WASHINGTON (dpa-AFX) - Cryptocurrencies including Bitcoin are trading deep in the red amidst anxiety about the Fed's monetary policy trajectory. Though rate cut hopes still remain strong, the market spotlight has turned on monetary policy ahead of the scheduled release of the FOMC minutes on Wednesday and the Jackson Hole Symposium commencing on Thursday. Outflows from Bitcoin and Ethereum Spot ETF products in the U.S. also dampened sentiment.
The weak labor market update, the fears of higher tariffs fueling inflation as well as the increased political pressure on the Federal Reserve to ease rates have turned the market spotlight on the Jackson Hole symposium scheduled for later in the week. The subject of the current year's Economic Policy Symposium to be held between August 21 and 23 is 'Labor markets in transition: Demographics, Productivity, and Macroeconomic Policy.' At its annual economic policy symposium in Jackson Hole, Wyoming, the Federal Reserve Bank of Kansas City hosts dozens of central bankers, policymakers, academics and economists from around the world.
The monetary policy framework as well as its transmission assume significance as market interest rates are a direct consequence of the same. Though cryptocurrencies are non-interest bearing, any change in general interest rates increases or decreases the opportunity cost of holding cryptocurrencies. Hence interest rate policy has been an important concern and determinant for prices for crypto markets worldwide. Amidst the lingering anxiety, overall crypto market capitalization has decreased 3.2 percent overnight to $3.89 trillion. Only 3 of the top 100 cryptocurrencies are trading with overnight gains of more than 1 percent.
The 24-hour trading volume has increased 59 percent overnight to $187 billion. At current levels of market capitalization, Bitcoin is ranked 7th and Ethereum 24th in the global ranking of all assets as per market capitalization compiled by companiesmarketcap.com.
Amidst the volatility, Bitcoin's crypto market dominance stands at 59 percent while Ethereum accounts for 13.4 percent of the overall crypto market. The residual altcoins account for a 27.7-percent share of the overall crypto market.
Bitcoin slipped 2.2 percent overnight to trade at $115,608.51. It is currently trading 7 percent below the all-time-high of $124,457.12 recorded on August 14. The original cryptocurrency traded between $118,376.04 and $114,723.68 during the past 24 hours. The leading cryptocurrency is trading with losses of 3.8 percent over the 7-day horizon and 1.9 percent over the 30-day horizon. Year-to-date gains have fallen to a little less than 24 percent.
Bitcoin-based Spot ETF products in the U.S. recorded net outflows of $14 million on Friday versus inflows of $231 million on Thursday. iShares Bitcoin Trust ETF (IBIT) topped with inflows of $114 million whereas Grayscale Bitcoin Trust (GBTC) topped outflows with $82 million.
Ethereum plunged 5.1 percent overnight to trade at $4,326.35. Ether has added 1.1 percent in the past week. Gains in 2025 now stand at a little less than 30 percent. Ether's current trading price is 12 percent below its all-time-high. The 24-hour trading range was between $4,568.01 and $4,229.38.
Ethereum-based Spot ETF products also witnessed net outflows of $59 million on Friday as compared with inflows of $640 million on Thursday. iShares Ethereum Trust (ETHA) topped with inflows of $338 million whereas Fidelity Ethereum Fund (FETH) topped with outflows of $272 million.
3rd ranked XRP shed 3.8 percent overnight to trade at $3.00, around 22 percent below the all-time high. 5th ranked BNB lost 2.3 percent overnight at its current trading price of $838.93. The price of 6th ranked Solana dropped 5.8 percent overnight to $182.58. SOL is saddled with year-to-date losses of 3.5 percent. 8th ranked Dogecoin slipped 5.6 percent overnight to trade at $0.2216. 9th ranked TRON lost 1.1 percent overnight and is currently changing hands at $0.3482. 10th ranked Cardano also tumbled 6.9 percent overnight to trade at $0.9028.
99th ranked AB (AB) topped overnight gains among the top 100 cryptocurrencies with a gain of 7.3 percent. 27th ranked Monero (XMR) followed with gains of 2.6 percent.
86th ranked Raydium (RAY) topped overnight losses among the top 100 cryptocurrencies with a decline of 10.6 percent. 74th ranked Aerodrome Finance (AERO) followed with overnight losses of 9.1 percent.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
