Crypto Markets Sink Ahead of Key U.S. Inflation Data
Sentiment in cryptocurrency markets has waned as concerns rise ahead of the upcoming release of the PCE-based inflation data from the U.S. for September. The delayed data holds considerable significance, as inflation readings based on PCE are seen as the Federal Reserve’s favored measure of inflation. On Thursday, outflows from Bitcoin and Ethereum Spot ETF products in the U.S. contributed to a prevailing negative sentiment in the market. According to the latest data, a steady month-on-month rise of 0.3 percent in the PCE Price Index for September is expected. The annual reading is anticipated to rise to 2.8 percent, an increase from the 2.7 percent recorded last month. Reports indicates that the probability of a quarter percentage rate cut in the Fed’s decision, set to be announced on December 10, stands at 87.2 percent. This figure has dropped from 88.2 percent the day before, 86.4 percent a week prior, and 62 percent a month back.
Recent data reveals that Bitcoin Spot ETF products in the U.S. experienced outflows totaling $195 million on Thursday. Market leader BlackRock’s iShares Bitcoin Trust experienced significant outflows, totaling $113 million. On Thursday, Ethereum Spot ETF products experienced outflows totaling $42 million, a significant difference from the $140 million in inflows recorded the day before. Market leader BlackRock’s iShares Ethereum Trust has experienced significant inflows, totaling $28 million. The prevailing sentiment in the cryptocurrency market has shown a modest decrease, as reflected by the Fear and Greed Index. The index is now at 25, down from 27 yesterday and up from 20 a week prior. The index reached a yearly low of 10, indicating intense fear, on November 22. The market leader experienced fluctuations between $93,223.37 and $90,332.37 over the past 24 hours. Meanwhile, the leading alternative coin ranged from $3,223.17 to $3,071.31 during the same period.
At present, 81 out of the top 100 cryptocurrencies are experiencing overnight declines exceeding 1 percent. Over the last day, just one of the leading 100 cryptocurrencies has managed to increase by more than 1 percent. The total market capitalization of cryptocurrencies has dropped by 2.1 percent overnight, now standing at $3.08 trillion. The decline was, however, accompanied by a drop of 15.4 percent in the 24-hour trading volume, which now stands at 148 billion dollars. Bitcoin has experienced a decline of 2.6 percent over the last 24 hours, currently valued at $90,137.99. The current price is approximately 29 percent lower than the peak of $126,198.07, reached on October 7. The original cryptocurrency has experienced a drop of 2.4 percent over the last week and a decrease of 3.5 percent since the beginning of the year. Ethereum experienced a decline of 2.5 percent overnight, currently valued at $3,093.24. The top altcoin is currently 38 percent below its peak and has experienced a year-to-date decline of 7.2 percent. According to sources, Bitcoin is in the 9th position, while Ethereum holds the 39th spot in the global asset rankings based on market capitalization.
The 4th ranked asset experienced a decline of 3.28 percent overnight, leading to a current trading price of $2.06. Currently positioned at 5th, the asset experienced a decrease of 2.2 percent overnight, resulting in a price of $888.05. The 7th ranked Solana saw a decrease of 5.2 percent overnight, leading to a price reduction to $135.35. Currently ranked 8th overall, the asset experienced a rise of 0.9 percent overnight and is trading at $0.2848. Currently in the 9th position, Dogecoin experienced a decline of 4.30 percent overnight and is trading at $0.1428. Cardano, currently in the 10th position, experienced a decline of 4.4 percent overnight, bringing its trading price to $0.4258. The 19th ranked Zcash emerged as a leader in overnight gains among the top 100 cryptocurrencies, witnessing a significant increase of 6.8 percent. ZEC stands out as the sole cryptocurrency in the top 100 that has recorded overnight gains exceeding one percent. In the latest trading session, a cryptocurrency currently ranked 76th led the overnight losses among the top 100, experiencing a decline of 10.9 percent. In the latest market movements, 64th ranked Pump.fun and 12th ranked Hyperliquid faced overnight losses surpassing 9 percent.
