Cryptos Firm Ahead Of Fed Review

Cryptocurrencies gained more than a quarter percent overnight amidst an anxious wait to the Fed’s monetary policy review and interest rate decision on Wednesday. Overall crypto market capitalization stood at $1.05 trillion.

The Fed is widely believed to reduce the extent of its rate hike from 50 basis points in December, to 25 basis points in this review, amidst a steady decline in Consumer Price Inflation as well as the Fed-preferred PCE inflation.

However, anxiety lingers over whether the Fed would acknowledge that the fight against inflation is mostly done or would warn about continuing the inflation combat aggressively.

The Dollar Index, a measure of the Dollar’s strength against a basket of 6 currencies and a proxy for expectations of Fed moves has declined 0.23 percent overnight and is currently at 101.86.

Bitcoin is trading at $23,072.64, up 0.60 percent on an overnight basis. Meanwhile Tesla, Inc. has reported in its filing to the SEC that in the year ended December 31, 2022, it recorded $204 million of impairment losses resulting from changes to the carrying value of its bitcoin and gains of $64 million on certain conversions of bitcoin into fiat currency.

Ethereum is trading at $1,579.60, up 0.21 percent on an overnight basis. Ethereum developers have announced that the Zhejiang testnet would be launched on February 1 and would grant users the ability to test withdrawals of Ether (ETH) staked on the Beacon chain.

BNB (BNB) is trading at $310.07, around 0.30 percent lower on an overnight basis.

XRP (XRP) ranked 6th overall gained close to a quarter percent amidst increased expectations that Ripple Labs would win the keenly fought lawsuit against the SEC.

Cardano (ADA) rallied 1.5 percent overnight, becoming the greatest gainer among the top 10 cryptocurrencies amidst the launch of the Cardano-based stablecoin Djed. The total value of assets locked on the stablecoin crossed $10 million during the first 24 hours of its launch.

Dogecoin (DOGE) dropped 1.6 percent overnight and was the greatest laggard among the top 10 cryptocurrencies.

10th ranked Polygon (MATIC) edged 0.06 percent lower overnight.

82nd ranked dYdX (DYDX) gained close to 27 percent overnight amidst a postponement of its token unlock. The token of the dYdX crypto derivatives exchange has gained 57 percent in the past week and 164 percent on a year-to-date basis.

96th ranked Arweave (AR) also rallied more than 11 percent in the past 24 hours.

89th ranked Terra (LUNA) has dropped more than 6 percent overnight.

68th ranked Mina (MINA) has also shed close to 5 percent overnight.

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