Cryptos Rise Ahead Of Fed's Interest Rate Review

July 25, 2023

Cryptocurrencies rose mildly during the past 24 hours ahead of the monetary policy review by major central banks. The Fed’s decision would be known on Wednesday after the two-day FOMC. The Bank of England and Bank of Japan are expected to announced interest rate review and decision on Thursday. The decisions of the Reserve Bank of Australia and the Bank of England are scheduled for the ensuing week.

The Dollar Index has in the meanwhile strengthened 0.21 percent overnight to 101.56.
Overall crypto market capitalization is currently at $1.18 trillion versus $1.17 trillion a day earlier.

Bitcoin (BTC), the leading cryptocurrency, has added 0.23 percent overnight to trade at $29,177.32. The 24-hour trading range was between $29,329.27 and $28,934.29. Year-to-date gains have fallen to a little above 76 percent.

Ethereum traded between $1,867.32 and $1,836.85 in the past 24 hours. It is currently changing hands at $1,855.81, having added 0.48 percent overnight. Year-to-date gains are a little more than 55 percent.

Bitcoin dominates 48.36 percent of the overall crypto market followed by Ethereum which accounts for 19.04 percent.

51st ranked XDC Network (XDC) gained 15 percent in the past 24 hours. 41st ranked Maker (MKR) also added 11 percent overnight.

80th ranked Compound (COMP) and 55th ranked ApeCoin (APE) declined close to 5 percent. 85th ranked Casper (CSPR), 43rd ranked Optimism (OP) and 35th ranked Aptos (APT), all declined more than 3 percent.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed outflows of $6.5 million for the week ended July 21. Bitcoin products constituted $13.0 million of the outflows followed by Short Bitcoin products that recorded outflows of $5.5 million. Ethereum recorded inflows of $6.6 million. Riding on the wave of excitement following the favorable win in the dispute with the SEC, XRP recorded inflows of $2.6 million. Solana also recorded inflows of $1.1 million.

The country-wise analysis shows inflows of $12.1 million in Switzerland and $1.9 million in Germany. Canada recorded outflows of $12.2 million, followed by $8.9 million of outflows in the United States. Cumulative AUM stood at $37.12 billion.

For More Cryptocurrency News, visit rttnews.com

Source: Read Full Article