WASHINGTON (dpa-AFX) - Cryptocurrencies are trading above the flatline amidst hopes of fruitful trade negotiations between the U.S. and its trade partners. Hawkish comments from Fed Chair Jerome Powell on Wednesday however limited gains.
Reports of progress and hopes of positive outcomes in the trade negotiations between the U.S. and Japan as well as likelihood of meaningful trade talks between the U.S. and China lifted market sentiment.
Meanwhile, Federal Reserve Chair Jerome Powell's hawkish comments on Wednesday drained markets' hope of an early rate cut by the Fed. Powell warned of risks that the new tariff policies could push inflation and employment further from the central bank's goals. He also said the Fed would wait for more data on the economy's direction before changing interest rates. He was also not inclined to see the recent market volatility as a sign of stress that warranted a Fed response.
Given the cited challenges to the Fed's dual mandate of maximum employment and price stability, interest rate cut expectations also suffered. The CME FedWatch tool that tracks the expectations of interest rate traders currently shows the probability of a quarter-percentage rate cut in May at 13.6 percent. It was at 14.7 percent a day earlier, 27.4 percent a week ago and 21.9 percent a month ago.
Overall crypto market capitalization has increased to $2.66 trillion implying an overnight gain of 0.80 percent. More than 30 percent of the top 100 cryptocurrencies are trading with overnight gains of more than a percent.
Bitcoin added 0.7 percent overnight to trade at $84,401. It is currently trading 23 percent below the all-time-high at $109,114 recorded on January 20. The original cryptocurrency traded between $85,428 and $83,315 during the past 24 hours.
The leading cryptocurrency with an overall market share of 63 percent is trading with gains of 3.3 percent over the 7-day horizon and 1.6 percent over the 30-day horizon. Year-to-date losses however exceed 9.6 percent.
Ethereum rallied 1.1 percent overnight to trade at $1,594. Ether has however edged down 0.09 percent in the past week. Losses exceed 52 percent till date in 2025. Ether's current trading price is 67 percent below its all-time-high.
Outflows from Bitcoin-based Spot ETF products in the U.S. recorded $171 million on Wednesday. Ethereum-based Spot ETF products witnessed outflows of $12 million on the same day.
4th ranked XRP edged up 0.4 percent overnight to trade at $2.08, around 46 percent below the all-time high. XRP is the highest-ranking non-stablecoin cryptocurrency to trade with gains on a year-to-date basis.
5th ranked BNB gained 0.8 percent overnight at its current trading price of $584.14. The price of 6th ranked Solana rallied 6 percent overnight to $132.89.
8th ranked TRON slipped 3.6 percent overnight and is currently changing hands at $0.2449.
9th ranked Dogecoin added 1.1 percent overnight to trade at $0.1557. DOGE is currently trading 79 percent below the record high.
10th ranked Cardano also gained a percent overnight to trade at $0.6147. The trading price is 80 percent below the cryptocurrency's all-time high.
78th ranked Raydium (RAY), an automated market maker and liquidity provider built on the Solana blockchain topped overnight gains among the top 100 cryptocurrencies with a surge of close to 13 percent. The rally coincides with Raydium introducing LaunchLab, an all-in-one token launchpad built for creators, developers, and the community.
81st ranked MANTRA (OM) topped overnight losses among the top 100 cryptocurrencies with a decline of 12 percent. The OM token has shed close to 90 percent over the past 90 days amidst forced liquidations.
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