Cryptos Extend Gains Ahead Of CPI Data

Cryptocurrencies rallied close to 1.5 percent in the past 24 hours ahead of the release of the CPI data from the U.S. on Thursday. Producer price inflation readings are due on Friday.

World markets expect consumer price inflation in the U.S. to have edged up to 3.3 percent in July, from 3 percent a month earlier.

Crypto markets continued to witness a bullish sentiment, triggered by the banking sector downgrades in the U.S. a day earlier.

Improvement in the risk-on sentiment dragged down the U.S. dollar and the Dollar Index, adding support to cryptocurrency prices.

Bitcoin rallied 1.8 percent overnight to trade at $29,879.96. Weekly gains are close to 1.6 percent whereas annual gains exceed 80 percent. BTC breached the $30k level after a gap of a fortnight. The 24-hour trading range was between a high of $30,176.80 and a low of $29,335.86.

Ethereum too added 1.4 percent overnight and is currently changing hands at $1,860.19. Ether traded between $1,873.85 and $1,834.62 over the past 24 hours.

Among the top 10 cryptocurrencies, 9th ranked Solana (SOL) topped overnight gains with a rally of 6.6 percent. SOL has added 5.6 percent in the past week and 149 percent in 2023. SOL also tops year-to-date gains among the top 10 cryptocurrencies.

Down the hierarchy, 14th ranked Shiba Inu (SHIB) dazzled with a 4.1 percent surge. SHIB topped weekly gains as well, with a surge of more than 17 percent. The meme crypto has added a little over 20 percent in 2023.

Shiba Inu’s rally comes ahead of the Shibarium launch expected next week. The upcoming layer-2 blockchain network built on Ethereum for Shiba Inu is expected to transform Shiba Inu, into a complete ecosystem.

Also, BitPay, a provider of Bitcoin and cryptocurrency payment services, had on Tuesday announced the launch of BitPay Bill Pay, a new solution that would allow cryptocurrency users to pay bills directly from their crypto wallets. The cryptocurrencies enabled for the payment include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), ApeCoin (APE), Polygon (MATIC), Dai (DAI), USD Coin (USDC), Binance USD (BUSD), Wrapped Bitcoin (WBTC), Pax Dollar (USDP), Gemini Dollar (GUSD) and Euro Coin (EUROC).

33rd ranked Aptos (APT) was the biggest gainer among the top 100 cryptocurrencies, adding 17 percent in the past 24 hours. The surge followed Aptos Labs announcing a collaboration with tech-giant Microsoft.

74th ranked Pepe (PEPE) also added more than 13 percent overnight.

The meme-category cryptocurrencies added 3.9 percent overnight, powered by big gains in SHIB and PEPE. The category currently commands a market capitalization of $18.4 billion and a crypto market dominance of 1.54 percent.

46th ranked XDC Network (XDC) was the greatest laggard among the top 100 cryptocurrencies, declining close to 9.4 percent.

Meanwhile Luxembourg-based crypto exchange Bitstamp has alerted its U.S. users that Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), The Sand Box (SAND) and Solana (SOL) would not be available for trading from August 29.

Markets are also anticipating high crypto market volatility ahead of the SEC’s verdict on the Bitcoin ETF application filed by Ark Invest.

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