Crypto Market Steady Ahead of FOMC Minutes Release

The crypto market is experiencing a slight uptick today, August 16, as traders await the release of the Federal Open Market Committee (FOMC) minutes on August 19. Bitcoin (BTC) and Ethereum (ETH) are stuck at $62,936 and $1,878 respectively, while Ripple (XRP) is defending its support level at $0.99.

Geopolitical tensions are contributing to the market's hesitation, with traders waiting to see if ongoing talks about the Strait of Hormuz will yield results. The UAE has reportedly seized billions of assets from Iran, including gold, and prediction markets show a 13% chance that the US and Iran will extend their ceasefire deal after it expires on August 20.

The upcoming meeting between President Trump and crypto executives on August 19 is also being closely watched by traders, with prices factoring in the potential outcome. The FOMC minutes are expected to influence interest rate decisions, with prediction markets currently showing a 26% chance that the Fed will not hike or trim rates in September.