Cryptocurrencies Subdued Ahead Of FOMC Minutes

Cryptocurrencies are trading in the negative zone amidst anxiety ahead of the release of the minutes of the previous FOMC. The Federal Reserve had in its meeting in July raised the target range for the federal funds rate to 5.25 – 5.50 percent, the highest in 22 years.

Though the Fed had assured to take cognizance of the cumulative tightening of monetary policy, monetary policy lags, labor market readings, inflation updates, financial and international developments etc., in deciding the future of monetary policy, markets are keen to know the aggressiveness that was on display during the deliberations.

Sentiment was also dampened over reports that Binance was shutting down Binance Connect, its fiat-to-crypto platform launched a year earlier.

Overall crypto market has fallen to $1.15 trillion, from $1.17 trillion a day earlier, registering an overnight decline of close to 1.7 percent.

Bitcoin (BTC), the leading cryptocurrency has shed 0.67 percent overnight to trade at $29,140.83. The 24-hour trading range was between $29,439.12 and $29,061.95. Though year-to-date gains exceed 74 percent, the dominant cryptocurrency has shed 2.8 percent in the past week and 3.9 percent over the past 30 days.

Ethereum traded between $1,842.95 and $1,816.33 in the past 24 hours. It is currently changing hands at $1,824.57, having lost 0.84 percent overnight. Ether is also grappling with losses of 2.2 percent over the past week and 5.6 percent over the past 30 days. Year-to-date gains exceed 51 percent.

Bitcoin dominates more than 49 percent of the overall crypto market followed by Ethereum which accounts for a little less than 19 percent.

4th ranked BNB (BNB) shed 2.1 percent in the past 24 hours. The cryptocurrency has shed 4.3 percent in the past week and 6.4 percent over the past 30 days, lifting the year-to-date losses to 4.4 percent.

5th ranked XRP (XRP) also shed 4.7 percent overnight and 7.7 percent in the past week. It is however trading with gains of more than 75 percent on a year-to-date basis. The cryptocurrency is currently changing hands at $0.5968, versus the recent high of $0.8875 touched in the aftermath of the favorable win against SEC.

7th ranked Dogecoin (DOGE) is trading with overnight losses of more than 6 percent. The meme coin has erased 8.2 percent in the past week and 1.4 percent in 2023.

8th ranked Cardano (ADA) has lost 4.5 percent overnight and 14.3 percent over the past 30 days. Year-to-date gains are close to 10 percent.

9th ranked Solana (SOL) has declined 6.9 percent overnight. Though weekly losses exceed 6 percent, year-to-date gains are more than 130 percent, which is highest among the top 10 cryptos.

10th ranked TRON (TRX) has slipped 1.5 percent overnight and 4.3 percent over the past 30 days. TRX has added 38 percent in 2023.

14th ranked Shiba Inu (INU) plunged 6.7 percent overnight amidst the highly anticipated launch of Shibarium, the Ethereum Layer 2 solution provider protocol.

Sei (SEI), the crypto token launched by Sei Labs’ surged around 24 percent overnight and 2760 percent in the past week amidst the successful transition of the layer 1 blockchain from a testnet to a fully operational mainnet. The listing of the token on Coinbase, Binance, Kraken, Huobi etc., added to the frenzy surrounding the token, especially in South Korea. The token launched a day earlier is currently ranked 82nd overall and commands a market capitalization of $414 million.

64th ranked THORChain (RUNE) and 45th ranked XDC Network (XDC) have both rallied more than 1 percent overnight.

88th ranked Terra Classic (LUNC) shed 12.2 percent, followed by 56th ranked ApeCoin (APE) that has slipped 11.3 percent. 91st ranked GMX (GMX) and 90th ranked Compound (COMP) have both dropped more than 10 percent overnight.

Though 64th ranked Conflux (CFX) has shed 9.9 percent overnight, it still tops year-to-date gains with a surge of 654 percent.

Meanwhile, in another major development, Coinbase has announced that its affiliate Coinbase Financial Markets, Inc. has secured regulatory approval from the National Futures Association (NFA), a CFTC-designated self-regulatory organization, to operate a Futures Commission Merchant or FCM and offer eligible U.S. customers access to crypto futures from its platforms. The development assumes significance in the context of the regulatory dispute between Coinbase and the Securities and Exchange Commission.

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