Cryptocurrencies declined more than 4 percent in the past 24 hours as markets brace for a slew of interest rate decisions and key economic data releases.
The Fed’s interest rate review is due on Wednesday whereas Bank of England and European Central Bank would announce decisions on Thursday. The consumer price as well as producer price inflation readings due from the U.S. before the Fed’s monetary policy decision have also added to the anxiety.
Overall crypto market capitalization is currently at $1.56 trillion versus $1.64 trillion a day earlier.
Bitcoin dropped 4.5 percent overnight but is still holding on to weekly gains of half a percent. BTC ranged between $44,034.62 and $41,329.86 in the past 24 hours and is currently trading at $41,882.77.
Ethereum too dropped 5.5 percent overnight to trade at $2,221.54. Ether has shed 0.2 percent on a weekly basis. The 24-hour trading range was between $2,376.75 and $2,171.60.
40th ranked Injective (INJ) topped overnight gains with a surge of more than 20 percent. 29th ranked Immutable (IMX) has also added more than 10 percent in the past 24 hours.
43rd ranked FTX Token (FTT), 93rd ranked Blur (BLUR) and 63rd ranked ORDI (ORDI) have all dropped more than 10 percent in the past 24 hours.
Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed inflows of $42.8 million for the week ended December 8. Month-to-date flows stood at $72 million whereas year-to-date flows increased to $1.88 billion.
Bitcoin products recorded inflows of $19.8 million. Ethereum-based products recorded inflows of $9.7 million. Solana products recorded inflows of close to $3 million. Short Bitcoin products recorded inflows of $8.6 million.
The country-wise analysis shows inflows of $29.3 million to Germany, $14.3 million to Switzerland, $14.2 million to United States and $4.5 million to Canada.
Cumulative AUM stood at $52.5 billion of which $38.6 billion is in United States. Canada follows with AUM of $3.6 billion. Germany, Sweden and Switzerland account for AUM of close to $3 billion.
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