Crypto Markets Firm Amidst Hopes Of Lower Inflation
Cryptocurrencies are firm above the flatline amidst an anxious wait for the U.S. CPI readings of June 2023.
CPI readings from the U.S are due on Wednesday morning. Markets are expecting the headline CPI to fall to 3.1 percent, from 4 percent in the previous month. Core inflation is seen falling to 5 percent, from 5.3 percent earlier.
Headline inflation, on a month-on-month basis is however seen rising to 0.3 percent, from 0.1 percent in the previous month. Core inflation, on a month-on-month basis, is seen edging lower to 0.3 percent, from 0.4 percent in the previous month.
Even though CPI is expected to cool, markets are expecting the Fed to raise rates by 25 basis points in the review at the end of the month. The CME Fed Watch tool indicates a 92.4 percent probability for 25-basis points rate hike and 7.6 percent for a pause. The same stood at 93:7 a day earlier and 90.5:9.5 a week earlier.
Overall crypto market capitalization is currently at $1.19 trillion, versus $1.18 trillion a day earlier.
Bitcoin (BTC), the leading cryptocurrency has gained 1.20 percent overnight and 1.1 percent over the past week to trade at $30,762.72. The 24-hour trading range was between $30,831.81 and $30,358.10. Year-to-date gains exceed 85 percent.
Ethereum traded between $1,895.08 and $1,863.22 in the past 24 hours. It is currently changing hands at $1,890.01, having added 1.21 percent overnight. Ether is however grappling with losses of 1.2 percent over the past week. Year-to-date gains exceed 57 percent.
Bitcoin dominates more than 50 percent of the overall crypto market followed by Ethereum which accounts for more than 19 percent.
4th ranked BNB (BNB) gained 1 percent in the past 24 hours and 4 percent in the past week. The cryptocurrency is currently changing hands at $247.94.
6th ranked XRP (XRP) shed 0.01 percent overnight and 0.81 percent in the past week. It is also yet to recoup 8.6 percent losses made over the past 30 days.
7th ranked Cardano (ADA) has added 0.4 percent overnight. It has gained more than 2 percent over the past week.
8th ranked Dogecoin (DOGE) gained 0.68 percent overnight and 6.68 percent over the past 30 days. It is still saddled with weekly losses of close to 2 percent.
9th ranked Solana (SOL) has added 0.63 percent overnight and more than 18 percent over the past week.
10th ranked Litecoin (LTC) has dropped 0.60 percent overnight and 5.4 percent over the past week.
67th ranked Conflux (CFX) topped the price charts with an overnight rally of 11 percent.
89th ranked Mina (MINA) is the biggest laggard, shedding more than 3 percent in the past 24 hours.
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