logo
  

Fall In Core CPI Fails To Cheer Crypto Markets

cryptocurrency oct10 13jul22 lt

Cryptocurrency market capitalization dropped to $854 billion, amidst data from the U.S. showing the consumer price inflation for the month of June touching a fresh forty-year high of 9.1 percent. Consensus estimates for the reading were at 8.8 percent, versus 8.6 percent in the month of May. The core CPI, which excludes the energy and food components and is more preferred by the Fed for tracking price pressures, fell to 5.9 percent versus 6 percent in the month of May. Markets were expecting the core CPI to fall to 5.7 percent.

The spike in oil prices in the month of June had reinforced expectations of a massive spike in headline inflation and an aggressive stance by the Fed to combat the spiraling prices. All eyes are now on the Fed's next interest rate review at the end of the month. The recent non-farm payrolls data from the U.S had indicated a strong labor market close to full employment, bolstering the case for a massive interest rate action by the Fed.

The crypto market composition realigned to a 42.7 Bitcoin dominance, 14.6 percent Ethereum dominance, 17.9 percent stablecoin dominance and a 24.8 percent share by the residual altcoins.

Wall Street benchmarks are sharply lower and so are the European stock barometers.

Gold is trading at $1722.50, down 0.15 percent on an overnight basis.

The Dollar Index is at 108.43, after touching a fresh 20-year high of 108.58 in early trade.

Bitcoin is now trading at $19,217.76, with an overnight loss of 3.5 percent. BTC ranged between $19,973.58 and $18,999.95 in the past 24 hours.

Ethereum is trading at $1,036.53, having decreased 3.75 percent in the past 24 hours. Ether's trading range was between $1,090.20 and $1,019.22 in the past 24 hours.

3rd ranked Tether (USDT), traded between $0.9994 and $0.9992 in the past 24 hours.

4th ranked USDCoin (USDC), traded between $1.00 and $0.9995 in the past 24 hours.

5th ranked BNB (BNB) declined more than 3 percent overnight.

Binance USD (BUSD), ranked 6th overall traded between $1.00 and $0.9985.

7th ranked XRP (XRP) lost around 1.7 percent.

8th ranked Cardano (ADA), 9th ranked Solana (SOL) and 10th ranked Dogecoin (DOGE), all shed more than 4 percent in the past 24 hours.

Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report on institutional investments showed inflow of $15 million for the week ended July 8, versus the inflow of $64 million recorded in the previous week. However, $6.3 million of inflows was into short-bitcoin investment products. Ethereum recorded $7.6 million of inflows whereas Bitcoin recorded outflows of $1.7 million.

For More Cryptocurrency News, visit rttnews.com

For comments and feedback contact: editorial@rttnews.com

Follow RTT