Crypto Rallies as Fed Rate Hike Bets Fade
Cryptocurrency market sentiment stays positive as the chances of an October rate hike by the Federal Reserve fade. Upcoming release of the Federal Open Markets Committee minutes on Wednesday is limiting potential upward movement due to anxiety. Crypto market cap rises over 1% overnight; Bitcoin trades at $86,400. Federal Reserve rate hike expectations fade as U.S. economic data disappoints. Job openings dropped, PCE inflation came in softer than expected, ISM manufacturing PMI fell unexpectedly, non-farm payroll additions were significantly below forecasts, and the unemployment rate rose unexpectedly. These factors forced markets to adjust their expectations for a Fed rate hike in October. Dovish remarks from a Fed official highlighted a lack of urgency for another rate hike, sharpening the shift in rate hike expectations.
Cryptocurrency market cap rises 1% overnight to hit $2.93 trillion. Market cap soars with a 71% jump in trading volumes. Bitcoin, the top cryptocurrency, is up 1.3% overnight, trading at $86,364.52-about 32% below its all-time high of $126,198. Bitcoin rises 3.6% this week! Year-to-date losses drop to 1.3%! 24-hour trading ranged from $86,971.78 to $85,098.47. Bitcoin Spot ETF net inflows surged to $190 million on Friday, up from $103 million the day before. iShares Bitcoin Trust ETF sees $158 million in net inflows. Bitcoin ranks 11th globally in market capitalisation, as reported by companiesmarketcap.com. The top cryptocurrency sits between 10th place Meta Platforms and 12th place Broadcom.
Ethereum rises 0.8% to $2,719.33, still 45% shy of its peak at $4,953. The top altcoin rose 1.4% this week but is down 8.4% year-to-date. 24-hour trading ranged from $2,738.26 to $2,692.69. Ethereum Spot ETF products in the U.S. saw net outflows drop to $37 million on Friday, down from $55 million on Thursday and $60 million on Wednesday. iShares Ethereum Trust ETF sees $20 million in net outflows. Ethereum ranks 56th globally in market capitalisation. BNB rises 0.3% overnight to $791.78. XRP, ranked 5th, surged 0.96% overnight and is now trading at $1.51. Solana, ranked 7th, dipped 0.76% overnight to $120.74, about 59% off its all-time high of $294.33. Solana Spot ETFs on U.S. exchanges saw $1 million in net inflows on Friday, reversing Thursday’s $1 million in outflows.
TRON ranks 8th, trading up 0.18% at $0.3362. Hyperliquid, ranked 9th, surged 3.3% overnight to $93.05, just 5% shy of its all-time high of $97.98. Hyperliquid Spot ETF net inflows dropped to $3 million on Friday, down from $5 million on Thursday. Zcash, ranked 10th, saw a 1% overnight rise, now priced at $1,342.96-about 77% below its peak of $5,941.80. Zcash Spot ETF net outflows surged to $27 million on Friday, up from $12 million the previous day.
