Cryptos Muted As Inflation Data Looms

Cryptocurrencies are trading close to the flatline amidst anxiety ahead of the release of the CPI data from the U.S. on Wednesday.

Markets are expecting the headline CPI to fall to 3.1 percent, from 4 percent in the previous month. Core inflation is seen falling to 5 percent, from 5.3 percent earlier.

The overall crypto market capitalization is steady at $1.18 trillion versus the levels a day earlier.

Bitcoin (BTC), the leading cryptocurrency has shed 0.20 percent overnight and 1.4 percent over the past week to trade at $30,258.39. The 24-hour trading range was between $30,427.59 and $29,985.39. Year-to-date gains exceed 81 percent.

Ethereum traded between $1,872.69 and $1,848.78 in the past 24 hours. It is currently changing hands at $1,865.72, having lost 0.30 percent overnight and 5.3 percent over the past week. Year-to-date gains have fallen to 55 percent.

Bitcoin dominates 49.9 percent of the overall crypto market, followed by Ethereum which commands a 19.1 percent market share.

4th ranked BNB (BNB) gained 3.3 percent in the past 24 hours but is still grappling with weekly losses of 2.5 percent. The cryptocurrency is currently changing hands at $242.67. BNB is the highest ranking crypto to trade with overnight gains. With losses of 0.68 percent, it is also the highest ranking crypto to trade with year-to-date losses.

6th ranked XRP (XRP) added 0.56 percent overnight. It is however yet to recoup 2.2 percent losses made over the past week.

7th ranked Cardano (ADA) has lost 0.2 percent overnight. It is also saddled with losses of more than 2 percent over the past week.

8th ranked Dogecoin (DOGE) lost 1.82 percent overnight and 4.2 percent over the past week. It is still saddled with year-to-date losses of close to 8 percent.

9th ranked Solana (SOL) has lost 4 percent overnight but is still holding on to gains of more than 8 percent over the past week.

10th ranked Litecoin (LTC) has dropped 1.8 percent overnight and 13 percent over the past week.

19th ranked Wrapped Bitcoin (WBTC) topped the price charts with an overnight rally of 5.8 percent. 80th ranked Compound (COMP) has also gained 5.3 percent.

99th ranked Bone ShibaSwap (Bone) is the biggest laggard, shedding more than 7 percent in the past 24 hours.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed inflows of $136.1 million for the week ended July 7. Bitcoin products constituted bulk i.e., $132.8 million of the inflows. Ethereum recorded inflows of $2.9 million.

The country-wise analysis shows inflows of $61.5 million in Germany, 55.9 million in the United States and 11.0 million in Canada. Cumulative AUM stood at $36.70 billion.

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