Cryptos Subdued Ahead Of Fed Minutes

Cryptocurrencies remained subdued ahead of the release of the Fed’s Minutes for the month of July on Wednesday, as investors speculate on how hawkish the Fed continues to be with regard to hiking interest rates. World market sentiment also was influenced by the less than expected growth in China’s industrial output and in Japan’s GDP and fears of a looming recession.

Overall crypto market capitalization has fallen 2.7 percent overnight to $1.15 trillion. The Wall Street futures as well as European stock markets are also trading in negative territory.

The Dollar Index meanwhile surged half a percent overnight to 106.14. Gold futures for December settlement are also trading almost 1.2 percent lower at $1794 per troy ounce.

Bitcoin traded between $25,135 and 23,960 in the past 24 hours. It is currently trading at $24,060, down 1.88 percent on an overnight basis. Bitcoin had breached past the $25k level, late on Sunday, for the first time since mid-June, 2022.

Ethereum dropped 4.75 percent in the past 24 hours and is now trading at $1,891.12.
3rd ranked Tether (USDT), traded at $1 in the past 24 hours.

4th ranked USDCoin (USDC), traded between $1.00 and $0.9995 in the past 24 hours.
5th ranked BNB (BNB) is trading 2 percent lower, whereas 6th ranked Cardano (ADA) dropped 4 percent. 7th ranked XRP (XRP) also declined more than 3 percent.

Binance USD (BUSD), ranked 8th overall traded between $1.00 and $0.9995.

9th ranked Solana (SOL) has declined almost 5 percent. Dogecoin (DOGE) regained 10th rank overall but is trading almost 2 percent lower.

85th ranked Ankr (ANKR), is the best performer in the top 100 category, having gained 6 percent on an overnight basis.

20th ranked UNUS SED LEO (LEO) and 12th ranked Shiba Inu (SHIB) have both gained more than 5 percent in the past 24 hours. 88th ranked Holo (HOT) has also gained more than 2 percent.

65th ranked Celsius (CEL) declined more than 16 percent. 81st ranked Mina (MINA) and 91st ranked Decred (DCR) also dropped more than 8 percent.

Meanwhile, Blockchain News has reported that Decentralized Exchange Velodrome has accused one of its in-house developers, Gabagool, of stealing a sum of $350,000 from the platform. An internal investigation reportedly revealed that Gabagool perpetrated the hack, and the trading platform said it has distanced itself from the well-followed suspect.

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