Cryptos Muted As U.S. CPI Fails To Slide As Expected

Cryptocurrencies are trading close to the flatline amidst consumer price inflation in the U.S. not cooling as expected.

Markets had expected headline year-on-year CPI to decline to 3.6 percent. Instead, it remained steady at 3.7 percent.

Markets had also expected month-on-month CPI to decline to 0.3 percent, from 0.6 percent earlier. Instead, it dropped only to 0.4 percent.

The disappointment has caused markets to expect the Fed to keep interest rates higher for a longer period so that price pressures can be forcefully contained.

The sentiment reflected in markets worldwide. Wall Street closed with losses on Thursday. Nasdaq Composite shed 0.63 percent to close at 13,574.22 whereas the Dow Jones Industrial Average slipped 0.51 percent to finish trading at 33,631.14. Equity markets in Asia closed on a mostly negative note. European benchmarks are trading in the red zone. Wall Street Futures are currently trading directionless.

The Dollar Index which measures the Dollar’s strength against a basket of 6 currencies gained 0.66 percent on Thursday. It has however edged 0.03 percent lower on Friday and remains firm near 106.56.

Overall crypto market capitalization is almost steady at $1.05 trillion.

Bitcoin is currently trading at $26,810.84, after touching a high of $26.919.04 and a low of $26,558.32 earlier in the trade. BTC recorded an overnight drop of 0.02 percent, a weekly loss of 3.2 percent and a year-to-date gain of more than 61 percent.

Ethereum is trading at $1,546.23, having lost 0.3 percent in the past 24 hours. The 24-hour high was $1,553.51 whereas the 24-hour low was $1,523.24. Weekly losses exceed 5 percent and year-to-date gains exceed 28 percent.

BNB (BNB), XRP(XRP), Solana (SOL), Cardano (ADA) and Dogecoin (DOGE) are trading in mildly positive territory.

94th ranked Loom Network (LOOM) added more than 22 percent in the past 24 hours. Weekly gains have risen to 62 percent whereas year-to-date gains now exceed 550 percent. LOOM, the native coin of the Loom Network blockchain is the biggest gainer in the overnight, weekly and year-to-date horizons.

60th ranked THORChain (RUNE), which was the greatest laggard a day earlier, rebounded more than 10 percent, curtailing weekly losses to less than 9 percent. Year-to-date gains still exceed 30 percent.

41st ranked Mantle (MNT) is the greatest laggard, shedding more than 4 percent in the past 24 hours.

Meanwhile, the Commodity Futures Trading Commission on Thursday announced the filing of a complaint in the U.S. District Court for the Southern District of New York against Stephen Ehrlich, the former chief executive officer of now-bankrupt entities Voyager Digital Ltd., Voyager Digital Holdings, Inc., and Voyager Digital, LLC. The complaint charges Ehrlich with fraud and registration failures in connection with the Voyager digital asset platform and Voyager’s operation of an unregistered commodity pool. The CFTC alleges that Ehrlich and Voyager falsely touted the Voyager platform as a “safe haven” to earn high yield returns to induce customers to purchase and store digital asset commodities.

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