WASHINGTON (dpa-AFX) - Cryptocurrencies declined in the past 24 hours amidst caution ahead of the Federal Open Markets Committee's interest rate decision due to be announced on Wednesday afternoon. Markets focused on both the rate cut decision as well as the potential forward guidance. Labor market updates due from the U.S. on Tuesday morning also added to the market's anxiety and reluctance to assume any major event risk ahead of the Fed's decision.
The CME FedWatch tool shows the likelihood of a quarter percentage rate cut that would slash the target funds rate to 3.50-3.75 percent at 89.4 percent versus 86.2 percent a day ago, 88 percent a week ago, and 66.9 percent a month ago.
The expected probability of a further reduction in the rates to 3.25-3.50 percent is currently only 21.8 percent for the January FOMC, 37 percent for the Fed's rate decision in March and 39.9 percent for the April FOMC. With uncertainty surrounding the Fed's plans for 2026, crypto market sentiment remained weak.
Amidst lackluster trading action ahead of the Fed's decision, overall cryptocurrency market capitalization has decreased 1.1 percent overnight to $3.08 trillion. The decline was accompanied by a drop of more than 8 percent in the 24-hour trading volume to $118 billion.
At current prices, 12 of the top 100 cryptocurrencies are trading with overnight gains of more than 1 percent while 52 have slipped more than 1 percent during the past 24 hours.
Bitcoin has slipped 1.6 percent in the past 24 hours to trade at $90,250.50. The current price is around 28 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency has gained 3.1 percent in the past week but is still saddled with losses of 3.4 percent on a year-to-date basis.
Ethereum lost 1.3 percent overnight to trade at $3,112.90. The leading alternate coin is still trading 37 percent below the all-time-high of $4,953.73 and is grappling with year-to-date losses of around 6.6 percent.
Market leader Bitcoin traded between $92,099.35 and $89,586.98 during the past 24 hours while leading alternate coin Ethereum ranged between $3,174.83 and $3,083.34 during the same time period.
Bitcoin is currently ranked 9th rank and Ethereum 39th rank in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked XRP slipped 1.4 percent overnight dragging its current trading price to $2.06.
5th ranked BNB also lost 2.8 percent overnight resulting in price decreasing to $883.45.
The price of 7th ranked Solana dropped 4.5 percent overnight to $132.39.
TRON ranked 8th overall lost 1.8 percent overnight and is currently changing hands at $0.2805.
9th ranked Dogecoin erased 1.5 percent overnight and is currently changing hands at $0.1415.
10th ranked Cardano however leaped 3.4 percent overnight to trade at $0.4495.
16th ranked Zcash (ZEC) topped overnight gains among the top 100 cryptocurrencies with a surge of 11.4 percent.
81st ranked SPX6900(SPX) topped overnight losses among the top 100 cryptocurrencies with a decline of 8.5 percent.
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