Crypto Markets Tread Water as Traders Await Fed's Interest Rate Decision

Bitcoin stayed below $70,000, while Solana, Ethereum and Polkadot were flat.

By: Mehab Qureshi Loading...

stylized representation of the fed building

Crypto markets dipped on Monday morning as investors braced for the Federal Reserve’s upcoming interest rate decision.

Bitcoin stayed in a narrow range, just below $70,000. Meanwhile, Ethereum, Solana, and Polkadot were flat, according to CoinGecko data.

Today’s top gainers include Flare Networks (FLR) and Uniswap (UNI, which are up 9% and 7%, respectively.

UNI Price chart
UNI Price

The Federal Reserve will announce its interest rate decision on Wednesday. Investors will also be looking at May’s inflation numbers, with the Consumer Price Index (CPI) and Producer Price Index (PPI) reports due this week.

Bitcoin dropped sharply on Friday, with $385 million in liquidations following robust U.S. 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. Trading volumes in Exchange-Traded Products (ETPs) surged to $12.8 billion for the week, a 55% increase from the previous week.

Bitcoin drew the most attention, with $1.97 billion in inflows. Ethereum experienced record inflows of $69 million, its best week since March, “in reaction to the surprise SEC decision to allow spot-based ETFs.”

Stock markets opened lower on Monday morning. The S&P 500 index slipped 0.2%, the Dow Jones Industrial Average fell by 0.1%, and the Nasdaq Composite dropped 0.3%.