WASHINGTON (dpa-AFX) - Cryptocurrencies are trading on a muted note on Tuesday morning as traders booked profits ahead of the release of the minutes of the recent FOMC on Wednesday afternoon. Optimism over a potential Russia-Ukraine peace deal, caution ahead of economic data releases and anxiety ahead of the Jackson Hole Symposium also influenced market sentiment.
The Federal Open Markets Committee meets eight times a year to discuss monetary policy changes, review economic and financial conditions and assess price stability and employment output. These FOMC meetings take place every six weeks. The minutes of the scheduled meetings are released three weeks after the date of the policy decision. Opinions of the Committee's members on the state of the economy as well as interest rate strategy count among the highly anticipated inputs for asset prices and market players as these provide strong cues for financial markets.
In the FOMC meeting on July 30, the Committee maintained the target range for the federal funds rate at 4.25 to 4.5 percent. The FOMC's decision to hold rates steady was on expected lines, but unlike earlier occasions, it was not a unanimous decision. Two members voted against the decision to keep rates steady and instead preferred to lower the target range for the federal funds rate by a quarter percentage point. One member was absent and did not take part in the vote.
Given the intense political pressure on the Fed to ease rates and the split vote on the interest rate decision, markets in the U.S. and elsewhere are keenly watching out for the release of the FOMC minutes. The tone of deliberations at the July FOMC and the likely hints on future interest rates are bound to sway sentiment and prices for assets in both digital and traditional markets.
Amidst the mixed sentiment, overall crypto market capitalization has edged up 0.12 percent overnight to $3.9 trillion. Only 12 of the top 100 cryptocurrencies are trading with overnight gains of more than 1 percent.
The 24-hour trading volume has also increased 0.16 percent overnight to $170 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 13.3 percent of the overall crypto market. The residual altcoins account for a 27.7-percent share of the overall crypto market.
Bitcoin added 0.24 percent overnight to trade at $115,372.40. It is currently trading 7 percent below the all-time-high of $124,457.12 recorded on August 14. The original cryptocurrency traded between $117,050.37 and $114,470.98 during the past 24 hours. The leading cryptocurrency is trading with losses of 2.6 percent over the 7-day horizon and 2.2 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 $122 million on Monday versus outflows of $14 million on Friday. iShares Bitcoin Trust ETF (IBIT) topped with outflows of $69 million whereas Ark 21Shares Bitcoin ETF (ARKB) followed with outflows of $66 million.
Ethereum slipped 0.28 percent overnight to trade at $4,282.55. Ether has lost 0.14 percent in the past week. Gains in 2025 now stand at a little less than 29 percent. Ether's current trading price is 12 percent below its all-time-high. The 24-hour trading range was between $4,388.69 and $4,198.87.
Ethereum-based Spot ETF products also witnessed net outflows of $197 million on Monday versus outflows of $59 million on Friday. iShares Ethereum Trust (ETHA) topped with outflows of $87 million whereas Fidelity Ethereum Fund (FETH) followed with outflows of $78 million.
3rd ranked XRP added 1.7 percent overnight to trade at $3.01, around 21 percent below the all-time high. 5th ranked BNB gained 1.3 percent overnight at its current trading price of $844.73. The price of 6th ranked Solana edged up 0.05 percent overnight to $181.50. SOL is saddled with year-to-date losses of 4.1 percent. 8th ranked TRON added 1.1 percent overnight and is currently changing hands at $0.3501. 9th ranked Cardano gained 0.99 percent overnight to trade at $0.9262. Dogecoin dropped to the 10th rank overall amidst an overnight decline of close to 2 percent and is currently changing hands at $0.2185.
29th ranked Mantle (MNT) and 40th ranked OKB(OKB) topped overnight gains among the top 100 cryptocurrencies with a gain of more than 12 percent. 99th ranked AB (AB) followed with gains of 6.7 percent.
76th ranked Pump.fun (PUMP) topped overnight losses among the top 100 cryptocurrencies with a decline of 9.5 percent. 42nd ranked Arbitrum (ARB) and 74th ranked Aerodrome Finance (AERO) followed with overnight losses of more than 4 percent.
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