Markets
Crypto Markets Move Forward as Traders Await Fed Interest Rate Decision
Bitcoin remained below $70,000, while Solana, Ethereum and Polkadot remained stable.
Crypto markets fell on Monday morning as investors braced for the Federal Reserve’s upcoming interest rate decision.
Bitcoin remained in a tight range just below $70,000. Meanwhile, Ethereum, Solana and Polkadot remained stable, according to CoinGecko data.
Today’s biggest 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 keeping an eye on May’s inflation numbers, with Consumer Price Index (CPI) and Producer Price Index (PPI) reports due this week.
Bitcoin fell sharply on Friday with $385 million in liquidations following robust US non-farm payroll numbers.
Data from CoinGlass reveals that in the last 24 hours, 39,364 traders were liquidated, with $64.22 million in total liquidations.
Meanwhile, CoinShares research indicates that digital asset investment products saw inflows of $2 billion, bringing the 5-week total to $4.3 billion. Exchange-traded products (ETPs) trading volumes increased to $12.8 billion for the week, a 55% increase from the previous week.
Bitcoin attracted the most attention, with inflows of US$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-based 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%.