Cryptocurrencies have gained close to a quarter percent in the past 24 hours amidst the release of U.S. labor market indicators for the month of July.
Data released just a while ago by the U.S. Bureau of Labor Statistics showed an addition of 187 non-farm payrolls in the month of July, rising from the downwardly revised 185 thousand in the previous month. Markets were expecting a lower addition of 200 thousand as compared to the original reporting of 209 thousand. Unemployment rate which was seen steady at 3.6 percent has decreased to 3.5 percent. Average hourly earnings on a year-on-year basis remained steady at 4.4 percent. Markets had expected the same to fall to 4.2 percent.
The job market update assumes significance in view of the Fed reiterating a data-driven approach to monetary policy. The next review by the Federal Reserve is due on 20 September 2023.
Going by the CME FedWatch tool, markets overwhelmingly expect the Fed to pause on rate hikes. At current levels of market expectations, the probability for a further rate hike of 25 basis points is 14 percent in September, 26 percent in November, 23 percent in December and 15 percent in January.
The job market update has also expedited the U.S. dollar’s retreat, pushing the Dollar Index to 101.95, more than half a percent lower than 102.54 at close on Thursday.
Overall crypto market capitalization is currently at $1.17 trillion, versus $1.16 trillion a day earlier.
Bitcoin (BTC), the leading cryptocurrency has added 0.5 percent overnight to trade at $29,253.87. The 24-hour trading range was between $29,375.71 and $29,103.05. Year-to-date gains exceed 75 percent.
Ethereum traded between $1,856.41 and $1,828.88 in the past 24 hours. It is currently changing hands at $1,843.63, having added 0.54 percent overnight. Year-to-date gains are a little over 53 percent.
Bitcoin dominates 48.67 percent of the overall crypto market, followed by Ethereum which commands an 18.94 percent market share.
4th ranked BNB (BNB) gained 0.71 percent in the past 24 hours and 0.3 percent in the past week. The cryptocurrency is currently changing hands at $242.42. With losses of 0.85 percent, BNB is the highest ranking crypto to trade with year-to-date losses.
5th ranked XRP (XRP) edged lower overnight. It is yet to recoup 6.6 percent losses made over the past week. Year-to-date gains however exceed 95 percent.
7th ranked Dogecoin (DOGE) has added 1.3 percent overnight. It is however saddled with losses of more than 3 percent over the past week.
8th ranked Cardano (ADA) edged up in overnight trade but is yet to overcome losses of more than 5 percent over the past week.
9th ranked Solana (SOL) has gained 2.3 percent overnight but is yet to recover losses of more than 5 percent over the past week. Solana tops overnight and year-to-date gains among the top 10 non-stablecoin cryptocurrencies.
10th ranked TRON (TRX) has gained 0.9 percent overnight. The cryptocurrency has lost 7.5 percent over the past week.
80th ranked Casper (CSPR) led overnight gains with a rally of more than 8 percent. 81st ranked Frax Share (FXS) has also added more than 7 percent overnight.
43rd ranked XDC Network (XDC) and 48th ranked Stacks (STX) have declined more than 4 percent in the past 24 hours.
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