Cryptocurrencies continued to trade in the negative territory after data released by the U.S. Bureau of Labor Statistics showed core inflation rising along expected lines. Headline inflation on an annual as well as month-on-month basis dropped more than expected.
Annual consumer price inflation in the U.S. dropped to 5 percent in March, from 6 percent in the previous month. Markets were expecting it to fall to 5.2 percent.
Core inflation excluding food and fuel prices however increased on expected lines to 5.6 percent, from 5.5 percent a month earlier.
Monthly inflation dropped to 0.1 percent, from 0.4 percent in the previous month and expectations of 0.2 percent.
All eyes are now on the Fed and the potential path it would follow, to return inflation to the target level of 2 percent. The minutes of the previous Federal Open Markets Committee are due for release later in the day.
The Dollar Index a measure of the Dollar’s strength against a basket of 6 currencies and a proxy of the Fed’s likely moves is currently at 101.68, having shed 0.51 percent on an overnight basis.
Overall crypto market capitalization is steady at $1.24 trillion.
Bitcoin is currently trading at $30,236.50, having gained 0.45 percent overnight and 5.8 percent in the past week.
Ether has shed 1.3 percent overnight and is currently trading at $1,889.87. Meanwhile Ethereum’s Shanghai upgrade scheduled for Wednesday is expected to complete the transition to Proof of Stake as well as allow the withdrawal of staked Ethereum from the Beacon Chain. The potential withdrawal of staked Ether and the rewards is feared to add to the selling pressure around the largest alternate coin. ETH is currently trading 1.8 percent lower on a weekly basis.
Bitcoin’s crypto market dominance has increased to 47.6 percent from 47.04 percent a day earlier. Ether’s crypto market dominance declined to 18.47 percent, from 18.67 percent a day earlier. Stablecoins are steady at 10.73 percent of the overall crypto market. Share of the residual altcoins dropped to 23.2 percent, from 23.56 percent a day earlier.
4th ranked BNB (BNB) is trading at $320.28, after losing 2.7 percent overnight and gaining 1.4 percent in the past 7 days.
6th ranked XRP (XRP) has also lost 2.9 percent overnight and 1.4 percent in the past week.
7th ranked Cardano (ADA) has shed 1 percent overnight but is holding on to gains of 1 percent in the past week.
8th ranked Dogecoin (DOGE) has lost 2.6 percent overnight and 15.3 percent in the past week.
9th ranked Polygon (MATIC) has lost 1.7 percent overnight and 4.1 percent in the past week.
10th ranked Solana (SOL) has gained almost 8 percent overnight and close to 14 percent in the past week. SOL topped the gainers list among the top 100 cryptocurrencies.
46th ranked Conflux (CFX) and 61st ranked Rocket Pool (RPL) have lost more than 7 percent overnight and are the biggest laggards among the top 100 cryptocurrencies.
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