Cryptos Experience Minimal Movement Ahead of FOMC Minutes Release
Cryptocurrencies are experiencing a subdued trading environment as market participants await the upcoming release of the minutes from the Federal Open Markets Committee (FOMC) meeting on Wednesday. Ongoing trade-related uncertainties, coupled with skepticism regarding the timing of the Federal Reserve’s next interest rate reduction, have contributed to a cautious market sentiment. Additionally, the strength of the U.S. Dollar has further impacted investor confidence.
FOMC Maintains Current Interest Rate with Caution
In its June meeting, the Federal Open Markets Committee decided to keep the target range for the federal funds rate steady at 4.25 to 4.50 percent. The committee expressed concerns over persistent inflation and slowing economic growth. While it noted that uncertainty surrounding the economic outlook has lessened, it remains high. The Fed also indicated an expectation for the federal funds rate to decrease to 3.9 percent by 2025, suggesting two additional rate cuts may occur within that year.
However, predictions regarding a rate cut have become more conservative following the release of strong employment data from the U.S. on Thursday. According to the CME FedWatch tool, which tracks interest rate trader expectations, the likelihood of a rate cut being announced in July currently stands at 4.7 percent, a significant drop from the 20.7 percent probability noted just a week earlier. For September, markets are estimating a 65.8 percent chance of a cut, down from 91.7 percent the previous week.
Market Capitalization Shows Minimal Change
The overall market capitalization of cryptocurrencies has seen a slight increase of 0.09 percent in the last 24 hours, bringing it to approximately $3.36 trillion. Out of the top 100 cryptocurrencies, only nine have recorded overnight gains exceeding one percent. Moreover, the 24-hour trading volume surged nearly 9 percent to reach $101 billion. Bitcoin saw a modest increase of 0.11 percent, now trading at $108,631.24, which is 3 percent below its all-time high of $111,970 recorded on May 22. During the past day, Bitcoin’s trading range fluctuated between $109,199 and $107,500. The leading cryptocurrency, holding a market share of 64.3 percent, has gained 1.5 percent over the past week and 2.7 percent over the past month, with year-to-date gains sitting at 16.3 percent.
Ethereum Sees Moderate Recovery
Ethereum experienced a rise of 0.7 percent overnight, bringing its trading price to $2,577. Over the past week, Ether has recorded a 5.3 percent increase, although it remains nearly 23 percent down from its 2025 losses. Currently, Ether’s price is 47 percent below its all-time high, with a 24-hour trading range between $2,598 and $2,518.
Bitcoin ETF Inflows Decline
On Monday, inflows into Bitcoin-based Spot ETF products in the United States totaled $217 million, compared to $602 million on Thursday. The iShares Bitcoin Trust (IBIT) accounted for $165 million of these inflows. In contrast, Ethereum-based Spot ETFs saw inflows of $62 million on Monday, significantly down from $149 million the previous Thursday. Bitcoin currently holds the 6th position in market capitalization rankings, while Ethereum occupies the 35th spot, as listed by market capitalization data.
Mixed Performances Among Altcoins
XRP, ranked 4th, experienced a decline of 1.9 percent overnight, trading at $2.28, which is approximately 40 percent lower than its all-time high. BNB, in 5th place, slipped by 0.26 percent to a trading value of $661. Solana, ranked 6th, fell by 1.1 percent to $151.42, while TRON, ranked 8th, decreased by 0.25 percent to $0.2865. Dogecoin, in the 9th position, lost 0.5 percent to trade at $0.1694, remaining 77 percent below its record high. Cardano, ranked 10th, fell by 0.79 percent to $0.5838, which is 81 percent below its all-time peak.
Top Gainers and Losers Among Cryptocurrencies
Among the top 100 cryptocurrencies, Cronos (CRO), ranked 33rd, showcased the highest overnight gain with an increase of 11.7 percent. Zcash (ZEC), in 87th place, followed with a gain of 5.3 percent. In contrast, Fartcoin (FARTCOIN), ranked 65th, reported the largest loss with an 11.6 percent decline, while Maple Finance (SYRUP), in 96th position, saw a decrease of 5.7 percent.
