Cryptos Cautious As U.S. CPI Data Looms

Cryptocurrencies declined around 1.7 percent in the past 24 hours amidst caution ahead of the release of the CPI numbers from the U.S. on Tuesday.

According to latest consensus estimates, CPI for the month of November is seen falling to 7.3 percent, from 7.7 percent in the previous month. Core inflation – the Fed’s preferred inflation gauge that excludes the volatile food and fuel prices – is seen falling to 6.1 percent from 6.3 percent in the previous month.

Though analysts forecast the CPI and core CPI to fall from the previous month’s levels, anxiety is writ large as a series of data releases from the U.S. in the past week indicated a strong economy and a resilient job market. The strong dataset is seen stalling the prospect of the Fed moderating the interest rate increases, which the Fed Chair Jerome Powell recently announced.

Sentiment also remained muted amidst a Reuters report that said the U.S. Dept of Justice was probing Binance and its top executives including Changpeng Zhao (CZ).
Overall crypto market capitalization dropped to $842 billion, from $856 billion a day earlier.

Market leader Bitcoin is trading at $16,998.75, down 0.91 percent on an overnight basis. Market cap of the cryptocurrency which dominates around 38.8 percent of the overall cryptocurrency market, dropped to $327 billion, versus $329 billion a day earlier.

Rival contender Ethereum is currently exchanging hands at $1,250.11, down 1.7 percent on an overnight basis. Market cap of the cryptocurrency which dominates around 18.2 percent of the overall cryptocurrency market, dropped to $153 billion, versus $155 billion a day earlier.

4th ranked BNB (BNB) dropped 4.5 percent in the past 24 hours amidst reports that Binance was facing a probe by the U.S. Dept of Justice.

8th ranked Dogecoin (DOGE) dropped more than 7 percent overnight.

25th ranked Toncoin (TON) is the top gainer with a 5.6 percent overnight rally.

47th ranked Chiliz (CHZ), 42nd ranked Flow (FLOW), 64th ranked Aptos (APT) and 76th ranked Osmosis (OSMO) have declined more than 8 percent in the past 24 hours.

Stablecoin USDD (USDD), ranked 55th overall, traded between $0.9788 and $0.9673 in the past 24 hours, diverging from the $1 peg.

Besides the CPI data, crypto markets would also be closely analyzing the details of Sam Bankman-Fried’s testimony before the House Financial Services Committee on Tuesday.

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