Crypto Markets Brace For The Fed’s Decision

Crypto markets joined the financial markets worldwide in an anxious wait to the Fed’s interest rate decision to tackle persisting inflation. The Federal Open Markets Committee is meeting on the 26th and 27th of July to review the Monetary Policy. The Fed is widely expected to increase the benchmark rates by 75 basis points, with the intention of containing the massive surge in inflation.

Despite analysts factoring a 75-basis points hike by the Federal Reserve, the Dollar remained weak, with the Dollar Index (DXY) dropping to 106.38, around 0.31 percent lower. DXY had scaled a peak of 109.29 about ten days back.

Wall Street benchmarks are mildly positive and so are the European stock barometers.
Gold is trading at $1726.75, down 0.0.04 percent on an overnight basis.

Overall crypto market capitalization dropped to $1.01 trillion, versus $1.07 trillion early on Friday.

Bitcoin is trading near $22,015, having ranged between $22,974 and $21,804 in the past 24 hours. BTC’s overnight decline of more than 3 percent and the weekly loss of 0.55 percent have caused the leading cryptocurrency to decline more than 53 percent in 2022.

Ethereum is trading at $1,540.79, around 4.85 percent lower on an overnight basis. ETH ranged between $1,654 and $1,506 in the past 24 hours.

94th ranked Qtum (QTUM) is the only cryptocurrency among the top 100 to trade with overnight gains of more than 1 percent.

79th ranked Convex Finance (CVX) is the biggest loser with an overall decline of more than 11 percent overnight.

64th ranked Curve DAO Token (CRV) also declined more than 10 percent in the past 24 hours.
27th ranked Cosmos (ATOM) and 41st ranked Theta Network (THETA), both shed more than 8 percent overnight.

Sam-Bankman Fried, the co-founder and CEO of FTX has tweeted in favor of a federal oversight of crypto, amidst the recent controversy that followed the SEC labelling 9 cryptocurrencies as securities. Noting that there are tokens that are securities and those that are not, SBF tweeted that he assumes SEC would take care of the securities and the CFTC would take care of the others.

Meanwhile, Johny Lyu, CEO of Kucoin Exchange has dispelled rumors that the trading platform is turning insolvent. In a blogpost, he clarified that as a platform, most funds in KuCoin wallets do not belong to KuCoin, and instead belong to its users. He added that it was his responsibility to keep them secure and make sure users can always withdraw in full whenever they want.

In the cryptocurrency category-wise market capitalization dominance, Smart Contracts aggregate to 27.3 percent; Stablecoins dominate 15.1 percent; Centralized Exchanges add up to 5.6 percent; DeFi commands 5.5 percent; Web 3 sums up to 2.2 percent; Research grosses 2.1 percent; NFTs account for 1.97 percent; DAO accounts for 1.6 percent; Memes command 1.5 percent; Governance enjoys 1.43 percent; Decentralized Exchanges amount to 1.4 percent; Metaverse commands 1.3 percent; while Gaming follows with 1.1 percent market capitalization.

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