Cryptocurrencies rallied close to a percent in the past 24 hours amidst positive sentiment generated by core inflation in the U.S. rising on expected lines. The relief also helped offset the disappointment over the more-than-expected increase in headline inflation.<\/p>\n
Annual headline consumer price inflation in the U.S. rose 3.7 percent in August, as compared with 3.2 percent in July and 3 percent in June. Markets had expected an uptick of 3.6 percent. Higher oil prices and base effects contributed to the uptick. Annual core inflation, that excludes the volatile food and fuel prices, increased as expected by 4.3 percent in August, versus 4.7 percent in July and 4.8 percent in June.<\/p>\n
Amidst expectations that the Fed would take cognizance of the softening in core inflation, Dollar retreated mildly. The Dollar Index which measures the Dollar’s strength against a basket of 6 currencies declined 0.03 percent overnight to 104.73.<\/p>\n
The CME FedWatch tool reflected the recent data and the probability for a rate hike in September has fallen to 3 percent, from 7 percent a day earlier. The probabilities of changes to the Fed rate as implied by 30-Day Fed Funds futures pricing data also decreased to 36 percent in November, versus 40 percent a day earlier. The likelihood of a hike in December also decreased to 39 percent, from 41 percent noted a day earlier. <\/p>\n
Markets also expect the European Central Bank to maintain status quo on rates in the decision due to be announced early on Thursday. <\/p>\n
Updates on producer price inflation and retails sales from the U.S. pertaining to August are also due early on Thursday.<\/p>\n
Crypto market capitalization rallied to $1.05 trillion, from $1.04 trillion a day earlier.<\/p>\n
Bitcoin ranged between $26,529 and $26,085 in the past 24 hours, versus the high of $26,451 and the low of $25,781 a day earlier. At its current trading price of $26,393.73, the leading cryptocurrency has gained 0.8 percent overnight, 2.7 percent in the past week and 58.5 percent on a year-to-date basis. Bitcoin currently commands a crypto market dominance of 49.1 percent.<\/p>\n
Ethereum is currently changing hands at $1,624.05, registering an overnight gain of 1.3 percent, a weekly loss of 0.2 percent and a year-to-date gain of 35.2 percent. Ether ranged between $1,635 and $1,593 in the past 24 hours, versus the high of $1,616 and the low of $1,582 recorded a day earlier. Ethereum currently accounts for 18.7 percent of the overall crypto market capitalization. <\/p>\n
4th ranked BNB (BNB) edged up 0.3 percent in the past 24 hours. The week’s losses are close to 1 percent whereas annual losses are 13 percent.<\/p>\n
6th ranked XRP (XRP) edged higher in the past 24 hours. Though weekly losses exceed 3 percent, the cryptocurrency has gained more than 42 percent in 2023.<\/p>\n
7th ranked Cardano (ADA) and 8th ranked Dogecoin (DOGE) are trading with mild gains. Both ADA and DOGE have shed more than 2 percent in the past week. ADA has declined half a percent in 2023 whereas DOGE has lost more than 12 percent during the same period.<\/p>\n
9th ranked Solana (SOL) rallied 4 percent in the past 24 hours. Despite weekly losses of close to 3 percent, the cryptocurrency has gained 89 percent in 2023.<\/p>\n
10th ranked TRON (TRX) gained 2.8 percent in the past 24 hours, 4.7 percent in the past week and 48 percent on a year-to-date basis.<\/p>\n
Toncoin (TON) is the only cryptocurrency among the top 10 non-stablecoin cryptocurrencies to trade with overnight losses. TON has declined 2.8 percent overnight.<\/p>\n
30th ranked Hedera (HBAR) topped the price charts with an overnight surge of more than 5 percent. 77th ranked Conflux (CFX), 9th ranked Solana (SOL) and 60th ranked THORChain (RUNE) also added more than 4 percent in the past 24 hours.<\/p>\n
98th ranked Astar (ASTR) is the greatest laggard, shedding more than 6 percent in the past 24 hours. ASTR has declined close to 14 percent in the past week.<\/p>\n
80th ranked Klaytn (KLAY) slipped more than 5 percent overnight, followed by 91st ranked Compound (COMP) and 100th ranked Flare (FLR) that both declined more than 4 percent.<\/p>\n
Meanwhile cryptocurrency exchange FTX has received approval from a Delaware court to proceed with the liquidation of cryptocurrency holdings subject to a cap of $100 million per week.<\/p>\n
For More Cryptocurrency News, visit rttnews.com <\/p>\n