WASHINGTON (dpa-AFX) – Inflows to Bitcoin Spot ETF products in the U.S. after a gap of 5 days as well as a tech rally boosted by strong results from NVIDIA helped Bitcoin rebound in the past 24 hours. The positive mood helped cryptocurrencies post modest gains despite the uncertainty created by the recent FOMC minutes and the macro-economic data backlog.
Among the top 10 non-stablecoin cryptocurrencies, XRP, BNB, TRON, Hyperliquid and Zcash are trading with year-to-date gains whereas Bitcoin, Ethereum, Solana, Dogecoin and Cardano are trading with year-to-date losses.
Bitcoin Spot ETF products in the U.S. recorded inflows of $75 million on Wednesday versus outflows of $373 million on Tuesday. After a gap of 5 days, market leader iShares Bitcoin Trust (IBIT) also recorded inflows. The inflows stood at $61 million versus record outflows of $523 million a day earlier.
Bolstered by strong results from tech giant NVIDIA, Wall Street futures are trading strongly in the green and crypto’s positive correlation with the tech sector provided a positive boost.
Nevertheless, anxiety lingers as market expectation remains heavily biased towards a ‘pause’ by the Federal Reserve on December 10. The CME FedWatch tool shows expectations of a status quo by the Fed at 31.8 percent versus 30.1 percent a day ago, 50.1 percent a week ago and 98.8 percent a month ago. This followed indications of a divided Fed in the minutes of the FOMC released on Wednesday and challenges to the Fed’s data-dependent decision-making approach.
Minutes of the FOMC held in October showed that disagreements among the committee members ranged from the rate decision in October to the outlook for the December FOMC. Opinion was also divided over whether a stalling labor market or stubborn inflation were bigger economic threats for the Committee to take cognizance of.
Concerns over the extent of macro-economic data that would be available to the Fed to make an informed decision when it meets in December also weighed on Fed rate cut expectations.
The U.S. Bureau of Labor Statistics on Wednesday announced the cancellation of the Job Openings and Labor Turnover (JOLTS) release for September originally scheduled to be published in early November. The JOLTS report for October has been rescheduled to be released on December 9.
As per the revised schedule, the Bureau has also rescheduled the Employment Situation Report for September, and it would now be released on November 20. The report for October previously scheduled for release on November 7 has been cancelled. The report for November previously scheduled for release on December 5 has been postponed to December 16. In such a scenario, markets are doubtful whether the Fed would be willing to take a decision to cut interest rates based on payroll data for the month of September alone which pertains to a period prior to the shutdown.
Amidst these developments, overall cryptocurrency market capitalization has gained 0.26 percent in the past 24 hours to $3.13 trillion. 23 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent whereas 18 of the top 100 cryptocurrencies have declined more than 1 percent during the past 24 hours.
According to data from Coinglass, the 24-hour liquidation aggregates to $606 million comprising $428 million in long positions and $178 million in short positions.
Cryptocurrency market cap increase coincides with the dollar’s retreat and a decline in the price of gold. The Dollar Index which measures the dollar’s strength against a basket of 6 currencies is currently at 100.18 versus 100.23 at the previous close. Gold Futures for December settlement is currently trading at $4,063.94 per troy ounce, implying overnight decline of 0.46 percent.
Bitcoin has gained 0.58 percent in the past 24 hours to trade at $91,872.31. The current price is around 27 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency is grappling with losses of 10.9 percent on a weekly basis and 1.6 percent on a year-to-date basis.
Ethereum shed 2.6 percent overnight to trade at $3,010.72. With prices declining 39 percent from the all-time-high, the leading alternate coin is saddled with weekly losses of 14.2 percent and year-to-date losses of 9.6 percent.
Ethereum Spot ETF products witnessed outflows declining to $37 million on Wednesday from $74 million on Tuesday.
Bitcoin’s crypto market dominance is currently at 58.6 percent versus 58.4 percent a day ago. Ethereum commands 11.6 percent of the overall crypto market, a decline from the market share of 11.9 percent a day prior. Residual altcoins have maintained market share at 29.8 percent.
4th ranked XRP slipped 1.1 percent overnight dragging down its current trading price to $2.11.
5th ranked BNB shed 2.5 percent overnight resulting in price decreasing to $899.65.
The price of 6th ranked Solana increased 1.6 percent overnight to $141.72.
TRON ranked 8th overall slipped 0.6 percent overnight and is currently changing hands at $0.2860.
9th ranked Dogecoin lost 0.76 percent overnight and is currently changing hands at $0.1569.
10th ranked Cardano declined 0.52 percent overnight to trade at $0.4654.
52nd ranked Cosmos (ATOM) topped overnight gains among the top 100 cryptocurrencies with a gain of 13.7 percent. 76th ranked Artificial Superintelligence Alliance (FET) followed with gains of 11 percent.
92nd ranked AB (AB) topped overnight losses among the top 100 cryptocurrencies with a decline of 14.3 percent. 33rd ranked Canton (CC) also lost 12.8 percent overnight.
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