WASHINGTON (dpa-AFX) - Cryptocurrencies remain muted as market spotlight has turned on the Federal Reserve's interest rate review due on Wednesday. Concerns over the uncertainty surrounding the resolution of trade disputes between the U.S. and its trading partners, most importantly China, weighed on sentiment. The weak sentiment is despite a decline in the strength of the U.S. Dollar.
Markets overwhelmingly expect the Fed to hold rates steady in the current review. The CME FedWatch tool that tracks the expectations of interest rate traders currently shows a 98.2 percent likelihood of a status quo on rates. However, the likelihood of rates remaining at the current level of 4.25-4.5 percent falls to 65.8 percent by June, 20.9 percent by July and 3.4 percent by September.
Crypto markets anticipate a delayed rate cut by the Fed. Amidst these expectations, the overall market capitalization has fallen to $2.9 trillion, implying losses of 1 percent in the past 24 hours.
Wall Street Indexes are trading in the red. Dow Jones has slipped 0.84 percent to the level of 40,873 whereas S&P 500 has shed 0.97 percent to trade at 5,595.77. The Nasdaq Composite is trading at 17,625.51 implying overnight losses of 1.2 percent.
The six-currency Dollar Index which measures the Dollar's strength against a basket of 6 currencies comprising the euro, the British pound, the Japanese yen, the Swiss franc, the Swedish krona and the Canadian dollar is trading lower. The DXY has shed 0.45 percent overnight to 99.38.
The decline in the price of cryptocurrencies came amidst a massive surge in the price of the gold. Gold Futures for June settlement are currently trading at $3,401.34, implying an overnight jump of 2.4 percent. Prices of the yellow metal which had touched an all-time high of $3,509.90 on April 22, traded between $3,332.24 and $3,406.71 during the past 24 hours.
Bitcoin has edged up 0.6 percent overnight to trade at $94,408, around 13 percent below the all-time high. The leading cryptocurrency traded between $95,193 and $93,632 during the past 24 hours.
Bitcoin Spot ETF products in the U.S. witnessed inflows of $426 million on Monday as compared with inflows of $675 million a day earlier. iShares Bitcoin Trust (IBIT) topped with inflows of $531 million.
Ethereum erased 1.5 percent in the past 24 hours to trade at $1,774. The leading alternate coin traded between $1,832 and $1,759 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed nil flows on Monday as compared with inflows of $20 million a day earlier.
4th ranked XRP also lost 0.7 percent during the past 24 hours as it changes hands at $2.11.
5th ranked BNB gained 0.44 percent overnight at its current trading price of $597.84. The price of 6th ranked Solana erased 0.6 percent overnight to $143.69.
8th ranked Dogecoin lost 1.5 percent overnight to trade at $0.1676. DOGE is currently trading 77 percent below the record high.
9th ranked TRON shed 1.95 percent overnight and is currently changing hands at $0.2449.
10th ranked Cardano lost 0.79 percent overnight to trade at $0.6554. The trading price is 79 percent below the cryptocurrency's all-time high.
24th ranked Monero (XMR) topped overnight gains among the top 100 cryptocurrencies with a surge of 3.5 percent. 72nd ranked Four (FORM) followed with overnight gains of 2.9 percent.
93rd ranked Raydium (RAY) topped overnight losses among the top 100 cryptocurrencies with a decline of almost 14 percent. 70th ranked Virtuals Protocol (VIRTUAL) followed with losses of 12.1 percent.
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