WASHINGTON (dpa-AFX) - Despite three members of the FOMC voting for a federal funds rate hike, crypto markets are trading firmly in the green on an overnight basis. A softer-than-expected core PCE reading, an unexpected decline in the second quarter GDP growth, as well as an overnight decline in global crude oil prices helped tilt crypto market's focus from inflation combat to the tech sector euphoria.
The Federal Reserve, on Wednesday maintained the target range for the federal funds rate at 3.5 to 3.75 percent, as expected. But three members of the FOMC voted for a hike, which added to worries about an imminent rate hike.
However, data for June released by the U.S. Bureau of Economic Analysis on Thursday morning showed the core PCE price index increasing by 0.1 percent. Markets had expected the Federal Reserve's preferred gauge of underlying inflation in the U.S. economy to rise 0.2 percent.
The softer-than-expected inflation print helped global markets tone down expectations of a rate hike in September. According to the CME FedWatch tool that tracks the expectations of interest rate traders, the likelihood of a pause by the Fed in September is currently at 41 percent. It was 18 percent a week ago.
With the tech-heavy Nasdaq Composite gaining around 2.7 percent, cryptocurrency markets are trading firmly in the green zone. Overall crypto market capitalization has increased 0.64 percent overnight to $2.21 trillion while market leader Bitcoin traded between $65,071 and $63,206 during the same period. The increase in overall crypto market capitalization was accompanied by a 13-percent jump in trading volumes.
Bitcoin (BTC), the largest cryptocurrency is trading 0.9 percent higher at $64,744.29. The current price is around 49 percent below the all-time high of $126,198.07 recorded on October 7, 2025. The original cryptocurrency's year-to-date losses have reduced to 26 percent.
Bitcoin Spot ETF products in the U.S. witnessed net inflows of $32 million on Wednesday versus net outflows of $50 million on Tuesday. iShares Bitcoin Trust ETF recorded net inflows of $90 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 1.2 percent higher at $1,920.53. The leading alternate coin is trading 61 percent below the all-time-high of $4,953.73 recorded on August 25, 2025. The 24-hour trading ranged between $1,933.76 and $1,873.62. Ethereum's year-to-date losses have fallen to 35.3 percent.
Ethereum Spot ETF products in the U.S. witnessed net outflows of $33 million on Wednesday versus net inflows of $9 million on Tuesday.
Ethereum has improved one notch to the 85th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
4th ranked BNB (BNB) rallied 3.5 percent overnight resulting in price increasing to $587.49. BNB is trading 57 percent below the all-time high of $1,370.55 touched on October 13, 2025.
6th ranked XRP (XRP), a payments-focused cryptocurrency added 1.4 percent overnight and is currently trading at $1.08, around 72 percent below the all-time high of $3.84 touched on January 4, 2018.
The price of 7th ranked Solana (SOL) gained 1.8 percent overnight to $74.53. 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 added 0.55 percent overnight and is currently changing hands at $0.3280. 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) however slipped 2.2 percent overnight, to trade at $53.77, around 30 percent below the all-time high of $76.85 recorded on June 16. U.S.-listed Hyperliquid Spot ETF products witnessed net outflows of $9 million on Wednesday.
Memecoin Dogecoin (DOGE) ranked 10th overall edged up 0.15 percent overnight and is currently trading at $0.0703. DOGE is trading 90 percent below the peak price of $0.7376 recorded on May 8, 2021.
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