Cryptos Dip Ahead Of FOMC Minutes

Crypto market sentiment remained muted ahead of the release of the FOMC minutes on Wednesday afternoon. Bitcoin transfers by defunct Bitcoin Exchange Mt. Gox as well as the scheduled annual revision in the non-farm payrolls due on Wednesday morning also dampened market sentiment. Growing expectations of a rate cut by the U.S. Federal Reserve however limited losses.

Global markets including cryptos are keenly waiting for the minutes of the recent FOMC, due for release on Wednesday afternoon. Expectation of dovish hints from Fed Chair Jerome Powell at the Jackson Hole Symposium on Friday also run high.

On-chain data revealed that Mt. Gox transferred 13,265 Bitcoin worth around $784 million, exerting pressure on Bitcoin as well as the wider crypto market.

The U.S. Bureau of Labor Statistics is also expected to revise the labor market data by contrasting it with the Quarterly Census of Employment and Wages. Markets expect the additions to non-farm payrolls for the year ended March 2024 to be revised downward on account of the exercise. The revision to the labor market data is seen swaying the Fed’s interest rate decisions as well as Chair Jerome Powell’s remarks at the Jackson Hole symposium.

The Dollar Index is currently hovering near 101.41, versus 101.44 at the previous close. The Dollar Index, a proxy for Fed rate cut expectations touched a more than 7-month low of 101.31 earlier in the trade.

Amidst the mixed sentiments, overall crypto market capitalization has fallen 1.4 percent to $2.1 trillion from $2.13 trillion a day earlier. Crypto market capitalization was $2.14 trillion a week earlier, $2.44 trillion a month earlier and $1.05 trillion a year earlier.

Among the top 10 cryptocurrencies, 10th ranked TRON (TRX) tops overnight gains with a surge of 6.97 percent. 5th ranked Solana (SOL) has declined the most, shedding 3.7 percent overnight. TRON (TRX) tops weekly gains also with a surge of more than 24 percent whereas Solana (SOL) disappointed on a weekly basis also with a decline of 6.9 percent. On a year-to-date basis, 8th ranked Toncoin (TON) dazzled with gains exceeding 189 percent. 7th ranked XRP (XRP) is trading with losses of close to 4 percent in 2024.

10th ranked TRON (TRX) is the only cryptocurrency among the top 10 to trade with gains on a 24-hour, 7-day, 30-day and year-to-date basis.

In the wider crypto world comprising the top 100 cryptocurrencies, 38th ranked Aave (AAVE) topped overnight gains with a surge of more than 7 percent. 56th ranked Helium (HNT) is the greatest laggard, with a decline of more than 8.4 percent. 38th ranked Aave (AAVE) tops weekly gains with a surge of more than 32 percent whereas 62nd ranked Celestia (TIA) disappointed with a decline of more than 18 percent. On a year-to-date basis 79th ranked Mantra (OM) dazzled with gains exceeding 1350 percent. 42nd ranked Arbitrum (ARB), trading with losses of more than 65 percent in 2024 is the greatest laggard.

Besides 10th ranked TRON (TRX), 38th ranked Aave (AAVE) is the only other cryptocurrency among the top 100 to trade with gains on a 24-hour, 7-day, 30-day and year-to-date basis.

Bitcoin slipped 2 percent overnight to trade at $59,198.68, around 20 percent below the all-time high. Though BTC has shed 2.4 percent in the past week, it has gained more than 40 percent in 2024. The original cryptocurrency traded between $60,976.82 and $58,610.88 in the past 24 hours.

Bitcoin Spot ETF products in the U.S. witnessed inflows rising to $88 million from $62 million a day earlier.

Ethereum slipped 2.5 percent in the past 24 hours to trade at $2,563.03, around 48 percent below the previous peak. Weekly losses exceed 5.4 percent whereas gains in 2024 are a little over 12 percent. Ether traded between $2,651.09 and $2,556.75 in the past 24 hours.

Ether Spot ETF products however saw outflows falling to $6.5 million from $13.5 million a day earlier.

4th ranked BNB (BNB) shed 3.4 percent overnight to trade at $549.91. 5th ranked Solana (SOL) erased 3.7 percent overnight. 7th ranked XRP (XRP) declined 1.42 percent to trade at $0.5906. 8th ranked Toncoin (TON), declined more than 1 percent overnight. 9th ranked Dogecoin (DOGE) lost more than 1 percent overnight.

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