Cryptos Wait For Central Bank Decisions

Anxiety ahead of the decisions by major central banks dampened crypto market sentiment early on Tuesday. Rumors of Mt. Gox as well as the U.S. government planning to offload Bitcoin exacerbated the bearish sentiment in crypto sphere.

The outcome of the periodic monetary policy review by Federal Reserve and Bank of Japan would be known on Wednesday whereas Bank of England is scheduled to announce its decision on Thursday. Both Federal Reserve and Bank of Japan are expected to hold rates steady. However, Bank of England is seen cutting rates by 25 basis points.
Overall crypto market capitalization dropped to $2.39 trillion. It was $2.48 trillion a day earlier.

Bitcoin (BTC) slipped 4.1 percent overnight to trade at $66,540.18, around 10 percent below the all-time high. The original cryptocurrency has edged down 0.60 percent in the past week while year-to-date gains exceed 57 percent in 2024. Bitcoin’s crypto market dominance is currently at 54.9 percent.

Data released by Farside Investors showed Bitcoin Spot ETF flows at $124 million on Monday, rising from $52 million on Friday. With inflows of $206 million, iShares Bitcoin Trust (IBIT) was the only ETF that recorded positive flows. Grayscale Bitcoin Trust (GBTC) recorded outflows of $54 million.

The net cumulative Bitcoin Spot ETF inflows stood at $17.7 billion on July 29. Considering the cumulative outflows of $18.9 billion from the Grayscale Bitcoin Trust, the gross inflows to the 9 Bitcoin Spot ETFs that debuted in 2024 is close to $36.6 billion.

Ethereum slipped 1.6 percent in the past 24 hours to trade at $3,330.95. Despite the launch of Ether Spot ETF products, Ether has shed 5.5 percent in the past week and 1.6 percent over the past 30 days. Year-to-date gains have fallen to 46 percent. The leading altcoin now commands a share of 16.8 percent of the overall crypto market.
U.S.-based Ether Spot ETF products on Monday collectively recorded a net outflow of $98 million versus outflows of $163 million recorded on Friday.

Inflows of $58 million were received by iShares Ethereum Trust (ETHA) and $25 million by Fidelity Ethereum Fund (FETH). Bitwise Ethereum ETF (ETHW) and VanEck Ethereum ETF (ETHV), both recorded inflows of more than $10 million on Monday. Outflows of $210 million were recorded in the recently converted Grayscale Ethereum Trust (ETHE).
Outflows from the recently converted Grayscale Ethereum Trust (ETHE) exceeded $1.7 billion over the past 5 days.

4th ranked Solana (SOL) slipped 5.5 percent overnight. At its current price of $181.04, SOL has rallied 1.7 percent in the past week. Year-to-date gains exceed 78 percent.

5th ranked BNB (BNB) shed 3.5 percent to $572.46. The native token of the Binance.com cryptocurrency exchange is trading with weekly losses of 2.4 percent and year-to-date gains of 83 percent.

6th ranked XRP (XRP) slipped 2.2 percent as it changes hands at $0.6198. The cryptocurrency issued by Ripple Labs has gained 0.8 percent in 2024.

Dogecoin (DOGE), ranked 8th rank overall and the highest among all meme coins is currently changing hands at $0.1294, implying overnight losses of 3.8 percent, weekly losses of 4.2 percent and year-to-date gains of more than 44 percent.

9th ranked Toncoin (TON) shed 2 percent overnight at its current price of $6.65. TON’s year-to-date gain of 187 percent is the best among the top 20 cryptocurrencies.

10th ranked Cardano (ADA) shed 4.2 percent overnight to trade at $0.4014. Weekly losses of 5.5 percent have however restricted year to-date-losses to 32 percent. ADA is the highest-ranking crypto to trade with year-to-date losses.

69th ranked Bitcoin SV (BSV) and 88th ranked BOOK OF MEME (BOME) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 5.6 percent. 95th ranked Mog Coin (MOG) and 71st ranked Mantra (OM) followed with gains of close to 4.5 percent.

94th ranked Popcat (POPCAT) topped overnight losses with a decline of more than 10 percent. 46th ranked Arweave (AR), 58th ranked Jupiter (JUP) and 40th ranked dogwifhat (WIF), all slipped more than 7 percent in the past 24 hours.

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