Crypto Market Range-Bound Ahead of FOMC Minutes and White House Crypto Meeting

The crypto market remained largely range-bound on August 16 as traders awaited several potentially market-moving events, including the release of the Federal Open Market Committee (FOMC) meeting minutes on August 19.

Bitcoin (BTC) continued to trade near $63,000, while Ethereum (ETH) remained around $1,878. XRP also hovered around the key $1 support level as low trading volumes kept major cryptocurrencies from making a decisive move.

Geopolitical tensions remain one of the factors influencing crypto sentiment, with markets watching developments surrounding the potential reopening of the Strait of Hormuz and reports that the UAE seized billions of dollars in Iranian assets adding to uncertainty.