Bitcoin, Ethereum Step Back Ahead Of Fed Minutes
By Laxmikant Khanvilkar
Cryptocurrencies have taken a pause as investors opted for caution ahead of the release of the FOMC meeting minutes. Major benchmark averages suffered significant losses as fears of higher interest rates sapped risk appetite, while the United States 10-Year yield reached fresh 3-month highs.
Bitcoin, the most popular cryptocurrency was last trading at $24,336, down 2%. Ethereum quotes near $1,660.
Meanwhile, Avalanche and Tezos tried to buck the trend by breaking into the positive zone.
The global crypto market capitalization has dropped 1.94% in the last 24 hours, now standing at $1.11 trillion. The total crypto market volume for the same time period has seen an increase of 3.84%, totaling $66.61 billion. Decentralized finance (DeFi) accounts for 13.71% of the total crypto market 24-hour volume, now at $9.13 billion, while stablecoins make up 88.55% of the total crypto market 24-hour volume, currently standing at $58.98 billion. Bitcoin’s dominance has risen 0.10%, now at 42.57%.
Coinbase shares lost 1.5% after the company reported Q4 losses of $2.46 versus expected losses of $2.51, while revenue came in at $629.1 million versus $588.17 million expected.
In other news, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has said that the ongoing insistence from the industry that the SEC is leaving crypto without clear rules is a “false narrative”.
This year, the SEC has come out with a series of actions and policy decisions with huge potential implications for digital assets.
Ahead in Wednesday’s trade, market participants will be closely monitoring the latest FOMC meeting minutes as well as a speech from FOMC member Williams.
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