WASHINGTON (dpa-AFX) - Anxiety ahead of the FOMC decision due to be announced on Wednesday as well as a massive chip selloff weakened sentiment in the cryptocurrency market. Fading expectations of the Clarity Act becoming law before the Senate's summer break in August also weighed on sentiment. Overall cryptocurrency market capitalization declined more than 3 percent and Bitcoin traded between $65,648 and $63,016 during the past 24 hours.
Sentiment in crypto markets reflected the anxiety ahead of the Federal Reserve's interest rate decision to be announced on Wednesday afternoon. With inflation still above the Fed's 2-percent target, markets expect the Federal Reserve to hike rates to combat inflationary pressures in the economy. According to the CME FedWatch tool that tracks the expectations of interest rate traders, the likelihood of a quarter percent hike on Wednesday is around 32 percent. However, for the next FOMC scheduled for September, markets have assigned a 57-percent probability for a quarter percent rate hike and a 22-percent probability for a half percent rate hike.
A deepening selloff in chip stocks also weighed on crypto market sentiment as markets brace for earnings updates from tech majors. Asian markets closed with heavy losses, led by South Korea's KOSPI benchmark that erased more than 10 percent. Wall Street's tech-heavy Nasdaq Composite is currently trading with losses of more than a percent.
During the past 24 hours, aggregate crypto market capitalization has declined 3.6 percent to $2.16 trillion. Only 1 among the top 100 cryptocurrencies is trading with overnight gain of more than a percent whereas more than 80 are trading with overnight losses of 1 percent or more. The decline in overall crypto market capitalization was however accompanied by a 15-percent spike in trading volumes. The decline in crude oil prices as well as the U.S. Dollar's mild retreat helped limit losses for the digital assets.
Bitcoin (BTC), the largest cryptocurrency is trading 4.1 percent lower at $62,883.40. The current price is around 50 percent below the all-time high of $126,198.07 recorded on October 7, 2025. The original cryptocurrency's year-to-date losses stand at 28.1 percent.
Bitcoin Spot ETF products in the U.S. witnessed net outflows of $12 million on Monday versus net outflows of $240 million on Friday. iShares Bitcoin Trust ETF recorded net outflows of $9 million.
Bitcoin is continuing in the 13th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The leading cryptocurrency is ranked between SpaceX in the 12th position and Tesla in the 14th position.
Ethereum (ETH) is trading 5.4 percent lower at $1,865.71. The leading alternate coin is trading 62 percent below the all-time-high of $4,953.73 recorded on August 25, 2025. The 24-hour trading ranged between $1,974.68 and $1,865.64. Ethereum is still grappling with year-to-date losses of more than 37 percent.
Ethereum Spot ETF products in the U.S. witnessed net inflows of $12 million on Monday versus net outflows of $71 million on Friday. iShares Ethereum Trust ETF (ETHA) accounted for the entire flows.
Ethereum has slipped to the 86th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) slipped 2 percent overnight resulting in price decreasing to $564.00. BNB is trading 59 percent below the all-time high of $1,370.55 touched on October 13, 2025.
6th ranked XRP (XRP), a payments-focused cryptocurrency plunged 5.8 percent overnight and is currently trading at $1.04, around 73 percent below the all-time high of $3.84 touched on January 4, 2018.
The price of 7th ranked Solana (SOL) dropped 6.2 percent overnight to $72.44. SOL's current price is around 75 percent below its all-time-high of $294.33 recorded on January 19, 2025.
TRON (TRX) ranked 8th overall lost 1.8 percent overnight and is currently changing hands at $0.3244. The trading price is 26 percent below the cryptocurrency's all-time high of $0.4407 recorded on December 4, 2024.
9th ranked Hyperliquid (HYPE) tumbled 9.6 percent overnight, to trade at $54.05, around 30 percent below the all-time high of $76.85 recorded on June 16.
Memecoin Dogecoin (DOGE) ranked 10th overall also lost 5 percent overnight and is currently trading at $0.0694. DOGE is trading 91 percent below the peak price of $0.7376 recorded on May 8, 2021.
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