Cryptos Subdued Ahead Of PCE Data

Cryptocurrencies mirrored the muted movement in stock market, staying close to the flatline. Anxiety over the likely course of the monetary policy in the U.S. deepened ahead of the release of the PCE-based inflation readings, considered to be the Fed’s preferred inflation reading.

Personal Income is seen rising by 1 percent in January versus 0.2 percent in December. Personal Spending is seen gaining by 1.3 percent versus the decline of 0.2 percent in the previous month. The Core PCE Price Index is seen at 0.4 percent versus 0.3 percent earlier. The less-than-expected decrease in CPI-based readings for the month of January had renewed Fed fears and dampened the prices of risk assets including cryptocurrencies.

Overall cryptocurrency market capitalization edged up 0.07 percent in the past 24 hours and is currently at $1.069 trillion.

Bitcoin is trading at $23,920.22, up 0.36 percent on an overnight basis. BTC ranged between $24,177.57 and $23,779.49 in the past 24 hours.

Ethereum gained 0.39 percent in the past 24 hours and is currently trading at $1,648.51. ETH ranged between $1,666.13 and $1,641.97 in the past 24 hours.
4th ranked BNB (BNB) gained 0.44 percent overnight.

6th ranked XRP (XRP) shed 0.43 percent in the past 24 hours. 7th ranked Cardano (ADA) lost a little more than 1 percent whereas 8th ranked polygon (MATIC) lost a little more than 2 percent. 10th ranked Dogecoin (DOGE) is also down 0.60 percent.

89th ranked BinaryX (BNX) is the biggest gainer with an overnight rally of close to 30 percent. 87th ranked BinaryX (old) (BNX) also added more than 24 percent overnight. Binary X platform is the project associated with CyberDragon, a play-to-earn game built on Binance Smart Chain and BNX is the governance token. The immersive decentralized gaming platform recently released another game in the world of CyberDragon called Boss Raid that rewards players with loads of BNX for defeating in-game Bosses.

52nd ranked Stacks (STX) shed more than 14 percent overnight but is holding on to gains of 127 percent in the past week and 255 percent in 2023. 95th ranked Ankr (ANKR) also lost close to 12 percent overnight.

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