Cryptos Firm Amidst Dovish Fed Hints

Cryptocurrencies are trading mildly in the green zone amidst dovish commentary from Fed officials that lifted Wall Street and invigorated equity markets worldwide. The risk-aversion triggered by the ongoing political conflict in the Middle East, anxiety ahead of the FOMC Minutes due for release on Wednesday and the CPI readings due on Thursday however limited gains in the digital assets market.

Recent Fed hints about the rise in U.S. Treasury bond yields obviating the need for another rate hike by the Fed came as a relief for markets. The CME FedWatch tool currently shows a probability of 84.3 percent for a pause by the Fed in its decision to be announced in the beginning of November. It was 88 percent a day earlier, 71 percent a week earlier, and 53 percent a month earlier.

Despite an initial panic reaction to the conflict in Israel, Wall Street closed with gains on Monday. Nasdaq Composite gained 0.39 percent to close at 13,484.24 whereas the Dow Jones Industrial Average added 0.59 percent to finish trading at 33,604.65. Equity markets in Asia closed on a mostly positive note. European benchmarks are trading in the green zone. Wall Street Futures are currently trading with mild gains.

Overall crypto market capitalization is steady at $1.07 trillion. The 24-hour trading volume stood at $25.2 billion, registering a gain of more than 11 percent.

Bitcoin edged up 0.08 percent in the past 24 hours and almost similar measure on a weekly basis. Year-to-date gains exceed 65 percent. It is currently trading at $27,498.52, after ranging between $27,715.85 and $27,302.56 over the past 24 hours.

Ethereum shed 0.60 percent overnight to trade at $1,580.58. Ether’s weekly loss of more than 4.5 percent has resulted in year-to-date gains falling to 31.6 percent. Sentiment for Ethereum has been weakened by unconfirmed reports of Ethereum co-founder Vitalik Buterin offloading his Ether holdings.

Bitcoin’s crypto market dominance has increased to 50.2 percent, versus 50.1 percent, a day earlier. Ethereum now occupies 17.8 percent of the overall crypto market, versus 17.9 percent a day earlier.

4th ranked BNB (BNB) is the only other cryptocurrency among the top 10 to trade with overnight gains. BNB had edged up 0.16 percent in the past 24 hours. Weekly losses exceed 3 percent whereas year-to-date losses still exceed 15 percent.

5th ranked XRP (XRP), 7th ranked Solana (SOL), 8th ranked Cardano (ADA), 9th ranked Dogecoin (DOGE), and 10th ranked TRON (TRX) are all trading with overnight losses of less than 1 percent.

49th ranked Tezos (XTZ) is the top gainer with an overnight surge of more than 6 percent. 81st ranked Klaytn (KLAY) and 25th ranked Cosmos (ATOM) followed with gains of more than 4 percent. 47th ranked Stacks (STX) added more than 3 percent in the past 24 hours.

57th ranked MultiversX (EGLD) is the biggest laggard, declining 2.4 percent. 74th ranked IOTA (IOTA), 41st ranked Quant (QNT), 31st ranked Filecoin (FIL) and 13th ranked Polygon (MATIC), all declined close to 2 percent.

For More Cryptocurrency News, visit rttnews.com

For comments and feedback contact: editorial@rttnews.com