Markets
Cryptocurrency markets remain afloat as traders await the Fed’s interest rate decision
Bitcoin remained below $70,000, while Solana, Ethereum and Polkadot remained stable.
Cryptocurrency markets tumbled Monday morning as investors braced for the Federal Reserve’s impending interest rate decision.
Bitcoin remained in a tight range, just below $70,000. Meanwhile, Ethereum, Solana, and Polkadot were stable, according to CoinGecko data.
Today’s top gainers include Flare Networks (FLR) and Uniswap (UNI, which are up 9% and 7%, respectively).
The Federal Reserve will announce its interest rate decision on Wednesday. Investors will also be watching inflation data for May, with reports on the consumer price index (CPI) and producer price index (PPI) expected this week.
Bitcoin fell sharply on Friday, with $385 million in liquidations following robust US nonfarm payrolls data.
Data from CoinGlass reveals that 39,364 traders were liquidated in the last 24 hours, for a total of $64.22 million in liquidations.
Meanwhile, the search for CoinShares indicate that digital asset investment products saw inflows of $2 billion, bringing the 5-week total to $4.3 billion. Exchange-Traded Products (ETP) trading volumes rose to $12.8 billion for the week, up 55% from the previous week.
Bitcoin attracted the most attention, with inflows of $1.97 billion. Ethereum saw record inflows of $69 million, its best week since March, “in reaction to the SEC’s surprise decision to allow spot ETFs.”
Stock markets opened lower on Monday morning. The S&P 500 index fell 0.2%, the Dow Jones Industrial Average fell 0.1% and the Nasdaq Composite fell 0.3%.