The global cryptocurrency market cap now stands at $2.17 trillion, reflecting a 1.53% increase over the last day, according to recent data from CoinMarketCap. Bitcoin (BTC) has been trading within the range of $61,700 to $62,371 in the past 24 hours. As of 09:30 AM (UTC) today, the price of Bitcoin is at $62,051, noting a slight decline of -0.30%.
Most of the major cryptocurrencies ranked by market cap are exhibiting mixed trading patterns. Leading the market in terms of performance are OG, CVC, and ATM, which have surged by 59%, 28%, and 28%, respectively. Highlights of the day include the following key stories: The U.S. spot Bitcoin Exchange-Traded Funds (ETFs) have witnessed a significant outflow of $300 million over the week, concluding a three-week trend of inflows.
There are concerns that the recent volatility in Bitcoin's price may lead to liquidations surpassing $150 million. Strategists at Forex.com are projecting a rise in gold prices for the upcoming week. In related news, Societe Generale points out that the energy sector is influencing the divergence observed in Producer Price Index (PPI) and Consumer Price Index (CPI) expectations.
Meanwhile, former President Donald Trump is promising to commute Ross Ulbricht’s sentence should he return to the Presidency. Speculation is rife that the Federal Reserve is likely to trim interest rates by 25 basis points in the upcoming November meeting. The Dollar Spot Index has recently surged by 1.6%, marking its largest weekly gain since September 2022.
Analysts are noting an increase in investor confidence regarding anticipated interest rate cuts of 25 basis points by the Federal Reserve in the months of November and December. Economists are closely analyzing the U.S. employment report as the Fed continues its fight against inflation. The Bitcoin market presently reflects a long-term consolidation phase reminiscent of the 2019-2020 period.
Moreover, social media platforms are increasingly influencing financial markets, leading to shifts in trading behaviors. The President of the Chicago Federal Reserve, Austan Goolsbee, has commended the latest nonfarm payrolls report, suggesting potential rate cuts in the near future. Grayscale has noted that the bullish jobs report could ignite a rally in Bitcoin, especially against the backdrop of anticipated Fed rate cuts.
Among market movers: - ETH is currently priced at $2,423.72 (+0.15%) - BNB is at $563.2 (-0.16%) - SOL stands at $143.76 (-0.64%) - XRP is trading at $0.5308 (-0.52%) - DOGE comes in at $0.10926 (-0.41%) - TRX sits at $0.1542 (-0.26%) - TON is at $5.197 (-3.69%) - ADA is trading at $0.3501 (-1.32%) - AVAX is priced at $26.11 (+0.19%) - SHIB is currently at $0.00001741 (-1.64%) The top gainers on Binance today include: - OG/USDT with an impressive gain of (+59%) - CVC/USDT showing a rise of (+28%) - ATM/USDT also reflecting an increase of (+28%)..