Bitcoin Holds Steady as Traders Await US Inflation Data
The bitcoin market attitude was dampened by the anxiety that surrounded Wednesday’s announcement of the US consumer price inflation numbers. Despite the overall negative trend, Bitcoin managed to maintain its value. There was a small drop of less than 0.1% in market capitalisation overnight, with the top cryptocurrency moving between $84,061 and $80,963. On Wednesday morning, the consumer price inflation numbers for September will be released by the U.S. Bureau of Labour Statistics. From 3.4% in the previous month, headline yearly inflation is expected to climb to 3.6%. The central component of it has been shown to rise from 2.4% last month to 2.5% now. Monthly headline inflation is expected to rise from August’s 0.4% to September’s 0.6%. The main part of it, though, is expected to fall from 0.3% in August to 0.2%.
The total market valuation of cryptocurrencies has dropped to $2.8 trillion, a decline of 0.08 percent. While Ethereum accounts for 11% of the cryptocurrency market, Bitcoin controls a massive 60%. Over the past 24 hours, a total of $763 million has been liquidated. While short positions only managed to reach $133 million in liquidation, long holdings totalled $630 million. The biggest cryptocurrency, Bitcoin, is now trading at $83,291.72, up 0.79 percent from where it was overnight. The market leader in cryptocurrency has lost 3.5% of its value in the last seven days. It appears that the biggest cryptocurrency has managed to separate itself from the severe decline seen in Asian stock markets. Tuesday saw the South Korean stock index Kospi end 5.5% lower. U.S. Bitcoin Spot ETF products saw net withdrawals of $65 million on Monday, compared to net inflows of $21 million on Friday. The iShares Bitcoin Trust ETF is the only entity associated with the withdrawals.
Data shows that Bitcoin has climbed one spot to the twelfth position among the world’s assets in terms of market capitalisation. You may see the top cryptocurrency between Broadcom (ranked eleventh) and Saudi Aramco (ranked thirteenth). At $2,509.59, Ethereum is presently trading at a 0.80% discount. Over the previous week, the leading alternative coin has seen a 7.6 percent fall. The net outflow of U.S.-based Ethereum Spot ETF products increased to $85 million on Monday, from $56 million the previous Friday. The largest net withdrawal of $75 million was made from the iShares Ethereum Trust ETF. Market capitalisation data shows that Ethereum has dropped to the 68th spot among all assets globally. The 4th ranked BNB saw a drop of 0.51% overnight, resulting in a price drop to $741.68.
XRP, the cryptocurrency rated fifth, is mostly concerned with payments; it fell 1.29% overnight and is now trading at $1.36. Overnight, the price of Solana, which ranks seventh, dropped 2.9% to $106.91. On Monday, net outflows of $1 million were recorded for U.S.-listed Solana Spot ETF products, down from $4 million the previous Friday. Hyperliquid, which is rated 9th, down 4 percent overnight to $81.71, while TRON, which is ranked 8th overall, is currently trading at $0.3279, down 0.94 percent. On Monday, $2 million worth of assets left U.S.-listed Hyperliquid Spot ETF products. The current market price of Zcash, which is placed tenth, is $1,198.56, after falling 6.5% overnight. Monday saw a net withdrawal of $2 million from Zcash Spot ETF products that are listed in the US.
