Crypto Market Stays Above $4T as PPI and Job Revisions Fuel Rate Cut Speculation – Crypto News – Crypto News
Connect with us
Crypto Market Stays Above $4T as PPI and Job Revisions Fuel Rate Cut Speculation Crypto Market Stays Above $4T as PPI and Job Revisions Fuel Rate Cut Speculation

De-fi

Crypto Market Stays Above $4T as PPI and Job Revisions Fuel Rate Cut Speculation – Crypto News

Published

9 months ago

on

BTC pushed above $114,000, while ETH is trading near $4,400.

Total crypto market capitalization is hovering around the $4 trillion mark today, up nearly 1%, with investors digesting part of this week’s U.S. inflation data, which could indicate the Fed’s next move.

Bitcoin (BTC) is trading at about $114,200, up 1.2% over the past 24 hours and almost 3% on the week. Meanwhile, Ethereum (ETH) is trading at $4,430, up just under 2% on the daily and weekly timeframes.

BTC 24-hour price chart. Source: CoinGecko

Among the top-10 crypto assets, Solana (SOL) continues to lead gains, up 3.3% today and more than 7.6% over the past week, trading at almost $224.

XRP is holding steady over $3 and remains up a solid 6% on the week. BNB is also a top performer among large caps, gaining 3% in the past 24 hours to break over $900.

Dogecoin (DOGE) is the only top-10 asset in the red today, down a modest 1% after a strong rally on news of an upcoming exchange-traded fund (ETF) for the asset. DOGE is up 13% on the week.

Spot crypto ETFs showed a slight change in dynamics yesterday, as spot Ethereum ETFs posted $44.16 million in net inflows, their first positive day since Aug. 28. Bitcoin ETFs logged $23.05 million in inflows, down from $368.25 million the prior day, according to SoSoValue.

Liquidations and Macro

Over the past 24 hours, about $300 million in leveraged positions were liquidated, $108 million of which were on Binance, Coinglass data shows. Bitcoin led with over $65 million in liquidations, followed by Ethereum at $47 million.

the-defiant
24-hour liquidations by asset. Source: Coinglass

Analysts at Coinbase anticipate a “stronger crypto market” in early Q4 due to “resilient liquidity, a favorable macro backdrop, and supportive regulatory dynamics, with bitcoin poised for outperformance.” The analysts said in a market overview today, Sept. 10:

“In our view, bitcoin in particular can continue to outperform market expectations as it benefits directly from existing macro tailwinds.”

They noted that technical demand from digital asset treasury (DAT) companies is expected to provide “ongoing support” for crypto markets even as the industry enters a “competitive ‘player-versus-player’ phase.”

Meanwhile, new producer price index (PPI) data came out today and showed prices were down in August, given lower service costs. Headline PPI unexpectedly slipped 0.1% from July, but economists had forecast it would rise 0.3%, per Reuters. Overall, PPI was up 2.6% from a year ago, down from July’s 3.1% increase.

At the same time, the U.S. Labor Department revised job numbers lower, saying the economy actually added about 900,000 fewer jobs than first thought for the year ending this March.

Traders are now looking ahead to Thursday’s CPI report for a better read on consumer inflation and what it might mean for the Fed’s next move, as the central bank prepares for its next policy meeting Sept. 16-17.

Related Topics:
Continue Reading

Trending