Fed Fears Keep Cryptos Close To The Flatline

Cryptocurrencies stayed close to the flatline ahead of the Fed’s decision to be announced on Wednesday afternoon. Overall crypto market capitalization is steady at close to $1.27 trillion.

The CME FedWatch tools which tracks the expectations of interest rate traders shows a 99.2 percent probability for the Fed to maintain status quo on rates on Wednesday.
However, interest rate traders expect only a 74.6 percent probability for a pause in the next meeting in December. The expected likelihood of a pause falls to 65.3 percent for the January 2024 meeting and to 61.3 percent for the March 2024 meeting.

The Dollar Index or DXY, a measure of the Dollar’s relative strength against a basket of 6 currencies gained 0.2 percent overnight to trade at 106.86. Amidst anxiety ahead of the Fed’s decision, the DXY ranged between 106.65 and 106.96 versus the previous close of 106.66.

Ten-year U.S. bond yields ranged between 4.838% and 4.938% and is currently at 4.875%, edging down from 4.877% at the previous close.

Bitcoin gained more than a percent to trade at $34,794.46. BTC traded firmly above the $34k level and is holding on to year-to-date gains in excess of 110 percent.
Ethereum (ETH) added 0.8 percent to trade at $1,814.74. Ether has added more than 50 percent in 2023.

Among the top 100 cryptocurrencies, Solana (SOL) topped overnight gains with a surge of 7.4 percent. 53rd ranked Theta Network (THETA) followed with gains of 7.2 percent, whereas 62nd ranked Neo (NEO) added 6.6 percent in the past 24 hours.

Solana’s gains come amidst the launch of Firedancer, a new validator client. Firedancer, the first version of which is live on Solana testnet is expected to improve the scalability of the network, reduce latency times, and improve overall network performance.

75th ranked Gala (GALA) and 67th ranked Mina (MINA) were the biggest losers on an overnight basis, declining more than 7 percent. 63rd ranked Fantom (FTM), 83rd ranked BitTorrent (New) (BTT) and 38th ranked Maker (MKR), all declined more than 6 percent in the past 24 hours.

Insofar as gains in the past week are concerned, 45th ranked THORChain (RUNE) dazzled with an uptick of more than 33 percent. 92nd Arweave (AR), 62nd ranked Neo (NEO), 75th ranked Gala (GALA) and 36th ranked NEAR Protocol (NEAR), all added more than 20 percent over the past week.

The big losers over the past week are 67th ranked Mina (MINA) that shed 14 percent as well as 38th ranked Maker (MKR) and 48th ranked Stacks (STX), both of which declined close to 10 percent.

On a year-to-date basis, 43rd ranked Injective (INJ) breached 1000 percent gains. INJ has gained 1007 percent in 2023. 68th ranked Conflux (CFX) followed with gains of 650 percent whereas 50th ranked Render (RNDR) surged 465 percent. 7th ranked Solana (SOL) rallied 294 percent whereas 48th ranked Stacks (STX) recorded gains of more than 200 percent in 2023.

74th ranked ApeCoin (APE) declined 64 percent in 2023. 95th ranked Terra Classic (LUNC) and 90th ranked Huobi Token (HT) are the other big losers in 2023, having erased more than 50 percent.

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