Cryptos Brace For Fed Review Amidst Rate Hike Uncertainty

Cryptocurrencies declined more than 1.5 percent in the past 24 hours amidst uncertainty over the Fed’s likely strategy at its next review due on June 14. Amidst increasing expectations of a pause by the Fed, mixed jobs data released on Friday caused investors to reassess their outlook on the Fed’s likely move.

The probability assigned to a quarter percent rate hike by the Fed in the ensuing review, as implied by the 30-Day Fed Funds futures pricing data sourced from the CME FedWatch tool has fallen to 20.5 percent, from 25.3 percent a day earlier. It stood at 64.2 percent a week earlier.

The Dollar Index, a measure of the Dollar’s strength against a basket of 6 currencies is currently at 103.99, versus 104.01 a day earlier and the recent peak of 104.70 scaled on May 31.

Overall crypto market capitalization is currently at $1.13 trillion versus $1.15 trillion a day earlier.

Bitcoin traded above the $27k range but has since corrected to $26,791.39. The lead cryptocurrency shed 1.71 percent overnight and 3.65 percent over the past week. The 24-hour trading range was between $27,407.02 and $26,661.25. Year-to-date gains have fallen to 61 percent.

Ethereum traded between $1,910.92 and $1,862.06 in the past 24 hours. It is currently changing hands at $1,868.18, having lost 2.1 percent overnight and 1.4 percent over the past week. Year-to-date gains have fallen to 55 percent.

Bitcoin dominates 45.85 percent of the overall crypto market, followed by Ethereum which commands a 19.83 percent market share.

68th ranked Kava (KAVA) topped the price charts with an overnight rally of 9.3 percent. 45th ranked Decentraland (MANA) followed with gains of 7.5 percent. 41st ranked The Sandbox (SAND) also added 5.5 percent in the past 24 hours.

85th ranked Sui (SUI) is the biggest laggard, shedding 7.9 percent in the past 24 hours. 87th ranked Pepe (PEPE) followed with losses of 7.6 percent.

On a weekly basis, 71st ranked Terra Classic (LUNC) which gained 14 percent tops the list. 61st ranked Conflux (CFX) which shed 20 percent lags the most.

On a year-to-date basis, 61st ranked Conflux (CFX) that gained 1059 percent is the best performer. 97th ranked PancakeSwap (CAKE) which has eroded 46 percent is the biggest laggard in 2023.

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