Cryptocurrencies are trading deep in the negative zone amidst anxiety ahead of the release of the FOMC minutes. The labor market updates due from the U.S. on Thursday and Friday are also apparently keeping sentiment in check.
Minutes of the FOMC held in June are due for release at 2 PM ET. Though the Fed had skipped a rate hike, it reiterated the case for further rate hikes, making the Fed’s discussions at the FOMC a keenly awaited piece of forward guidance.
Services PMI (June) and JOLTs Job Openings (May) data are due from the U.S. on Thursday while the Non-Farm Payrolls data for June is due on Friday. The American economy is expected to have added 225 thousand jobs in June versus 339 thousand jobs in the month of May.
Weak services PMI readings from China had earlier dampened sentiment across markets.
Amidst the anxiety, the Dollar Index, a measure of the Dollar’s strength against a basket of 6 currencies has edged 0.05 percent lower to 102.99. The CME FedWatch tool shows an 88.7 percent probability for a quarter point rate hike in the next review. The expectation was 86.8 percent a day earlier and 81.8 percent a week earlier.
Overall crypto market capitalization has dropped 2.6 percent to $1.18 trillion, from $1.22 trillion a day earlier. The same was $1.17 trillion a week earlier.
Market leader Bitcoin (BTC) traded between $31,106.00 and $30,226.60 in the past 24 hours. It is currently trading at $30,339.67, having shed 2.24 percent in the past 24 hours. Bitcoin’s crypto market dominance has also fallen to 49.60 percent, versus 50.02 percent a week earlier.
Despite the overnight losses of more than 2.7 percent, Ethereum (Ether) traded between $1,964.89 and $1,897.12. The leading alternate coin is currently changing hands at $1,904.25. Ethereum’s crypto market dominance has increased to 19.27 percent versus 19.06 percent a week earlier.
4th ranked BNB (BNB) shed 2.5 percent overnight amidst reports of raids by the Australian Securities and Investment Commission on the offices of Binance Australia. BNB is the highest ranking crypto to trade with losses on a 30-day and year-to-date basis.
Meanwhile Binance has announced stopping deposits and withdrawals for 8 altcoins. The support for the various Multichain-bridged altcoins would cease from July 7.
85th ranked Compound (COMP) led losses among the top 100 cryptocurrencies with an overnight decline of more than 11 percent. 30th ranked Filecoin (FIL) was the best performer, adding more than 1 percent over the past 24 hours. No other cryptocurrency among the top 100 has gained more than 1 percent in the past 24 hours.
42nd ranked Maker (MKR) is the biggest gainer over the past week, having added more than 47 percent during the period. 85th ranked Compound (COMP) followed with weekly gains of more than 39 percent.
68th ranked Conflux (CFX) suffered the maximum decline of 10.8 percent in the past week. The cryptocurrency however tops the year-to-date gains with a rally exceeding 750 percent.
Investment banking company Piper Sandler has in the meanwhile downgraded Coinbase to neutral from overweight citing too much uncertainty.
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