• 26 May, 2024
Market News

Crypto Markets Remain Steady as Traders Await FOMC Decision on Interest Rates; XRP, ADA, and DOGE Lead Gains

Bitcoin is up slightly by 0.1% in the last 24 hours at $28,163, while Ether has risen 1.5% to $1,794. Dogecoin is also on the move, gaining 4% during the same period. Recent data suggest that mini-whales, or those holding more than 10 bitcoins, are increasing in number faster than mega-whales with balances of over 10,000 bitcoins, indicating growing conviction in crypto.

However, trading volume remains flat as traders await the FOMC’s policy decision on interest rates. Predictions for a 25 bps increase are high, with a CNBC survey showing mixed opinions about Fed rate hikes.

Cryptocurrencies price heatmap:Coin360

In Wednesday’s morning trade, European stock markets exhibited a positive trend, with the pan-European Stoxx 600 index up 0.2% at 10:00 a.m. in London. The unexpected acceleration of U.K. inflation and anticipation of the U.S. Federal Reserve’s decision on interest rates were the major driving factors.

Although sectors were mixed, retail stocks registered a 0.7% increase, while mining stocks faced a decline of 0.7%. The morning trade was volatile but eventually led to a positive trend in the European stock markets.

Banks experienced a fluctuation of gains and losses before continuing Tuesday’s rally and recording a 2% increase. The inflation data published on Wednesday morning in the UK indicated that consumer price inflation had risen from 10.1% in January to 10.4% in February. This surpassed the expectations of economists polled by Refinitiv, who had anticipated a decline to 9.9%.

The core CPI, which excludes food and energy, also exceeded expectations by rising from 5.8% to 6.2%. As the Bank of England gears up for its monetary policy meeting on Thursday, the latest inflation figures and recent market volatility will be key factors to consider. Money market bets have shown over 95% chances of a 25 basis point hike after the inflation print, as per Eikon data.

Cryptocurrencies remain steady as the FOMC decision looms

BTC and ETH are exhibiting a mild rise but remain volatile due to market uncertainty. Bitcoin challenged the $28,000 handle and has remained above $28,100, while Ether has also seen a slow but steady increase in the last 24 hours. XRP, ALGO,, and DOGE have been leading the gains among top cryptocurrencies, with both gaining around 4%.

Top gainers and losers in crypto today: Coinmarketcap

Ripple is the top gainer of the day, followed by Algorand and Cardano, while the worst-performed altcoins are Stacks and MASK. Looking ahead, most of the cryptocurrencies are trading in the green zone. However, the market sentiment will remain volatile in the short term as traders await further news from the FOMC meeting.

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