthly gains of 8.5 percent and a year-to-date surge of more than 54 percent. 59th ranked PAX Gold (PAXG) and 53rd ranked Tether Gold (XAUt), the top 2 cryptocurrencies in the tokenized gold category mirrored the sentiment with a decline of more than a percent.
The 6-currency Dollar Index which measures the dollar's strength against a basket of 6 currencies is currently at 99.01, versus 98.94 at the previous close. The index has gained 0.07 percent from the previous close.
Bitcoin is currently trading at $111,176.22 recording overnight gains of 1.5 percent. BTC has added 6.2 percent in the past week but declined 1.6 percent over the course of the past 30 days. Gains in 2025 are at a little more than 19 percent. The cryptocurrency is currently trading about 12 percent below the all-time-high of $126,198.07 recorded on October 7. The 24-hour trading range was between $111,513.97 and $108,771.40.
Bitcoin Spot ETF products in the U.S. witnessed inflows of $20 million on Thursday versus outflows of $101 million on Wednesday.
Ethereum also rallied 2 percent overnight to trade at $3,957.48. Ether's current trading price is 20 percent below its all-time-high. The 24-hour trading range was between $3,987.57 and $3,811.90.
Ethereum Spot ETF products in the U.S. recorded outflows of $127 million on Thursday versus outflows of $19 million on Wednesday.
4th ranked BNB jumped 2.5 percent overnight at its current trading price of $1,127.11. 5th ranked XRP also gained 1.7 percent overnight to trade at $2.45, around 36 percent below the all-time high.
The price of 6th ranked Solana increased 1.9 percent overnight to $191.95.
8th ranked Dogecoin added 0.9 percent overnight and is currently changing hands at $0.1969. With losses of 37.6 percent, DOGE is the highest-ranking cryptocurrency to trade with year-to-date losses.
TRON slipped to the 9th rank overall with an overnight decline of 3.7 percent and is currently changing hands at $0.3102.
10th ranked Cardano gained 1.2 percent overnight to trade at $0.6482.
98th ranked Virtuals Protocol (VIRTUAL) topped overnight gains among the top 100 cryptocurrencies with a gain of 13.1 percent. 28th ranked Zcash (ZEC) followed with gains of 12.2 percent.
9th ranked TRON(TRX) topped overnight losses among the top 100 cryptocurrencies with a decline of 3.6 percent.
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