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Cryptos Rise As Inflation Eases

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Cryptocurrencies rallied brilliantly in the past 24 hours as the pause in inflation numbers revived hopes of a pause in the Fed's interest rate hikes.

Consumer Price Inflation in the U.S. dropped to 8.5 percent, from 9.1 percent in the previous month amidst expectations of a reading of 8.7 percent. Core CPI reading was steady at 5.9 percent versus expectations of a surge to 6.1 percent.

Overall market capitalization surged 3.6 percent to $1.17 trillion, versus $1.09 trillion a day earlier. According to the ranking of all assets by market cap published by companiesmarketcap.com, only Gold (market cap: $12.0 trillion), Apple (market cap: $2.7 trillion), Saudi Aramco (market cap: $2.4 trillion), Microsoft (market cap: $2.2 trillion), Alphabet (market cap: $1.6 trillion) and Amazon (market cap: $1.5 trillion) rank higher than the overall crypto market cap.

The crypto market cap is now constituted 40.4 percent by Bitcoin, 20 percent by Ethereum, 13.11 percent by stablecoins and 26.49 percent by the residual altcoins. Bitcoin's market dominance dropped from 40.5 percent a day earlier whereas Ethereum increased market share from 19 percent a day before.

On an overnight basis, only 3 cryptocurrencies among the top 100 have recorded losses of more than 1 percent. In the same category, on a weekly basis, only two cryptocurrencies are making losses of more than 1 percent. In the case of year-to-date returns for the top 100 cryptos, only three cryptos are trading in the green zone.

Bitcoin is currently trading at $24,739, up 3.7 percent on an overnight basis. Bitcoin touched a high of $24,750 and low of $23,584 in the past 24 hours. 57 percent of all BTC holders are in the money at current prices. Bitcoin now ranks 12th overall in the global ranking of all assets according to market capitalization as per companiesmarketcap.com.

Ethereum's current price of $1,924 is a 7 percent gain over the prices a day earlier. The leading alternate coins' rally comes amidst the Goerli Testnet merge going live successfully on Wednesday. Ethereum watchers are expecting The Merge, which would transition Ethereum from a Proof of Work to a Proof of Stake consensus algorithm, to take place in September without further delays.

Ether traded between $1,927 and $1,809 in the past 24 hours. 61 percent of all Ethereum holders are in the money at current prices. Ethereum now ranks 43rd overall in the global ranking of all assets according to market capitalization as per companiesmarketcap.com.

3rd ranked Tether (USDT), traded at $1 in the past 24 hours. 4th ranked USDCoin (USDC), traded between $1.00 and $0.9996 in the past 24 hours.

5th ranked BNB (BNB) gained a little less than a percent overnight. 6th ranked XRP (XRP) and 7th ranked Cardano (ADA) added close to 2 percent.

Binance USD (BUSD), ranked 8th overall traded between $1.00 and $0.9994.

9th ranked Solana (SOL) rallied 6 percent in the past 24 hours. 10th ranked Polkadot (DOT) also rallied more than 2 percent in the past 24 hours.

Meanwhile, Bloomberg has reported that the US Supreme Court has refused to fast track Coinbase arbitration dispute. The court reportedly denied the cryptocurrency exchange platform's requests for the justices to intervene in the cases and put proceedings on hold while it fights to settle the litigation out of court. Coinbase, the largest crypto exchange in the U.S. recently landed under the scrutiny of the SEC for allegedly listing securities over its platform. In a related development, Coinbase has also confirmed that it was served investigative subpoenas and requests from the U.S. SEC regarding its listing process and different products (including staking products) and operations.

In another regulatory move, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have reportedly joined hands to ask hedge funds to capture digital assets in regulatory reporting in Form PF, The Wall Street Journal has reported. The Form PF is designed to help regulators spot bubbles and other potential stability risks within the private funds ecosystem that manages money for wealthy individuals and institutions.

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