Crypto Market Sentiment Muted Amidst Central Bank Reviews

Cryptocurrencies edged lower during the past 24 hours amidst the monetary policy review by major central banks. The Federal Reserve, The European Central Bank and Bank of Japan pronounced decisions last week. The decisions of the Reserve Bank of Australia and the Bank of England are scheduled for the current week.

Overall crypto market capitalization is currently at $1.18 trillion versus $1.19 trillion a day earlier.

Bitcoin (BTC), the leading cryptocurrency, has added 0.08 percent overnight to trade at $29,334.91. The 24-hour trading range was between $29,489.87 and $29,059.50. Year-to-date gains have fallen to a little above 76 percent.

Ethereum traded between $1,884.14 and $1,851.73 in the past 24 hours. It is currently changing hands at $1,862.46, having shed 0.72 percent overnight. Year-to-date gains are a little more than 55 percent.

Bitcoin dominates 48.26 percent of the overall crypto market followed by Ethereum which accounts for 19.08 percent.

99th ranked Bitcoin Gold (BTG) surged close to 43 percent overnight. The mineable crypto coin tagged to the Payments and Medium of Exchange categories has gained 45 percent in the past week and 65 percent on a year-to-date basis. Despite the overnight surge the cryptocurrency is still trading 96 percent below the all-time high of $539.72 touched in October 2017.

55th ranked Bitcoin SV (BSV), 96th ranked PancakeSwap (CAKE) and 51st ranked XDC Network (XDC) have all gained more than 4 percent each.

68th ranked Curve DAO Token (CRV) is the greatest laggard, shedding more than 14 percent overnight. 85th ranked Frax Share (FXS), 59th ranked Synthetix (SNX) and 43rd ranked Aave (AAVE) have all declined more than 5 percent in the past 24 hours.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed outflows of $20.9 million for the week ended July 28. Bitcoin products constituted $19.4 million of the outflows followed by Short Bitcoin products that recorded outflows of $3.1 million. Ethereum recorded outflows of $1.9 million.

The country-wise analysis shows outflows of $11 million each in Canada and United States. Switzerland and Sweden also recorded outflows of close to $3 million. Germany recorded inflows of $5 million. Cumulative AUM stood at $36.5 billion.

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