WASHINGTON (dpa-AFX) - Bitcoin rallied close to its all-time high as markets heaved a sigh of relief following firm rate cut hints contained in the FOMC minutes released on Wednesday. Massive inflows to Bitcoin Spot ETF products in the U.S. as well as the mounting political pressure on the Fed to quickly ease rates boosted market sentiment. Bitcoin touched a high of $111,925.38 during the past 24 hours versus the all-time-high of $111,970.17 recorded 2 months ago.
Markets found solace in the inclination for monetary easing revealed in the Minutes. Most participants assessed that some reduction in the target range for the federal funds rate this year would likely be appropriate. Participants noted that the upward pressure on inflation from tariffs could be temporary or modest and that medium- and longer-term inflation expectations had remained well anchored.
The participants also considered some weakening of economic activity and labor market conditions that was likely to occur. The minutes revealed that a couple of participants noted that, if the data evolved in line with their expectations, they would be open to considering a reduction in the target range for the policy rate as soon as at the next meeting. The next FOMC review is scheduled for July 30.
With Bitcoin surging, the broader crypto market also rallied, lifting overall market capitalization to $3.46 trillion, implying an overnight jump of 2.46 percent. No cryptocurrency among the top 100 is trading with overnight losses of more than a percent. Amidst the bullish momentum, the 24-hour trading volume jumped more than 50 percent overnight to $147 billion.
Bitcoin rallied 1.9 percent overnight to trade at $111,152.56. It is currently trading 1 percent below the all-time-high of $111,970 recorded on May 22. The original cryptocurrency traded between $111,925 and $108,546 during the past 24 hours. The leading cryptocurrency with an overall market share of 63.8 percent is trading with gains of 1.4 percent over the 7-day horizon and gains of 1.2 percent over the 30-day horizon. Year-to-date gains exceed 19 percent.
Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $216 million on Wednesday versus $80 million on Tuesday. iShares Bitcoin Trust (IBIT) recorded inflows of $126 million.
Ethereum jumped 5.8 percent overnight to trade at $2,780. Ether has gained 7.5 percent in the past week. Losses in 2025 have fallen to a little less than 17 percent. Ether's current trading price is 43 percent below its all-time-high. The 24-hour trading range was between $2,822 and $2,625.
Ethereum-based Spot ETF products witnessed inflows of $211 million on Wednesday versus inflows of $47 million on Tuesday.
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 added 2.9 percent overnight to trade at $2.44, around 36 percent below the all-time high. 5th ranked BNB gained 1.4 percent overnight at its current trading price of $670. The price of 6th ranked Solana increased 2.7 percent overnight to $157.58. 8th ranked TRON added almost a percent overnight and is currently changing hands at $0.2900. 9th ranked Dogecoin jumped 4.5 percent overnight to trade at $0.1808. DOGE is currently trading 75 percent below the record high. 10th ranked Cardano gained 4.3 percent overnight to trade at $0.6301. The trading price is 80 percent below the cryptocurrency's all-time high.
62nd ranked Pudgy Penguins (PENGU) topped overnight gains among the top 100 cryptocurrencies with a gain of 35.3 percent. 72nd ranked dogwifhat (WIF) followed with gains of 13.2 percent. The strong gains in PENGU and WIF helped memes category cryptocurrencies record overnight gains of 6.5 percent.
29th ranked Aave (AAVE) topped overnight losses among the top 100 cryptocurrencies with a decline of 0.77 percent. 16th ranked UNUS SED LEO (LEO) followed with losses of 0.48 percent.
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