WASHINGTON (dpa-AFX) - Cryptocurrencies are trading mostly lower on Monday, losing ground and coming off record highs, over the past 24 hours amid fading prospects of an interest rate cut by the Federal Reserve before June.
Last week's data from the Labor Department showing hotter than expected consumer price and producer price inflation in February prompted traders to trim down bets on interest rate cuts and knocked the wind out of several cryptocurrencies on Friday, and most of these are struggling to find support today.
The Fed's two-day monetary policy meeting gets underway on Tuesday. The central bank is widely expected to leave interest rates unchanged, but bank's accompanying statement and economic projections could have a significant impact on the outlook for rates.
Recent hotter-than-expected inflation readings have reduced optimism about the likelihood of the Fed's first rate cut coming in June.
Bitcoin is trading at $67,360.40, giving up about 0.8% over the last 24 hours. Ethereum is down nearly 3% at $3,521.48, and BNB is declining 5.7% at $553.01. Lido Staked ETH is lower by 4.8% at $3,450.70.
XRP, Cardano, Dogecoin, Toncoin, Polygon, NEAR Protocol, Cosmos, Render, Uniswap and Litecoin have lost 3 to 10% in the last 24 hours.
Pepe is down 11.4%, and Wrapped Beacon is declining 7.2%. VeChain, Maker, Monero, Lido DAO and Arweave are also down sharply in the last 24 hours.
Aptos is gaining more than 8% at $15.1500. Avalanche is rising 11% at $61.76, and Solana is gaining 4.5% at $203.815.
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