Cryptos Slide Amidst Lack Of Positive Catalysts

Despite recent dovish commentary from Fed officials, cryptocurrencies traded lackluster early on Wednesday, ahead of the FOMC minutes release later in the day and the CPI update on Thursday. Lack of positive catalysts and anxiety amidst the Middle East conflict and the SBF trial, dragged own cryptocurrencies.

Overall crypto market capitalization is currently at $1.06 trillion, versus $1.07 trillion a day earlier.

Data released just a while ago showed month-on-month producer price inflation in the U.S. falling less-than-expected to 0.5 percent in September, from 0.7 percent in the previous month. Markets had expected it to fall to 0.3 percent. On a year-on-year basis, the headline producer price inflation unexpectedly rose to 2.2 percent, from 2 percent in the previous period whereas markets had expected it to fall to 1.6 percent. The core component increased more-than-expected to 2.7 percent, from 2.2 percent in the previous period. Markets had expected it to edge up to 2.3 percent. The rise in producer price inflation – a measure of inflation before it hits customers – is seen as an indicator of persisting price pressures and bodes ill for risky assets including cryptocurrencies.

Bitcoin (BTC) declined 0.90 percent in the past 24 hours and 1.4 percent in the past week. The leading cryptocurrency traded consistently above the $27k level in the past 24 hours. It is currently changing hands at $27,170.26, after ranging between $27,605.82 and $27,017.64 in the past 24 hours.

Ethereum (ETH) outperformed Bitcoin with a decline of 0.20 percent in the past 24 hours. Ether’s weekly losses however exceed 4.4 percent. Ether’s current price is $1,572.72, after trading between $1,587.56 and $1,551.68 in the past 24 hours.

Bitcoin’s crypto market dominance decreased to 50.05 percent, from 50.2 percent a day earlier. Ether’s crypto market dominance edged up to 17.85 percent, from17.83 percent a day earlier.

BNB (BNB), Solana (SOL), Dogecoin (DOGE) have all added around 0.4 percent in the past 24 hours. TRON (TRX) has edged up 0.2 percent. Cardano (ADA) and Polygon (MATIC) have slipped around 0.60 percent.

Among the top-10 non stablecoin cryptocurrencies, Toncoin (TON) is the top overnight gainer with an uptick of 0.6 percent. XRP is the greatest overnight laggard, having shed 1.9 percent. Among these top-ranking cryptocurrencies, TON which has gained 1 percent tops weekly gains as well. Polygon (MATIC) which has declined 11.8 percent is the biggest laggard in the last 7 days. On a year-to-date basis, Solana (SOL) dazzles with a surge of more than 120 percent whereas Polygon (MATIC) disappoints with an erosion of more than 31 percent.

In the wider market spanning the top 100 cryptocurrencies, 48th ranked Render (RNDR) and 33rd ranked Maker (MKR) added more than 3 percent. 67th ranked eCash (XEC), 100th ranked SafePal (SFP), 74th ranked Frax Share (FXS) and 32nd ranked Lido DAO (LDO), all gained more than 2 percent.

76th ranked IOTA (IOTA) and 49th ranked XDC Network (XDC) slipped more than 4 percent in the past 24 hours. 26th ranked Cosmos (ATOM), 89th ranked dYdX (DYDX), 77th ranked Trust Wallet Token (TWT), 22nd ranked Avalanche (AVAX) and 50th ranked Tezos (XTZ) slipped more than 3 percent in the past 24 hours.

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