Cryptocurrencies fell over the past 24 hours on concerns over the release of key economic data later in the week. The updates relate to the labor market, inflation and manufacturing activity, which have a major impact on interest rate decisions.
The US Bureau of Labor Statistics is due to release its July job vacancy and labor turnover survey estimates Tuesday morning. A key indicator of the strength of the job market is the number of job vacancies, which fell to 9.47 million from 9.58 million in June.
PCE-based inflation readings, the Fed’s preferred indicator of inflation, expected on Thursday are also likely to influence potential Fed monetary policy strategies.
The markets are expecting the USA Business 170,000 new jobs are said to have been added in August, up from 187,000 in the previous month. This and other indicators are expected to shed light on the resilience of the job market in the US Bureau of Labor Statistics’ nonfarm payrolls update due Friday.
Inflation updates from Germany, France and the Eurozone as well as PMI readings from China are also due later in the week.
The total crypto market cap is stable at $1.05 trillion.
Bitcoin (BTC), the leading cryptocurrency, is down 0.87 percent overnight to trade at $25,969.18. The 24-hour trading range was between $26,198.58 and $25,912.63. Since the beginning of the year, growth has fallen to 56 percent.
Ethereum has traded between $1,660.83 and $1,638.13 for the last 24 hours. Currently, the price is changing hands at $1,640.63 after falling more than 1 percent overnight. Since the beginning of the year, the increase has been a little less than 37 percent.
Bitcoin dominates 48.29 percent of the total crypto market, followed by Ethereum accounting for 18.85 percent.
The BNB (BNB) at No. 4 fell 0.15 percent overnight. The loss of almost 11 percent suffered since the beginning of the year has yet to be made up.
Fifth-ranked XRP (XRP) is down 0.82 percent over the past 24 hours. Year-to-date gains have fallen to 52 percent, less than the gains Bitcoin posted in 2023.
Cardano (ADA) at No. 7 is down 0.70 percent overnight. Since the beginning of the year, however, growth has been almost 5 percent.
8th-ranked Dogecoin (DOGE) also slid off the zero line, posting a 0.24 percent decline. The meme crypto is trading with losses of more than 10 percent in 2023.
Ninth-placed Solana (SOL) is down 2.3 percent overnight and 4 percent over the past week. In 2023, however, it has increased by more than 100 percent.
Ten-ranked TRON (TRX) slipped 1.75 percent overnight. TRX has gained around 39 percent in 2023.
43rd-placed XDC Network (XDC) topped the price charts with an overnight rally of more than 17 percent.
The 92nd Pepe (PEPE) was the biggest laggard, losing more than 7 percent overnight. Sui (SUI) at No. 84 fell 6.3 percent, followed by Hedera (HBAR) at No. 30, which fell 5.2 percent.
Cryptocurrency exchange Binance announced the removal of 39 liquidity pools on Binance Liquid Swap on Monday. These include Bitcoin (BTC), Cardano (ADA), Polygon (MATIC), TRON (TRX), Avalanche (AVAX), Polkadot (DOT), Filecoin (FIL) and Pepe Coin (PEPE). The exchange has clarified that the removal of the above liquidity pools will not impact trading of the relevant pairs on Binance Spot. Binance also clarified that users holding positions in the aforementioned liquidity pools would automatically receive their deposited assets in their spot wallets on a specific date.
Meanwhile, on Monday, the Securities and Exchange Commission indicted Impact Theory, LLC, a media company Entertainment Los Angeles-based company conducting an unregistered offering of crypto-asset securities in the form of purported non-fungible tokens. The SEC’s order notes that the NFTs offered and sold to investors were investment contracts and, therefore, securities. The SEC has claimed that the offering raised Impact Theory approximately $30 million from hundreds of investors, including investors across the United States.
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