Cryptocurrencies traded below the flatline amidst weak economic data from Europe and China that exacerbated the risk-off sentiment and renewed the strength of the U.S. Dollar.
The Caixin PMI reading for China’s services sector showed growth at an 8-month low. PMI readings from Europe also disappointed.
The Dollar Index or DXY, a measure of the U.S. dollar’s relative strength against a basket of 6 currencies is currently at 104.62, rising 0.37 percent from the previous close of 104.24.
Overall crypto market capitalization is currently steady at $1.04 trillion.
Bitcoin is currently changing hands at $25,773.40, registering an overnight loss of 0.45 percent. The leading cryptocurrency has lost almost 1 percent over the past week. Year-to-date gains however exceed 55 percent.
Ethereum edged up 0.01 percent overnight to trade at $1,633.46. Losses are 0.6 percent over the past week. The leading alternate coin has gained more than 36 percent in 2023.
Bitcoin dominates 48.22 percent of the overall crypto market followed by Ethereum which accounts for 18.88 percent.
Among the top 10 non-stablecoin cryptocurrencies, Toncoin (TON) topped losses with a decline of 6.9 percent.
Dogecoin (DOGE) topped gains with an uptick of 1.2 percent.
49th ranked Stacks (STX) surged 6.8 percent. 62nd ranked THORChain (RUNE) and 97th ranked SafePal (SFP) have both added more than 4 percent.
34th ranked Mantle (MNT) declined 4.3 percent followed by 69th ranked IOTA (MIOTA) that dropped 3.3 percent.
Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed outflows of $11 million for the week ended September 1. Bitcoin products recorded inflows of $3.8 million whereas Short Bitcoin products recorded outflows of $3.3 million. Ethereum recorded outflows of $3.2 million.
The country-wise analysis shows outflows of $26.9 million in Germany and inflows of $14.8 million in Switzerland. Cumulative AUM stood at $31.5 billion.
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