Bruised Cryptos Brace For CPI Data, Fed Review

Cryptocurrencies hovered close to the flatline, early on Monday after a tumultuous week of regulatory action rattled market sentiment ahead of the much-anticipated review by the Fed. Overall market capitalization has fallen to $1.05 trillion, from $1.13 trillion a week earlier.

The probability assigned to a quarter percent rate hike by the Fed in the ensuing review, as implied by the 30-Day Fed Funds futures pricing data sourced from the CME FedWatch tool has fallen to 25.3 percent, from 29.9 percent a day earlier. It stood at 24.1 percent a week earlier.

The Dollar Index, a measure of the Dollar’s strength against a basket of 6 currencies is currently at 103.64, versus 103.56 a day earlier and the recent peak of 104.70 scaled on May 31.

Bitcoin is currently trading at $25,817.48, having edged up 0.25 percent over the past 24 hours. The 24-hour trading range was between $26,203.44 and $25,675.20.

Ethereum has lost 0.31 percent in the past 24 hours and is currently changing hands at $1,738.50. Ether ranged between $1,776.85 and $1,722.91 in the past 24 hours.

Bitcoin dominates 47.7 percent of the overall crypto market, followed by Ethereum which commands a 19.9 percent market share.

Barring a few stablecoins, all the cryptocurrencies among the top 100 are trading with weekly losses.

52nd ranked The Sandbox (SAND) is the biggest laggard, shedding 36.7 percent in the past week. 57th ranked Decentraland (MANA) followed with weekly losses of 35.9 percent.

On a year-to-date basis, 65th ranked Conflux (CFX) that gained 728 percent is the best performer among the top 100 cryptocurrencies. 98th ranked PancakeSwap (CAKE) which has eroded 57 percent is the biggest laggard in 2023 among the top 100 cryptocurrencies.

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