Markets
Crypto markets tread water as traders await Fed interest rate decision
Bitcoin remained below $70,000, while Solana, Ethereum and Polkadot remained stable.
Crypto markets fell Monday morning as investors prepared for the Federal Reserve’s upcoming 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 are Flare Networks (FLR) and Uniswap (UNI, up 9% and 7%, respectively.
The Federal Reserve will announce its interest rate decision on Wednesday. Investors will also be looking at May inflation figures, with reports on the Consumer Price Index (CPI) and Producer Price Index (PPI) due this week.
Bitcoin fell sharply on Friday, with $385 million in liquidations following strong US nonfarm payrolls numbers.
Data from CoinGlass reveals that in the last 24 hours, 39,364 traders were liquidated, totaling $64.22 million in liquidations.
Meanwhile, CoinShares research noted that digital asset investment products saw inflows of $2 billion, bringing the 5-week total to $4.3 billion. Exchange-traded product (ETP) trading volumes jumped to $12.8 billion for the week, an increase of 55% from the previous week.
Bitcoin attracted the most attention, with $1.97 billion in inflows. Ethereum saw record inflows of $69 million, its best week since March, “in response to the SEC’s surprise decision to allow spot ETFs.”
Stock markets opened lower Monday morning. The S&P 500 fell 0.2%, the Dow Jones Industrial Average fell 0.1% and the Nasdaq Composite fell 0.3%.