Cryptocurrency Market Surges Ahead of Federal Reserve’s Interest Rate Decision

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In Washington, the cryptocurrency market experienced a notable surge early on Monday as cautious optimism prevailed ahead of the Federal Reserve’s upcoming interest rate decision set for September 18. This optimism was fueled by mixed employment data from the U.S. released on Friday, leading market participants to anticipate a potential interest rate cut of 25 basis points by the Federal Reserve in its forthcoming review. Additionally, robust gains in global equity markets further bolstered positive sentiment within the crypto market.

The overall cryptocurrency market capitalization saw a significant increase, climbing 1.6 percent overnight to reach $1.95 trillion, up from $1.92 trillion the previous day. Notably, the market capitalization had dipped to $1.86 trillion over the weekend before this rebound.

The meme category cryptocurrencies also experienced a notable boost, with their market capitalization rising by 2.5 percent overnight to $36.8 billion. Meanwhile, cryptocurrencies in the AI & Big Data category saw an even more impressive increase of 3.8 percent overnight, pushing their market capitalization to $26.6 billion.

Bitcoin, the leading cryptocurrency, exhibited considerable activity over the past 24 hours, trading between $55,777.61 and $53,653.76. Currently priced at $55,031.77, Bitcoin experienced an overnight rally of 1.6 percent, despite weekly losses of 6.3 percent and year-to-date gains exceeding 30 percent. However, it remains 25 percent below its all-time high recorded in March 2024.

Data from Farside Investors revealed a net outflow of $170 million from Bitcoin Spot ETF products in the U.S. on Friday, down from $211 million on Thursday. No ETFs recorded net inflows on Friday. The Fidelity Wise Origin Bitcoin Fund (FBTC) led the outflows with $85.5 million, followed by the Grayscale Bitcoin Trust (GBTC) with net outflows of $52.9 million.

Ethereum, the second-largest cryptocurrency, edged up by 0.22 percent in the past 24 hours, trading at $2,279.19, which is around 53 percent below its all-time high. Despite weekly losses exceeding 9 percent, Ethereum has managed to limit its year-to-date losses to just 0.11 percent.

Farside Investors’ data showed a net outflow of $6 million from Ethereum Spot ETF products in the U.S. on Friday compared to $0.2 million on Thursday. The iShares Ethereum Trust (ETHA) recorded inflows of $4.7 million, whereas the Grayscale Ethereum Trust (ETHE) saw net outflows of $10.7 million.

Among other notable cryptocurrencies, Binance Coin (BNB), ranked 4th, rallied by 1.1 percent overnight to trade at $503.44. Solana (SOL), ranked 5th, declined by 0.31 percent overnight and 3 percent over the past week, currently trading at $127.81.

XRP (XRP), ranked 7th, gained 0.7 percent overnight, reducing its weekly losses to 4.9 percent and trading at $0.5295 with year-to-date losses close to 14 percent. Dogecoin (DOGE), ranked 8th, rallied by 2.5 percent overnight to trade at $0.0974.

TRON (TRX), ranked 9th overall, added 1.3 percent in the past 24 hours to trade at $0.1542, while Toncoin (TON), ranked 10th, surged by 8 percent overnight to trade at $5.08.

Among the top 100 cryptocurrencies, Fantom (FTM), ranked 56th, led overnight gains with a surge exceeding 10 percent. Popcat (POPCAT), ranked 97th, and Aave (AAVE), ranked 36th, followed with overnight increases of more than 9 percent each. Bittensor (TAO), ranked 40th, also added more than 8 percent overnight.

On the flip side, SATS (1000SATS), ranked 87th, topped overnight losses with a decline exceeding 6 percent. Sui (SUI), ranked 31st, shed 5.2 percent overnight, while Starknet (STRK), ranked 77th, declined by 4.6 percent in the past 24 hours.

For more detailed and up-to-date cryptocurrency news, visit rttnews.com.

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  • Priyanka

    Priyanka works in NYC as freelancer editor for one of the famous entertainment news blog.

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