Cryptos Positive Ahead Of FOMC Minutes

Cryptocurrencies remain firm ahead of the release of the FOMC minutes due on Wednesday. The minutes would indicate the details of the Fed’s deliberations in the previous meeting and provide a guidance on the Fed’s thinking and likely strategies going forward.

Crypto markets are also awaiting the non-farm payroll data for the month of December, due on Friday for cues on the strength of the labor market and the likely headroom available for the Fed to raise rates further. The addition to payrolls in the month of December is seen falling to 200 thousand versus 263 thousand in the previous month.
Amidst anxiety ahead of the release of the minutes and the jobs data, the Dollar Index (DXY), which measures the strength of the Dollar against a basket of six currencies has strengthened 0.92 percent overnight to touch 104.48. The day’s range for the DXY was between 103.47 and 104.86.

Overall crypto market capitalization is at $808 billion, versus $806 billion a day earlier.

Bitcoin (BTC) is trading at $16,744.23, having gained 0.30 percent in the past 24 hours. BTC traded between $16,760.45 and $16,666.92 in the past 24 hours. Bitcoin’s market dominance is currently at 39.9 percent.

Ethereum is trading at $1,217.08, edging up 0.13 percent in the past 24 hours. ETH traded between $1,219.86 and $1,212.49 in the past 24 hours. Ethereum currently dominates 18.4 percent of the overall crypto market.

Among the top 100 cryptocurrencies, 100th ranked Kava (KAVA) is the best performer with an overnight rally of 17.3 percent. 15th ranked Solana (SOL) added 12 percent whereas 47th ranked Flow (FLOW) added 11.4 percent in the past 24 hours. 37th ranked Lido DAO (LDO) has added more than 7 percent overnight.

36th ranked Internet Computer (ICP) is the greatest laggard with an overnight decline of 3.3 percent, closely followed by 24th ranked Toncoin (TON) which has lost 2.6 percent. 75th ranked Nexo (NEXO), 84th ranked XDC Network (XDC), 88th ranked curve DAO Token (CRV) and 86th ranked ImmutableX (IMX) have all shed more than 1 percent in the past 24 hours.

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