Crypto Markets Muted Ahead Of An Eventful Week

Cryptocurrencies witnessed lackluster trading, early on Monday, beginning a new week that would see the release of FOMC minutes as well as the U.S. CPI for the month of September. Anxiety over monetary policy tightening lingers as recent data reinforced the strength of the labor market in the U.S., given the higher-than-expected non-farm payrolls addition of 263 thousand and an improved unemployment rate of 3.5 percent.

The FOMC minutes to be released on Wednesday is expected to throw light on how much pain the Fed would be ready to endure to ensure that inflation returns to the target level. The minutes would be an important base for shaping expectations on the Fed’s interest rate trajectory.

In data to be released on Thursday, annual inflation in the U.S. is seen cooling to 8.1 percent, from 8.3 percent in the month of August. Core inflation is however seen rising to 6.5 percent from 6.3 percent in the previous month. Market’s anxiety stems from the fact that core inflation, which excludes the more volatile food and fuel price effects, is more relied upon by the Fed than the headline inflation reading.

The renewed Fed fears lifted the Dollar, and the Dollar Index is trading 0.28 percent higher at 113.11.

Overall crypto market capitalization is currently at $940 billion, recording an overnight decline of 0.50 percent. Less than 20 percent of the top 20 cryptocurrencies are trading in the green zone.

Bitcoin is trading at $19,353.01, down 0.70 percent on an overnight basis. The leading cryptocurrency is holding on to weekly gains of 0.82 percent. BTC traded between $19,542.54 and $19,162.31 in the past 24 hours.

Ethereum is trading 0.96 percent lower on an overnight basis at $1,312.14. Gains made in the past week exceed 0.9 percent. Ethereum’s trading range in the past 24 hours was between $1,335.66 and $1,300.00.

5th ranked BNB (BNB) traded between $279.28 and $272.02 in the past 24 hours.

6th ranked XRP (XRP) edged up 0.38 percent in the past 24 hours and is the only crypto among the top 10 to trade in the overnight green zone.

9th ranked Solana (SOL) edged down 0.82 percent, whereas 8th ranked Cardano (ADA) and 10th ranked Dogecoin (DOGE) lost more than 1 percent overnight.

87th ranked TerraClassicUSD (USTC) gained 36 percent to trade at $0.04085.

59th ranked Huobi Token (HT) gained more than 18 percent overnight amidst announcement that About Capital Management (HK) Co. Ltd, a Hong Kong based-asset management firm, became the exchange’s controlling shareholder following a successful buyout deal.

78th ranked Lido DAO(LDO) that shed 5.7 percent, 44th ranked Chiliz (CHZ) that dropped 4.6 percent and 23rd ranked Ethereum Classic (ETC) that slipped 3.6 percent are the greatest laggards in overnight trade.

A big-picture view of the overall crypto market shows Bitcoin dominating 39.6 percent of the market. The Smart Contracts category led by Ethereum (ETH) is currently commanding 26.82 percent of the market. Stablecoins led by Tether (USDT), USDCoin (USDC), Binance USD (BUSD) etc. occupy 15.99 percent of the overall crypto market.

Cryptocurrencies of Centralized Exchanges add up to 6.19 percent. BNB(BNB), UNUS SED LEO (LEO), FTX Token (FTT) and Cronos (CRO) are the toppers in this category.

The DeFi category led by Dai (DAI), Avalanche (AVAX), Uniswap (UNI), Wrapped Bitcoin (WBTC) etc., commands 5.44 of the overall crypto market.

Among the remaining categories, Web 3 sums up to 2.53 percent; Research grosses 1.86 percent; NFTs account for 1.86 percent; DAO sums up to 1.67 percent; Governance grosses 1.55 percent; Memes command 1.54 percent; Decentralized Exchanges amount to 1.43 percent; Metaverse commands 1.31 percent, while Gaming follows with 1.00 percent market capitalization.

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