WASHINGTON (dpa-AFX) - Cryptos are trading mixed as markets wait for the Fed's interest rate decision and forward guidance due on Wednesday afternoon.
The Fed is widely expected to hold rates steady but is also anticipated to reinforce hints of rate cut in September. The CME FedWatch tool shows expectations of a 25-basis points rate cut at a little less than 88 percent. More than 12 percent expect a higher rate cut in September.
Amidst the wait, crypto market capitalization is hovering close to $2.40 trillion. With a market capitalization of $171 billion, stablecoins account for 7.2 percent of the overall crypto market.
Only 4 of the top 10 cryptocurrencies are trading with overnight gains in excess of a percent. Around 40 percent of the top 100 cryptocurrencies have slipped more than 1 percent on an overnight basis.
Bitcoin, the original cryptocurrency has gained 0.6 percent overnight and 0.3 percent in the past week as it trades at $66,670.82, around 10 percent below its all-time high. BTC oscillated between $66,810 and $65,323 in the past 24 hours.
Data from Farside Investors showed net outflows of $18 million from Bitcoin Spot ETF products in the U.S. on Tuesday versus net inflow of $124 million on Monday.
Bitcoin's market dominance has edged down to 54.7 percent from 54.9 percent a day earlier. Ethereum now commands 16.7 percent of the overall crypto market versus 16.8 percent a day earlier.
Bitcoin's price movement comes amidst Mt. Gox transferring Bitcoin worth $2.25 billion to an unknown recipient. Data from Arkham Intelligence shows transfer of 33,963.9 Bitcoin on July 30.
Ether has recorded overnight gain of 0.3 percent and weekly losses of 3.2 percent. Ether, which is currently trading at $3,335.07, almost 32 percent below its all-time high, ranged between $3,347.64 and $3,235.76 in the past 24 hours.
Data from Farside Investors showed net inflows of $34 million to Ether Spot ETF products in the U.S. on Tuesday versus net outflow of $98 million on Monday.
4th ranked BNB (BNB) added 2.8 percent in the past 24 hours to trade at $588.22. The native token of the Binance.com cryptocurrency exchange is trading with weekly gains of half a percent and year-to-date gains of more than 88 percent.
5th ranked Solana (SOL) rallied 2.2 percent in the past 24 hours and 3.2 percent in the past week to trade at $183.39. Solana's weekly gains are the highest among the top 10 cryptocurrencies and is attributed to hopes of a Solana-based ETF product in the U.S. and reports of the Securities and Exchange commission not seeking to classify Solana as a security.
6th ranked XRP (XRP) rallied 4.9 percent overnight, lifting gains to 3 percent on a weekly basis and to 5 percent in 2024. XRP topped overnight gains among the top 10 cryptocurrencies.
Dogecoin (DOGE), ranked 8th overall has slipped 0.40 percent in the past 24 hours to trade at $0.1271.
9th ranked Toncoin (TON) added 2.5 percent overnight to trade at $6.82.
10th ranked Cardano (ADA) increased 0.7 percent overnight and is currently changing hands at $0.4034.
22nd ranked Kaspa (KAS) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 6 percent. 72nd ranked Beam (BEAM) also recorded gains of more than 6 percent, followed by 83rd ranked Mog Coin (MOG) that added 5.2 percent in the past 24 hours.
64th ranked Fantom (FTM) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 8 percent. 97th ranked Ethena (ENA) followed with overnight losses of more than 6 percent.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
