Cryptocurrency markets experienced a slight recovery, fueled by renewed optimism surrounding a potential Fed rate cut in December. The Federal Reserve is set to announce its next interest rate decision in just 15 days. The FOMC’s upcoming meeting on December 10 presents a critical decision point: will they opt for another interest rate cut to bolster the labor market, or will they choose to maintain the status quo in an effort to combat inflationary pressures? In light of the recent FOMC minutes revealing a split within the Fed, dovish remarks from Fed officials, coupled with signs of economic weakness, have heightened expectations for rate cuts over the past week. Sources indicates that the market currently anticipates an 80.9 percent chance of a quarter percentage Fed rate cut in December, down from 84.4 percent just a day prior and significantly higher than the 50.1 percent recorded a week ago. The crypto market capitalization stands at $2.99 trillion, reflecting an overnight increase of 1.78 percent. The 24-hour trading volume has surged by 11.5 percent, reaching a total of $150 billion. In the latest market update, 66 of the top 100 cryptocurrencies are experiencing overnight gains exceeding 1 percent, while 9 of the top 100 cryptocurrencies have seen declines of more than 1 percent in the past 24 hours. In the current landscape of the top 10 non-stablecoin cryptocurrencies, XRP, BNB, TRON, Hyperliquid, and Bitcoin Cash are showcasing year-to-date gains. Conversely, Bitcoin, Ethereum, Solana, Dogecoin, and Cardano are experiencing year-to-date losses.
The cryptocurrency market is experiencing a rebound, coinciding with a slight decline in the dollar and Gold Futures. The Dollar Index, which gauges the dollar’s strength against a basket of six currencies, is currently positioned at 100.07, compared to 100.14 at the previous close. Gold Futures for February settlement are presently trading at $4,162.95 per troy ounce, reflecting an overnight decline of 0.17 percent. Bitcoin has experienced a 1.5 percent increase over the last 24 hours, now trading at $87,219.07. The current price sits approximately 31 percent beneath the all-time high of $126,198.07, which was reached on October 7. The original cryptocurrency is facing a decline of 4.5 percent over the past week and a significant drop of 6.6 percent year-to-date. Recent data indicates that Bitcoin Spot ETF products in the U.S. experienced outflows totaling $151 million on Monday, contrasting with inflows of $238 million recorded on Friday. Market leader BlackRock’s iShares Bitcoin Trust saw significant outflows totaling $149 million, making it the primary contributor to the overall outflows. Ethereum experienced a notable increase of 3.5 percent overnight, now trading at $2,892.84. Prices have plummeted 42 percent from their all-time high, leaving the leading alternate coin grappling with weekly losses of 5.3 percent and year-to-date losses of 13.2 percent. Ethereum Spot ETF products saw a surge in inflows, rising to $97 million on Monday, up from $56 million on Friday. Market leader BlackRock’s iShares Ethereum Trust ETF saw inflows of $93 million, capturing the majority of the total inflows.
Bitcoin has fallen to the 9th position, while Ethereum has ascended to the 43rd position in the global ranking of all assets based on market capitalization, according to companiesmarketcap.com. XRP, currently ranked 4th, surged by 7.5 percent overnight, bringing its trading price to $2.19. 5th ranked BNB saw a 1.2 percent increase overnight, bringing the price down to $852.09. The price of 6th ranked Solana surged by 5.4 percent overnight, reaching $135.99. TRON has secured the 8th position overall but experienced a decline of 1.5 percent overnight, now trading at $0.2722. Dogecoin, currently ranked 9th, saw a 2.7 percent increase overnight and is now trading at $0.1484. Cardano, currently holding the 10th rank, saw a 2.5 percent increase overnight, bringing its trading price to $0.4161. In a remarkable overnight performance, 53rd ranked Kaspa led the pack among the top 100 cryptocurrencies, experiencing a significant surge of 21.8 percent. Zcash, currently sitting at the 15th rank, experienced a notable downturn, with a drop of 5.8 percent overnight. Markets have been processing the CoinShares Digital Asset Fund Flows Weekly Report, which disclosed outflows totaling $1.94 billion for the week ending November 21. This marks the third largest outflow run since 2018 and represents the fourth consecutive week of outflows. In the latest report, Bitcoin led the way in asset flows, while iShares ETF emerged as the top provider. Additionally, the United States dominated flows by country over the past week. Year-to-date inflows have dropped to $44.4 billion, while assets under management have fallen to $167.3 billion.
Bitcoin-based products experienced significant outflows totaling $1.3 billion, while Ethereum-based products saw outflows amounting to $589 million. Outflows from Solana-based products reached a significant $156 million. XRP-based products defied the market trend, seeing inflows of $89 million, while Short Bitcoin products followed with inflows of $19 million. Bitcoin products represent an impressive AUM of $131.3 billion. The assets under management for Ethereum-based products reached a notable $22.5 billion. The provider-wise analysis of flows indicates that the majority of the outflows are attributed to iShares ETFs, which experienced outflows totaling $1.6 billion. Coinshares Digital Securities experienced outflows totaling $148 million. The Fidelity Wise Origin Bitcoin Fund experienced outflows totaling $116 million. Grayscale Investments, however, defied the trend with inflows totaling $114 million. iShares ETF leads the pack with a staggering cumulative AUM of $75.1 billion. Despite year-to-date outflows surpassing $3.1 billion, Grayscale Investments maintains an impressive AUM of $24.1 billion. The Fidelity Wise Origin Bitcoin Fund boasts an impressive AUM of $16.7 billion. Alongside Grayscale Investments, ARK 21Shares has similarly experienced negative flows in the year-to-date period. The United States experienced outflows totaling $1.7 billion during the period, while Germany saw outflows of $118 million. Switzerland experienced outflows totaling $80 million. Sweden has reported outflows totaling $27 million. Out of the total AUM of $167 billion, a significant $117 billion is located in the United States. Switzerland follows closely with an AUM of $5.9 billion, while Germany holds an AUM of $5.3 billion. Canada boasts an impressive AUM of $5.1 billion. Sweden, Hong Kong, and Brazil have experienced net outflows throughout the year-to-date period.