WASHINGTON (dpa-AFX) - Crypto market sentiment turned negative amidst anxiety ahead of the Federal Open Markets Committee due on Wednesday. Reports of whales dumping Bitcoin also swayed sentiment. Sentiment also appears to be impacted by the slump in the shares of Nvidia following China saying that the company violated anti-trust laws. Crypto currency market capitalization has decreased close to 2 percent in the past 24 hours.
With just 2 days to go for the Fed's next interest rate review, Fed rate cut hopes remain strong. The Fed is widely expected to slash rates by a quarter percentage point. The CME FedWatch tool that tracks the expectations of interest rate traders currently shows the likelihood of a 25-basis points rate cut by the Fed at 96.3 percent. Markets have also assigned a 3.7-percent probability for a 50-basis points rate cut by the Fed in the forthcoming FOMC.
Close to 80 of the top 100 cryptocurrencies are trading with overnight losses of more than a percent. On the contrary, only 5 are trading with overnight gains of more than a percent.
Overall crypto market capitalization has declined 1.97 percent overnight to $3.99 trillion.
Meme category cryptocurrencies witnessed a decline of 6.4 percent in market capitalization. 8th ranked Dogecoin erased 7.9 percent followed by 23rd ranked Shiba Inu and 32nd ranked Pepe that lost close to 6 percent.
Bitcoin is currently trading at $114,759.71 recording overnight losses of 0.87 percent. BTC had ranged between $116,748 and $114,685 in the past 24 hours. The cryptocurrency is currently trading about 8 percent below the all-time-high of $124,457.12 recorded on August 14.
Ethereum also dropped 2.2 percent overnight to trade at $4,520.38. Ether's current trading price is 9 percent below its all-time-high. The 24-hour trading range was between $4,671 and $4,510.
3rd ranked XRP slipped 1.9 percent overnight to trade at $2.98, around 22 percent below the all-time high.
5th ranked BNB lost 1.7 percent overnight at its current trading price of $919.29. The price of 6th ranked Solana plunged 4.3 percent overnight to $234.70.
8th ranked Dogecoin declined 7.8 percent overnight and is currently changing hands at $0.2625.
TRON ranked 9th overall lost 1.2 percent overnight and is currently changing hands at $0.3448.
10th ranked Cardano shed 3.9 percent overnight to trade at $0.8607.
42nd ranked Pump.fun (PUMP) and 26th ranked Monero (XMR) topped overnight gains among the top 100 cryptocurrencies with a gain of 4.5 percent. 27th ranked Mantle (MNT) and 59th ranked Flare (FLR) followed with overnight gains of close to 3.5 percent. 46th ranked MemeCore (M) that added 1.3 percent is the only other cryptocurrency among the top 100 to gain more than a percent in the past 24 hours.
95th ranked Four (FORM) topped overnight losses among the top 100 cryptocurrencies with a decline of 8.5 percent. In addition to Dogecoin, 94th ranked Fartcoin (FARTCOIN) and 58th ranked Bonk (BONK) recorded overnight losses of close to 7.8 percent.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
