Cryptocurrencies are trading subdued in the past 24 hours after Fed Chair Jerome Powell's firm rate cut hints on Friday lifted market sentiment. Bitcoin almost touched $65k while Ethereum also came close to striking distance of $2.8k.
Fed Chair Jerome Powell on Friday acknowledged that the time had come for policy to adjust. In his Jackson Hole speech, Jerome Powell also indicated that the Fed's focus has shifted to the downside risks to employment rather than inflation. The weakness in the labor market, which is seen as increasing the headroom available to the Fed to ease rates also dampened the U.S. dollar and boosted cryptocurrencies.
Overall crypto market capitalization has increased to $2.23 trillion from $2.07 trillion a week earlier. market capitalization was $2.26 trillion a day earlier.
Bitcoin traded between $64,996.42 and $63,202.67 in the past 24 hours. It is currently trading at $63,389.04 implying overnight slippage of 1.32 percent, weekly gains of 8.5 percent and year-to-date rally of 49.9 percent. At its current price, the leading cryptocurrency is trading 14 percent below the all-time high recorded in March 2024.
Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $252 million on Friday versus $64.8 million a day earlier.
Ethereum slipped 1.75 percent in the past 24 hours to trade at $2,719.55, around 44 percent below the all-time high. Amidst weekly gains of 5.5 percent, the leading altcoin's year-to-date gains are now above 19 percent.
Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed a net outflow of $5.7 million on Friday versus $0.8 million a day earlier.
4th ranked BNB (BNB) slipped 2.97 percent overnight and gained 3.1 percent on a weekly basis to trade at $560.04.
5th ranked Solana (SOL) shed 1.8 percent overnight but is still holding on to gains of more than 9.7 percent in the past 7 days. SOL is currently trading at $156.37.
7th ranked XRP (XRP) slipped 2.5 percent overnight, curtailing weekly gains to 1.8 percent. XRP is changing hands at $0.59 implying year-to-date losses of more than 4 percent.
Dogecoin (DOGE), ranked 8th overall has also slipped 3.2 percent in the past 24 hours to trade at $0.107. DOGE has however gained 7.3 percent in the past week.
9th ranked TRON (TRX) added close to half a percent overnight and more than 20 percent in the past week to trade at $0.1669.
10th ranked Toncoin (TON) slipped 2.3 percent overnight and 17.3 percent in the past week to trade at $5.58. TON slipped in the aftermath of the recent arrest of Telegram and TON founder Pavel Durov.
27th ranked Artificial Superintelligence Alliance (FET) topped overnight gains with a surge of more than 10 percent. 64th ranked Helium (HNT) gained 4.55 percent followed by 52nd ranked FLOKI (FLOKI) with overnight gains of more than 3.2 percent.
99th ranked DOGS (DOGS) topped overnight losses with a decline of more than 25 percent. 78th ranked SATS (1000SATS) followed with losses of more than 6 percent. 71st ranked Brett (BRETT) also slipped more than 6 percent overnight.
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