Cryptos Muted As Markets Worry About Inflation

Cryptocurrencies traded close to the flatline amidst anxiety ahead of the release of the inflation readings from the U.S. for the month of July. Headline annual CPI readings due from the U.S. on Thursday are expected to show a spurt to 3.3 percent in July, from 3 percent in the previous month. Core inflation on an annual basis is however seen edging down to 4.7 percent, from 4.8 percent in the previous month.

Overall crypto market capitalization is currently steady at $1.16 trillion.

Bitcoin is currently changing hands at $29,000.30, registering an overnight gain of 0.02 percent. The leading cryptocurrency has shed 1.1 percent over the past week and 4.5 percent over the past 30 days. Year-to-date gains however exceed 74 percent.

Ethereum too has edged 0.1 percent overnight to trade at $1,828.42. Losses are 1.8 percent over the past week and 2.4 percent over the past 30 days. The leading alternate coin has gained more than 52 percent in 2023.

Bitcoin dominates 48.74 percent of the overall crypto market followed by Ethereum which accounts for 18.96 percent.

17th ranked Bitcoin Cash (BCH) surged 5.9 percent, followed by 91st ranked Dash (DASH) that added 4.5 percent.

46th ranked Algorand (ALGO) and 40th ranked Optimism (OP) have both gained more than 2 percent.

43rd ranked XDC Network (XDC) is the greatest laggard, shedding more than 10 percent overnight.

86th ranked Compound (COMP), 72nd ranked Rocket Pool (RPL), 14th ranked Shiba Inu (SHIB) and 24th ranked Uniswap (UNI) have all declined more than 3 percent in the past 24 hours.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed outflows of $107 million for the week ended August 4. Bitcoin products constituted $111.4 million of the outflows. Ethereum recorded outflows of $5.9 million.

The country-wise analysis shows outflows of $70.8 million in Canada and $28.5 million in Germany. Switzerland recorded outflows of close to $6 million. Cumulative AUM stood at $35.8 billion.

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