WASHINGTON (dpa-AFX) - Sentiment in cryptocurrency markets soured amidst anxiety ahead of the release of the PCE-based inflation readings from the U.S. for the month of September. The data though delayed assumes significant as PCE-based inflation readings are considered as the Fed's preferred inflation gauge. Outflows from Bitcoin and Ethereum Spot ETF products in the U.S. on Thursday also weighed on sentiment.
Latest data from the U.S. Bureau of Economic Analysis to be released on Friday morning is expected to show a steady (0.3 percent) month-on-month level of PCE Price Index during September. The year-on-year reading is however expected to edge up to 2.8 percent from 2.7 percent in the previous month.
The CME FedWatch tool shows that the likelihood of a quarter percentage rate cut in the Fed decision to be announced on December 10 is at 87.2 percent versus 88.2 percent a day ago, 86.4 percent a week ago, and 62 percent a month ago.
Data showed that Bitcoin Spot ETF products in the U.S. recorded outflows of $195 million on Thursday. Market leader BlackRock's iShares Bitcoin Trust (IBIT) topped with outflows of $113 million.
Ethereum Spot ETF products witnessed outflows of $42 million on Thursday versus inflows of $140 million on the previous day. Market leader BlackRock's iShares Ethereum Trust ETF (ETHA) topped with inflows of $28 million.
Sentiment prevailing in the cryptocurrency market slipped slightly as revealed by the CMC Fear and Greed Index. The index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market is currently at 25, versus 27 a day ago and 20 a week ago. The index had touched a yearly low of 10 (extreme fear) on November 22.
Market leader Bitcoin traded between $93,223.37 and $90,332.37 during the past 24 hours while leading alternate coin Ethereum ranged between $3,223.17 and $3,071.31 during the same time period.
At current prices, 81 of the top 100 cryptocurrencies are trading with overnight losses of more than 1 percent. Only 1 of the top 100 cryptocurrencies have rallied more than 1 percent during the past 24 hours.
Overall cryptocurrency market capitalization has slipped 2.1 percent overnight to $3.08 trillion. The decline was however accompanied by a decline of 15.4 percent in the 24-hour trading volume to $148 billion.
Bitcoin has dropped 2.6 percent in the past 24 hours to trade at $90,137.99. The current price is around 29 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency has lost 2.4 percent in the past week and 3.5 percent on a year-to-date basis.
Ethereum lost 2.5 percent overnight to trade at $3,093.24. The leading alternate coin is still trading 38 percent below the all-time-high and is saddled with year-to-date losses of 7.2 percent.
Bitcoin is currently ranked 9th rank and Ethereum 39th rank in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP slipped 3.28 percent overnight dragging its current trading price to $2.06.
5th ranked BNB erased 2.2 percent overnight resulting in price decreasing to $888.05.
The price of 7th ranked Solana declined 5.2 percent overnight to $135.35.
TRON ranked 8th overall added 0.9 percent overnight and is currently changing hands at $0.2848.
9th ranked Dogecoin slipped 4.30 percent overnight and is currently changing hands at $0.1428.
10th ranked Cardano lost 4.4 percent overnight to trade at $0.4258.
19th ranked Zcash (ZEC) topped overnight gains among the top 100 cryptocurrencies with a surge of 6.8 percent. ZEC is the only cryptocurrency among the top 100 to trade with overnight gains of more than a percent.
76th ranked MYX Finance (MYX) topped overnight gains among the top 100 cryptocurrencies with a decline of 10.9 percent. 64th ranked Pump.fun (PUMP) and 12th ranked Hyperliquid (HYPE) followed with overnight losses of more than 9 percent.
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