Crypto Market Stalls Ahead of FOMC Minutes Release
The cryptocurrency market is experiencing a slight increase in value on August 16 as traders await the release of the Federal Open Market Committee (FOMC) meeting minutes, set to be released on August 19. Despite this, Bitcoin and Ethereum remain stuck at $63,000 and $1,800 respectively.
Geopolitical tensions continue to impact crypto prices, with traders hesitant due to ongoing talks about the reopening of the Strait of Hormuz. The UAE has reportedly seized billions of assets belonging to Iran, including gold, which is affecting market sentiment.
The monetary policy decisions of the FOMC meeting in July are also a key focus for traders, who are awaiting the release of minutes that could influence the odds of interest rate hikes in September. Currently, prediction markets show a 26% chance that the Fed will not hike or trim rates at the September meeting.
The total open interest across the crypto market stands at $117 million today, August 16, representing a 0.85% drop from the previous day's reading. Derivatives trading volumes have recorded a significant decline of 50%, and crypto liquidations have dropped by 71% to $38 million.