Cryptos Fall As Fed Still Fretting About Inflation

Cryptocurrencies slipped 1.66 percent in the past 24 hours as the minutes of the recent FOMC revealed a Fed, preoccupied with the upside risks to inflation.

The Fed minutes lifted expectations of a rate hike by the Fed and the CME FedWatch tool currently shows a 13.5 percent probability for a quarter point rate hike in the September meeting, versus 12 percent a day earlier and 11 percent a week earlier.

The persisting hawkishness in the Fed’s deliberations and the resultant rate hike worries dragged down overall crypto market capitalization to $1.13 trillion, from $1.15 trillion a day earlier.

Bitcoin slipped more than 2 percent in the past 24 hours and is currently trading at $28,436.30. The 24-hour trading range was between $29,192.26 and $28,376.50. Bitcoin’s crypto market dominance is currently close to 49 percent.

Ethereum also shed 1.68 percent overnight to trade at $1,787.76. Ether touched a high of $1,826.82 and a low of $1,783.05 during the past 24 hours. Ether’s crypto market dominance continues at a little less than 19 percent.

4th ranked BNB (BNB) which is the highest ranking crypto to trade with year-to-date losses has declined 1.1 percent overnight.

5th ranked XRP (XRP) extended losses with an overnight decline of 1.2 percent but is still holding on to gains of 73 percent achieved in 2023.

Cardano (ADA) and Solana (SOL), both gained more than 1 percent overnight. ADA jumped to the 7th rank overall whereas SOL advanced to the 8th ranked overall, relegating Dogecoin (DOGE) which had slipped 2.8 percent overnight to the 9th position. ADA has gained 10.7 percent in 2023 whereas SOL has added 133 percent during the same period. DOGE has shed 4.1 percent in 2023.

TRON (TRX) maintained the tenth rank overall despite an overnight decline of close to 1 percent that dragged down year-to-date gains to 37 percent.

11th ranked Polkadot (DOT) resisted the declining trend to rise more than 1 percent in the past 24 hours.

Shiba Inu (INU) slipped 8.3 percent overnight and one notch in the overall rankings to the 15th position, amidst Shibarium’s launch on August 16 and concerns about the layer-2 protocol being exposed to exploitation risks.

64th ranked Kava (KAVA) topped overnight gains with a surge of 3.1 percent.

95th ranked Sei (SEI) that stunned markets with a massive launch day gain plunged more than 18 percent overnight. Cumulative gains exceed 2100 percent.

30th ranked Hedera (HBAR) declined more than 7 percent overnight. 18th ranked Bitcoin Cash (BCH), 91st ranked Compound (COMP), 71st ranked Conflux (CFX) and 60th ranked BitcoinSV (BSV) have all shed more than 5 percent in the past 24 hours.

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