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Cryptocurrency market stable awaiting US inflation data
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(CoinDesk)
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Cryptocurrency prices did not change much during the European morning, with traders likely holding their ground as they awaited the latest US inflation data. The release of personal consumption expenditure (PCE) data is scheduled for 8:30 am EST (12:30 pm UTC) and will offer the latest clues on the Fed’s next moves on interest rates. At the time of writing, Bitcoin is trading at $68,100, up approximately 0.4% over the past 24 hours. The largest digital asset marketplace, as measured by the CoinDesk 20 Index (CD20)it grew just under 0.5%, with most of its voters showing changes of less than 1% in either direction.
The Donald Trump-themed meme coin, TRUMP, collapsed on Thursday after the former president was found guilty of falsification of company documents. The token plunged as much as 35% following the verdict. Meanwhile, Jeo Boden, a meme coin inspired by President Joe Biden, rose 20%. TRUMP, however, soon recovered, with a rally of almost 50% to just under 17 dollars, even higher than before the verdict. according to CoinGecko data. TRUMP is currently priced at $14.39, up more than 11% in the last 24 hours. On Polymarket, the blockchain-based prediction market, traders continued to bet on Trump’s victory over Biden in the November election. Trump is well ahead – with a 56% chance of victory, compared to Biden’s 38% – even after the verdict.
Brad Garlinghouse, CEO of Ripple predicts more exchange-traded funds will list in the United States following the expected approval of a spot ether ETF. It’s “inevitable” that there will be an ETF tracking Ripple’s XRP and equivalent products for SOL and ADA, Garlinghouse said at Consensus 2024 in Austin, Texas. She added that there will be a significant regulatory process before they are approved, but ultimately it will be “speed bumps.” Garlinghouse also criticized the SEC for its approach to cryptocurrencies. “[SEC Chair] Gary Gensler was called to Congress and when asked if ether is a security, he did not answer the question. However, he insists that the rules are very clear and do not need updating,” he said.
Chart of the day
(CoinGlass)
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The notional open interest on Binance SHIB futures, which are 1,000 SHIB per contract, has crossed the $100 million mark.
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Historically, this has been a contrary indicatorpaving the way for notable price drops in bitcoin and the broader market.
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Source: CoinGlass
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-Omkar Godbole