Cryptos Rebound Ahead Of PCE Data

Cryptocurrencies staged an emphatic rebound early on Friday even as markets wait for the crucial PCE-based inflation readings from the U.S. All major cryptocurrencies are trading in the overnight green zone and among the top 100 cryptocurrencies, only a single cryptocurrency has erased more than a percent in the past 24 hours.

In data to be released on Friday morning, markets expect the U.S. Bureau of Economic Analysis to show the year-on-year PCE price index and its core component edging down to 2.5 percent from 2.6 percent in the previous month. The month-on-month PCE price index and its core component are both seen at 0.1 percent. The PCE price index was flat in May whereas the core component was at 0.1 percent.

In its next interest rate review to be announced on July 31, the Fed is widely expected to hold rates steady. However, markets overwhelmingly expect a rate cut in September.

Overall crypto market capitalization has increased to $2.4 trillion from $2.31 trillion a day earlier. The rebound also witnessed Bitcoin increasing its share of the crypto market to 55.4 percent from 55 percent a day earlier. Ethereum’s share edged down to 16.4 percent from 16.5 percent a day earlier. Stablecoins have dropped to 7.2 percent from 7.5 percent of the overall crypto market a day ago. Market share of the residual altcoins is steady at 21 percent of the overall crypto market.

Bitcoin has jumped from a low of $63,473.47 to a high of $67,445.57 in the past 24 hours. At its current price of $67,350.32, which is 9 percent below the all-time high, the original cryptocurrency has recorded overnight gains of 4.8 percent, weekly addition of 5.7 percent and a surge of more than 59 percent in 2024.

Data released by Farside Investors showed Bitcoin Spot ETF flows trickling down to $31 million from $45 million a day earlier. With inflows of $71 million, iShares Bitcoin Trust (IBIT) was the only ETF that recorded positive flows. Grayscale Bitcoin Trust (GBTC) recorded outflows of $40 million.

The net cumulative Bitcoin Spot ETF inflows stood at $17.5 billion on July 25. Considering the cumulative outflows of $18.8 billion from the Grayscale Bitcoin Trust, the gross inflows to the 9 Bitcoin Spot ETFs that debuted in 2024 is close to $36.3 billion.

Ethereum which is trading at $3,256.10, around 33 percent below its all-time high has gained 2.6 percent overnight. Losses of 3.9 percent over the past week have curtailed gains in 2024 to a little more than 43 percent. The top-ranked altcoin ranged between $3,275 and $3,089 in the past 24 hours.

Gains in Ethereum were limited by outflows from the recently converted Grayscale Ethereum Trust (ETHE). ETHE has recorded outflows of $1.12 billion over the past 3 days.

U.S.-based Ether Spot ETF flows on Thursday recorded a net outflow of $152 million, a tad higher than outflows of $133 million recorded on Wednesday. Inflows of $71 million received by iShares Ethereum Trust (ETHA) and $58 million by Grayscale Ethereum Mini Trust (ETH) together with inflows recorded in Fidelity Ethereum Fund (FETH), Bitwise Ethereum ETF (ETHW), VanEck Ethereum ETF (ETHV) and Invesco Galaxy Ethereum ETF (QETH) did not suffice to surpass the outflows of $346 million recorded in the recently converted Grayscale Ethereum Trust (ETHE). 21Shares Core Ethereum ETF (CETH) and Franklin Ethereum ETF (EZET) did not record inflows on Thursday.

4th ranked BNB (BNB) is trading 2.5 percent higher at $578.55. The native token of the Binance.com cryptocurrency exchange has added close to 1.2 percent in the past week and more than 85 percent in 2024.

5th ranked Solana (SOL) rallied 5.6 percent overnight. At its current price of $179.37, SOL has gained 11.4 percent in the past week. Year-to-date gains are close to 77 percent.

7th ranked XRP (XRP) has slipped 0.9 percent at its current trading price of $0.6009. XRP is the highest-ranking crypto record to overnight as well as year-to-date losses.

Dogecoin (DOGE), ranked 8th rank overall and highest among all meme coins is currently changing hands at $0.13, implying overnight gains of 4.1 percent, weekly gains of 9.9 percent and year-to-date gains of more than 45 percent.

9th ranked Toncoin (TON) added 1.7 percent overnight at its current price of $6.75. TON has also recorded weekly losses of 7.4 percent. TON’s year-to-date gain of 192 percent is the best among the top 20 cryptocurrencies.

10th ranked Cardano (ADA) gained 4.3 percent overnight to trade at $0.4143. Weekly losses of 0.92 percent have restricted year to-date-losses to close to 30 percent. The move comes midst Cardano entering the Chang Hard Fork era with the Node 9.1.0 upgrade.

55th ranked Aave (AAVE) and 96th ranked SATS (1000SATS) topped overnight gains with a surge of 14.4 percent. 92nd ranked Worldcoin (WLD), 60th ranked Pyth Network (PYTH), 83rd ranked ORDI (ORDI), 80th ranked Helium (HNT), 59th ranked JasmyCoin (JASMY) and 53rd ranked THORChain (RUNE), all gained more than 10 percent in the past 24 hours.

70th ranked MANTRA (OM) topped overnight losses among the top 100 cryptocurrencies with a decline of 2.4 percent.

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