Crypto Market Continues Its Violent Jumps, Market Cap Reaches $2.26 Trillion

Bitcoin rose to its highest level in 27 months above $64,000 a few hours ago, but collapsed to a low of $58,330 before rising again in the past few minutes of trading today, Thursday.

Data shows that over the past 24 hours, a total of $700 million in derivatives positions have been liquidated, with sell-offs losing $367.7 million and buy-offs losing $333.04 million. While the rising cryptocurrency market shows no signs of slowing down, stocks have struggled to regain their recent momentum as investors await today’s personal consumption spending report for a better picture of the inflation situation, which will provide insight into the Federal Reserve’s next move on interest rates.

The total market cap of cryptocurrencies is now $2.26 trillion, with Bitcoin’s dominance rate at 53.2%. Trading volume was around $121.90 billion in the last 24 hours. Meanwhile, Bitcoin is up 8.4% in the last 24 hours to $62,720. Ethereum jumped by about 5.6% to $3,472. Shiba Inu rose to $0.00001400, up 22% in the last 24 hours, while Dogecoin jumped by about 33% to $0.128369. Solana also jumped by about 15% to $125. Binance Coin rose by 4% to $415.

Gold Reaches These Levels Before US Inflation Data Release

Gold prices rose globally during these moments of trading, today, Thursday, as traders refrained from taking new positions ahead of key US inflation data due out later today, which could provide more clues on the Federal Reserve’s interest rate path.

US personal consumption spending inflation data – the Federal Reserve’s preferred measure of inflation – is due out at 13:30 GMT.

Federal Reserve officials said this week that there is still some time to achieve the 2% inflation target, but the door is open to cutting interest rates, which is likely to come later this year. Lower interest rates make holding non-yielding bullion more attractive. At least seven other Federal Reserve officials are scheduled to speak on Thursday and Friday. Traders have scaled back their bets to three quarter-point rate cuts in the United States in 2024, from bets of five cuts a month ago. Hopes of a first cut in May have also receded, and the cut is now expected in June. The US dollar index fell, making gold cheaper for holders of other currencies.

Gold and Dollar Now

Gold futures are up about 0.1% to $2,045 an ounce.

Spot gold is up about 0.09% to $2,036 an ounce.

On the other hand, the dollar index fell by 0.15% to 103.755 points.

Other Metals

Silver rose 0.3% in spot transactions to $22.53 an ounce, platinum rose 0.5% to $882.51, and palladium jumped 0.8% to 935.93.

Euro Under Pressure Ahead of Inflation Data

The euro fell slightly in the European market on Thursday against a basket of global currencies, continuing its losses for the third consecutive day against the US dollar, and moving away from its highest level in three weeks, as correction and profit-taking operations continue.

Investors are looking ahead to key inflation data from some major European countries, including Germany, later today, ahead of the release of headline consumer price data for the entire euro zone in February. This data is expected to provide new pricing for current expectations for future interest rates of the European Central Bank, especially the possibility of a 25 basis point cut in May.

For further insights, check OneRoyal’s Facebook, Instagram, and Twitter pages and expand your understanding of financial markets with global perspectives.  Staying informed is crucial in the ever-evolving world of finance.

Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances, or needs.

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