Cryptocurrency Market Update: Gains Recorded in Past 24 Hours Amidst Positive Market Reactions
Cryptocurrency markets saw gains in the past 24 hours as Bitcoin Spot ETF products in the U.S. received strong inflows, and Fed Chair Jerome Powell’s Senate testimony hinted at potential interest rate cuts. However, the selling of seized Bitcoin in Germany limited the gains.
Data from Farside Investors showed net inflows of $216 million into Bitcoin Spot ETF products on Tuesday, contributing to a month-to-date total of nearly $750 million. Powell’s comments on the possibility of interest rate cuts were well received by digital asset markets, especially as the release of June CPI data approached.
Market participants are eagerly awaiting the release of the June CPI data, with expectations of a decline in annual consumer price inflation to 3.1 percent. The potential for interest rate cuts could reduce the opportunity cost of holding cryptocurrencies, which typically do not bear interest.
As a result of the positive market sentiment, overall crypto market capitalization increased to $2.14 trillion, with Bitcoin dominating 53.5 percent of the market share. Ethereum followed with 17.5 percent, while stablecoins and altcoins made up the remaining market share.
Bitcoin is currently trading at $57,840.53, with a 1 percent increase overnight but weekly losses exceeding 4 percent. Ethereum rallied 1.1 percent overnight but has slipped 6.1 percent over the past week.
Other top cryptocurrencies like BNB, Solana, XRP, TON, Dogecoin, and Cardano also saw fluctuations in their prices over the past 24 hours, with some experiencing weekly losses and others showing gains.
Mog Coin, a cat-themed meme coin ranked 94th overall, topped overnight gains with a surge of close to 15 percent.
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