WASHINGTON (dpa-AFX) - Cryptos are trading on a muted note ahead of the release of the FOMC minutes on Wednesday. Persisting trade related jitters as well as doubts about the timing of the Fed's next interest rate cut dampened sentiment. The Dollar's firmness also weighed on sentiment.
The Federal Open Markets Committee had in June maintained the target range for the federal funds rate at 4.25 to 4.50 percent and simultaneously warned about stickier inflation and slower growth. It also acknowledged that uncertainty about the economic outlook has diminished but remains elevated. The Fed also placed on record that it anticipates the Federal funds rate to fall to 3.9 percent in 2025, implying two more rate cuts in 2025.
However, Fed rate cut expectations have sobered in the aftermath of the strong jobs data from the U.S. released on Thursday morning. According to the CME FedWatch tool that tracks the expectations of interest rate traders, there is a 4.7 percent likelihood of a Fed rate cut in the review in July. It was 20.7 percent a week ago. In September, markets expect the probability of a cut at 65.8 percent. It was 91.7 percent a week earlier.
Overall crypto market capitalization has edged up 0.09 percent in the past 24 hours. It is currently at $3.36 trillion. Only 9 of the top 100 cryptocurrencies are trading with overnight gains of more than a percent. The 24-hour trading volume has increased close to 9 percent overnight to $101 billion.
Bitcoin edged up 0.11 percent overnight to trade at $108,631.24. It is currently trading 3 percent below the all-time-high of $111,970 recorded on May 22. The original cryptocurrency traded between $109,199 and $107,500 during the past 24 hours. The leading cryptocurrency with an overall market share of 64.3 percent is trading with gains of 1.5 percent over the 7-day horizon and gains of 2.7 percent over the 30-day horizon. Year-to-date gains are at 16.3 percent.
Ethereum rallied 0.7 percent overnight to trade at $2,577. Ether has gained 5.3 percent in the past week. Losses in 2025 have fallen to a little less than 23 percent. Ether's current trading price is 47 percent below its all-time-high. The 24-hour trading range was between $2,598 and $2,518.
Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $217 million on Monday versus $602 million on Thursday. iShares Bitcoin Trust (IBIT) recorded inflows of $165 million.
Ethereum-based Spot ETF products witnessed inflows of $62 million on Monday versus inflows of $149 million on Thursday.
Bitcoin is currently ranked 6th and Ethereum 35th in the ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP declined 1.9 percent overnight to trade at $2.28, around 40 percent below the all-time high.
5th ranked BNB slipped 0.26 percent overnight at its current trading price of $661. The price of 6th ranked Solana declined 1.1 percent overnight to $151.42. 8th ranked TRON slipped 0.25 percent overnight and is currently changing hands at $0.2865.
9th ranked Dogecoin lost 0.5 percent overnight to trade at $0.1694. DOGE is currently trading 77 percent below the record high.
10th ranked Cardano slipped 0.79 percent overnight to trade at $0.5838. The trading price is 81 percent below the cryptocurrency's all-time high.
33rd ranked Cronos (CRO) topped overnight gains among the top 100 cryptocurrencies with a gain of 11.7 percent. 87th ranked Zcash (ZEC) followed with gains of 5.3 percent.
65th ranked Fartcoin (FARTCOIN) topped overnight losses among the top 100 cryptocurrencies with a decline of 11.6 percent. 96th ranked Maple Finance (SYRUP) followed with losses of 5.7 percent.
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