WASHINGTON (dpa-AFX) - Cryptocurrencies rallied in the past 24 hours as reassuring comments from President Donald Trump eclipsed the cautious sentiment portended in the FOMC minutes released on the same day. Overall cryptocurrency market capitalization added more than a percent on an overnight basis.
President Trump at his address at the FII Priority Summit in Miami on Wednesday remarked about his intentions to stay at the forefront of everything including crypto. He reiterated his commitment to making America the crypto capital and attributed Bitcoin's record highs to this commitment. He also placed on record his intentions to end the war on bitcoin and crypto.
The comments helped limit the damage caused by the cautious tone in the minutes of the Federal Open Markets Committee released on Wednesday. The minutes revealed an elevated uncertainty regarding the scope, timing, and potential economic effects of possible changes to trade, immigration, fiscal, and regulatory policies on the Fed's monetary policy outlook.
Though most participants judged that the risks to the dual-mandate objectives of maximum employment and price stability were roughly in balance, some noted that the risks to achieving the price stability mandate was greater than the risks to achieving the maximum employment mandate.
Participants generally pointed to upside risks to the inflation outlook. Members noted that though inflation had eased significantly over the past two years, the progress towards the Committee's 2 percent longer-run goal had slowed over the past year. Many participants emphasized that additional evidence of continued disinflation would be needed to support the view that inflation was returning sustainably to 2 percent.
The renewed focus on inflationary pressures contained in the FOMC minutes ensured that Fed rate cut expectations remained weak. The CME FedWatch tool currently shows expectations of rate cut in March at 2.5 percent versus 3 percent a day earlier and 4 percent a week earlier.
The six-currency Dollar Index which measures the Dollar's strength against a basket of 6 currencies declined 0.37 percent overnight to 106.78, boosting dollar-denominated prices of cryptocurrencies.
Overall crypto market capitalization gained 1.1 percent overnight to $3.21 trillion. Trading volume over the 24-hour period however decreased 19 percent to $82 billion. BTC has rallied 1.1 percent overnight to trade at $97,422.92, around 11 percent below the all-time high. BTC has added 1.6 percent in the past week. The leading cryptocurrency traded between $97,552.58 and $95,412.89 in the past 24 hours.
Bitcoin's price movements were broadly in sync with the surge in the prices of the yellow metal. Gold Futures (for April settlement) touched an all-time-high of $2,972.91 before retreating to its current level of $2,957.51, implying an overnight surge of 0.73 percent.
Data from Farside Investors showed that Bitcoin Spot ETF products in the U.S. witnessed outflows of $64 million on Wednesday as compared with outflows of $61 million a day earlier.
Ethereum rallied 1.1 percent in the past 24 hours to trade at $2,743.67, around 44 percent below the previous peak recorded in November 2021. Weekly gains exceed 3.3 percent. Ether traded between $2,756.48 and $2,679.80 in the past 24 hours.
Ethereum Spot ETF products in the U.S. witnessed inflows of $19 million on Wednesday versus inflows of $5 million a day earlier.
3rd ranked XRP (XRP) rallied 3.4 percent overnight to trade at $2.69, around 30 percent below the all-time high touched in January 2018. The cryptocurrency's weekly gains are 10.1 percent. The price movement comes amidst the U.S. SEC acknowledging the spot XRP ETF filing from Canary Capital.
5th ranked BNB (BNB) slipped 1.5 percent overnight at its current trading price of $649.21. BNB is currently trading 18 percent below the all-time high.
The price of 6th ranked Solana (SOL) gained 1.1 percent overnight. With weekly losses of 9.4 percent, SOL is currently trading at $173.14, around 41 percent below its record high.
8th ranked Dogecoin (DOGE) edged down 0.2 percent overnight to trade at $0.2539. Having slipped 1.3 percent in the past week, DOGE is trading 66 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) gained 2.95 percent overnight to trade at $0.7878. ADA is currently trading 75 percent below the record high touched in September 2021.
10th ranked TRON (TRX) slipped 1.1 percent overnight to trade at $ 0.2405. TRX has added 1.5 percent in the past week. The trading price is 45 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
88th ranked Story (IP) topped overnight gains with a surge of 28.8 percent. 81st ranked Berachain (BERA) followed with gains of more than 20 percent.
15th ranked Litecoin (LTC), 26th ranked Bitget Token (BGB) and 72nd ranked Movement (MOVE) topped overnight losses with a decline of more than 5 percent.
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