WASHINGTON (dpa-AFX) - Cryptocurrencies are trading on a positive note amidst anticipation ahead of the Federal Open Market Committee's announcement scheduled for Wednesday afternoon. The Federal Reserve is widely expected to reduce interest rates by 25 basis points.
Overall crypto market capitalization increased around half percent in the past 24 hours.
Despite the non-availability of labor market data, markets expect the Fed to ease rates to counter the slowdown and weakness in the labor market. The unemployment rate in the U.S. recorded 4.3 percent in August, 4.2 percent in July and 4.1 percent in June. Data release for September has been delayed on account of the shutdown of the U.S. government.
Though annual headline consumer price inflation has increased to 3 percent in September from 2.9 percent in August and 2.7 percent in July and June, markets continue to overwhelmingly expect the Fed to continue the easing. The CME FedWatch tool that tracks the expectations of interest rate traders currently shows the likelihood of a quarter percentage rate cut on Wednesday at 97.8 percent. The tool also shows the likelihood of another rate cut of 25 basis points in December at 87.9 percent.
Overall crypto market capitalization has increased more than half a percent overnight. 35 of the top 100 cryptocurrencies have rallied more than a percent in the past 24 hours whereas 13 of the top 100 have declined more than 1 percent overnight.
Bitcoin added 0.80 percent overnight to trade at $115,740.75, around 8 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency recorded gains of 5.4 percent over the past week, 5.6 percent over the past 30 days and almost 24 percent till date in 2025. The 24-hour trading range was between $115,779.62 and $113,566.80.
Bitcoin-based Spot ETF products in the U.S. witnessed inflows increasing to $149 million on Monday from $91 million on Friday. iShares Bitcoin Trust ETF (IBIT) topped with inflows of $65 million.
Ethereum also added 0.36 percent overnight to trade at $4,163.69. Gains in 2025 have increased to 25 percent. Ether's current trading price is 16 percent below its all-time-high. The 24-hour trading range was between $4,232.67 and $4,069.09.
Ethereum-based Spot ETF products recorded net inflows of $134 million on Monday versus outflows of $94 million on Friday. iShares Ethereum Trust ETF (ETHA) topped with inflows of $73 million.
4th ranked XRP added 1.8 percent overnight at its current trading price of $2.65.
5th ranked BNB declined 0.18 percent overnight to trade at $1,143.29, around 17 percent below the all-time high.
The price of 6th ranked Solana increased 1.6 percent overnight to $202.11.
8th ranked Dogecoin edged up 0.09 percent overnight and is currently changing hands at $0.2021. With losses of close to 36 percent, DOGE is the highest-ranking cryptocurrency to trade with year-to-date losses.
TRON ranked 9th overall added 0.45 percent overnight and is currently changing hands at $0.2993.
10th ranked Cardano edged up 0.15 percent overnight to trade at $0.6715.
55th ranked Official Trump (TRUMP) surged 22 percent overnight followed by 17th ranked Hedera (HBAR) that added 16.1 percent.
94th ranked Humanity Protocol (H) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 12 percent. 25th ranked Zcash (ZEC) followed with overnight losses of 5.3 percent.
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