Cryptocurrencies declined more than 1 percent in the past 24 hours, amidst CPI readings that missed expectations. The Israel conflict which continues unabated and the murky details of wrongdoings getting exposed in the SBF trial also dampened crypto market sentiment.
Headline year-on-year CPI, which was expected to cool to 3.6 percent in September, from 3.7 percent in the previous month remained steady at 3.7 percent. The relative core inflation reading excluding the volatile food and energy prices, dropped as expected to 4.1 percent, from 4.3 percent in the previous month.
Inflation for the month of September, which was seen falling to 0.3 percent from 0.6 percent earlier, declined less-than-expected to 0.4 percent. The core component was however steady at 0.3 percent, in line with market expectations.
Details of wrong doings getting exposed as part of the SBF trial have also dampened crypto market sentiment. Caroline Ellison, the ex-CEO of Alameda Research has admitted to co-mingling FTX customer funds for Alameda’s transactions.
Overall cryptocurrency market capitalization has fallen to $1.05 trillion, from $1.06 trillion a day earlier. The 24-hour trading volume also declined 3 percent to $25.25 billion.
Bitcoin traded between $27,185.61 and $26,561.10 in the past 24 hours. BTC slumped below the $27k level for the first time since October 1, 2023. It is currently changing hands at $26,839.84, having shed 1.2 percent overnight and 3.2 percent in the past week.
Ethereum traded firmly above the $1.5k level in the past 24 hours. Ether is currently changing hands at $1,550.78. The leading alternate coin shed 1.4 percent in the past 24 hours and 5.1 percent in the past 7 days.
4th ranked BNB (BNB) declined 0.77 percent in the past 24 hours and more than 3 percent in the past week.
5th ranked XRP (XRP) declined 1.5 percent overnight and 8.3 percent in the past 7 days.
7th ranked Solana (SOL) dipped 3.4 percent in the past 24 hours and 7.9 percent over the past week.
8th ranked Cardano (ADA) dropped 0.9 percent overnight and 5.5 percent in the past 7 days.
9th ranked Dogecoin (DOGE) lost 1.3 percent in the past 24 hours and 4.8 percent over the past week.
10th ranked TRON (TRX) slipped 1.1 percent overnight and 3.8 percent in the past 7 days.
Loom Network (LOOM) that entered the top 100 cryptocurrencies gained more than 11 percent overnight and 35 percent in the past week. The cryptocurrency has gained more than 425 percent on a year-to-date basis.
61st ranked THORChain (RUNE), the native token of the THORChain decentralized liquidity protocol dropped 9 percent in the past 24 hours and 26 percent over the past week. The price movement comes amidst the Thorswap decentralized exchange, which runs on the THORChain network halting activity after revelations of FTX hack-linked trades.
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