Cryptos Muted Ahead Of Key Economic Data Updates

Cryptocurrencies declined over the past 24 hours amidst anxiety ahead of key economic data releases over the course of the week. The updates relate to labor market, inflation, as well as manufacturing activity, reckoned as highly influential in interest rate decisions.

The U.S. Bureau of Labor Statistics would be releasing on Tuesday morning the Job Openings and Labor Turnover Survey estimates for the month of July. The number of job openings which is seen falling to 9.47 million, from 9.58 million in the month of June is perceived as a key indicator of the strength of the labor market.

PCE-based inflation readings, the Fed’s preferred inflation gauge due on Thursday is also expected to sway Fed’s potential monetary policy strategies.

Markets expect the U.S. economy to have added 170 thousand jobs in the month of August, versus 187 thousand added in the previous month. This and other indicators in the non-farm payrolls data update from the U.S. Bureau of Labor Statistics due on Friday is expected to shed light on the resilience or otherwise of the labor market.

Inflation updates from Germany, France and the Euro Area as well as PMI readings from China are also due for release later in the week.

Overall crypto market capitalization is steady at $1.05 trillion.

Bitcoin (BTC), the leading cryptocurrency has shed 0.87 percent overnight to trade at $25,969.18. The 24-hour trading range was between $26,198.58 and $25,912.63. Year-to-date gains have fallen to 56 percent.

Ethereum traded between $1,660.83 and $1,638.13 in the past 24 hours. It is currently changing hands at $1,640.63, having erased more than 1 percent overnight. Year-to-date gains are a little less than 37 percent.

Bitcoin dominates 48.29 percent of the overall crypto market followed by Ethereum which accounts for 18.85 percent.

4th ranked BNB (BNB) declined 0.15 percent overnight. It is yet to recoup the close to 11 percent loss made on a year-to-date basis.

5th ranked XRP (XRP) dropped 0.82 percent in the past 24 hours. Year-to-date gains have fallen to 52 percent, less than the gains recorded by Bitcoin in 2023.

7th ranked Cardano (ADA) has dropped 0.70 percent overnight. Year-to-date gains however are close to 5 percent.

8th ranked Dogecoin (DOGE) also slipped from the flatline, recording a decline of 0.24 percent. The meme-crypto is trading with losses of more than 10 percent in 2023.

9th ranked Solana (SOL) shed 2.3 percent overnight and 4 percent in the past week. It has however gained more than 100 percent in 2023.

10th ranked TRON (TRX) slipped 1.75 percent overnight. TRX has gained around 39 percent in 2023.

43rd ranked XDC Network (XDC) topped the price charts with an overnight rally of more than 17 percent.

92nd ranked Pepe (PEPE) was the biggest laggard, shedding more than 7 percent overnight. 84th ranked Sui (SUI) declined 6.3 percent followed by 30th ranked Hedera (HBAR) that dropped 5.2 percent.

Cryptocurrency exchange Binance had on Monday announced the removal of 39 liquidity pools on Binance Liquid Swap. These inter alia include Bitcoin (BTC), Cardano (ADA), Polygon (MATIC), TRON (TRX), Avalanche (AVAX), Polkadot (DOT), Filecoin (FIL) and Pepe Coin (PEPE). The exchange has clarified that the removal of the aforementioned liquidity pools does not impact trading of the corresponding pairs on Binance Spot. Binance also clarified that users who hold positions in the above liquidity pools would automatically receive their deposited assets in their Spot wallets on a specified date.

Meanwhile, the Securities and Exchange Commission on Monday charged Impact Theory, LLC, a media and entertainment company headquartered in Los Angeles, with conducting an unregistered offering of crypto asset securities in the form of purported Non-Fungible Tokens. The SEC’s order finds that the NFTs offered and sold to investors were investment contracts and therefore securities. The SEC has claimed that Impact Theory raised approximately $30 million from hundreds of investors, including investors across the United States, through the offering.

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