WASHINGTON (dpa-AFX) - Cryptocurrencies are trading on a weak note ahead of the much-awaited interest rate decision by the Federal Reserve. The Fed is widely expected to hold rates steady. Market sentiment has also been swayed by anxiety ahead of the release of Advance Estimates of second quarter GDP data due on Wednesday morning as well as the Bank of Japan's interest rate decision that would be known late on Wednesday. Uncertainty prevailing in respect of trade tensions between the U.S. and China also impacted market sentiment.
The CME FedWatch tool that tracks the expectations of interest rate traders assigns a 2-percent likelihood for a rate cut by the Fed in the current review. Rate cut expectations for the September review are significantly stronger at 66 percent. For the review in late October, the probability of a rate cut increases to 83 percent. Markets also digested the regulatory move by the Securities and Exchange Commission to allow in-kind creations and redemptions for exchange-traded products. The Securities and Exchange Commission on Tuesday voted to approve orders to permit in-kind creations and redemptions by authorized participants for crypto asset exchange-traded product shares. This reflects a departure from the recently approved spot bitcoin and ether exchange traded products which were limited to creations and redemptions on an in-cash basis. Accordingly, bitcoin and ether exchange traded products would now be permitted to create and redeem shares on an in-kind basis.
Overall crypto market capitalization has declined 0.80 percent to $3.86 trillion. More than 75 percent of the top 100 cryptocurrencies are trading with overnight losses of more than a percent. The 24-hour trading volume has also decreased 9.7 percent overnight to $159 billion.
Bitcoin edged down 0.15 percent overnight to trade at $118,108.59. It is currently trading 4 percent below the all-time-high of $123,091.61 recorded on July 14. The original cryptocurrency traded between $119,075.62 and $116,987.37 during the past 24 hours.
The leading cryptocurrency with an overall market share of 60.9 percent is trading with losses of 0.23 percent over the 7-day horizon and gains of 9.7 percent over the 30-day horizon. Year-to-date gains are a little over 25 percent.
Bitcoin has slipped to the 7th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $80 million on Tuesday versus $157 million on Monday. iShares Bitcoin Trust (IBIT) recorded inflows of $158 million.
Ethereum slipped 1.1 percent overnight to trade at $3,780.33. Ether has however gained 3.4 percent in the past week. Gains in 2025 are close to 13 percent. Ether's current trading price is 23 percent below its all-time-high. The 24-hour trading range was between $3,873.17 and $3,716.88.
Ethereum-based Spot ETF products witnessed inflows of $219 million on Tuesday versus $65 million on Monday.
Ethereum is currently ranked 25th in the ranking of all assets as per market capitalization published by companiesmarketcap.com.
3rd ranked XRP declined 0.9 percent overnight to trade at $3.09, around 19 percent below the all-time high. 5th ranked BNB dropped 3.4 percent overnight at its current trading price of $794.78. The price of 6th ranked Solana decreased 2.2 percent overnight to $178.81. 8th ranked Dogecoin dropped 2.8 percent overnight to trade at $0.2201. DOGE is currently trading 70 percent below the record high. 9th ranked TRON dropped 2.7 percent overnight and is currently changing hands at $0.3357. 10th ranked Cardano slipped 2.8 percent overnight to trade at $0.7700. The trading price is 75 percent below the cryptocurrency's all-time high.
64th ranked Four (FORM) topped overnight gains among the top 100 cryptocurrencies with a gain of 12.5 percent. 86th ranked Pump.fun (PUMP) followed with gains of 7.5 percent. 61st ranked XDC Network (XDC) and 20th ranked Toncoin (TON) added a little more than 5 percent overnight. No other cryptocurrency among the top 100 is trading with overnight gains of more than a percent.
76th ranked Conflux (CFX) topped overnight losses among the top 100 cryptocurrencies with a plunge of almost 25 percent. 44th ranked Bonk (BONK) declined 10.6 percent followed by 70th ranked Celestia (TIA) that recorded overnight losses of 9.2 percent.
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