Cryptos Subdued Ahead Of U.S. CPI

Cryptocurrencies traded close to the flatline amidst anxiety ahead of the release of the CPI data from the U.S. on Tuesday. Chair Jerome Powell had on Thursday stated that the Fed was not confident it had done enough to bring inflation down.

Overall crypto market capitalization is currently at $1.41 trillion, versus $1.42 trillion a day earlier.

Annual headline inflation in October is seen falling to 3.3 percent, from 3.7 percent in the previous month. Core inflation is however seen steady at 4.1 percent. Month-on-month headline inflation is seen falling to 0.1 percent, from 0.4 percent in the previous month. Core component is seen steady at 0.3 percent.

Bitcoin slipped 0.82 percent overnight to trade at $36,863.41.

Ethereum added 0.4 percent to trade at $2,065.42.

Among the top-10 non-stablecoin cryptocurrencies, BNB (BNB) declined 1.3 percent whereas XRP (XRP) and Solana (SOL) erased close to 2 percent. Cardano (ADA) slipped almost 4 percent. Dogecoin (DOGE) lost 0.90 percent. Chainlink (LINK) tumbled 4.4 percent.

TRON (TRX) and Toncoin (TON) have both added more than 1 percent in the past 24 hours.

BNB (BNB) and XRP(XRP) have turned loss-making in the past week as well.

BNB is also the only cryptocurrency among the top-10 to trade with year-to-date losses.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed inflows of $293 million for the week ended November 10. Month-to-date flows stood at $548 million whereas year-to-date flows increased to $1.1 billion.

Bitcoin products recorded inflows of $240 million. Continuing with the trend in the previous week, Ethereum-based products recorded inflows of more than $49 million. Solana products recorded inflows of close to $12 million. Short Bitcoin products recorded outflows of $7 million whereas XRP products recorded outflows of more than $3 million.

The country-wise analysis shows inflows of $106 million to Canada, $81 million to United States, $53 million to Germany and $50 million to Switzerland.

Cumulative AUM stood at $44.3 billion of which $32.8 billion is in United States. Canada and Switzerland account for AUM of around $2.6 billion each followed by Sweden and Germany that account for AUM of close to $2.2 billion each.

For More Cryptocurrency News, visit

Source: Read Full Article