Even though three FOMC members voted in favour of raising the federal funds rate, cryptocurrency markets are steadily rising overnight. A softer-than-expected core PCE reading, an unexpected decline in second quarter GDP growth, along with an overnight decline in global crude oil prices, contributed to shifting the crypto market’s focus from inflation concerns to a sense of euphoria in the tech sector. The Federal Reserve, on Wednesday, upheld the target range for the federal funds rate at 3.5 to 3.75 percent, in line with expectations. However, three members of the FOMC cast their votes in favour of a hike, which intensified concerns regarding a forthcoming increase in rates. However, data for June released by the U.S. Bureau of Economic Analysis on Thursday morning indicated that the core PCE price index experienced an increase of 0.1 percent. Markets had anticipated that the Federal Reserve’s favoured measure of core inflation in the U.S. economy would increase by 0.2 percent. The softer-than-expected inflation print contributed to a moderation in global market expectations regarding a rate hike in September.
According to the CME FedWatch tool that monitors the expectations of interest rate traders, the probability of a pause by the Fed in September stands at 41 percent. It stood at 18 percent one week prior. With the tech-heavy Nasdaq Composite gaining around 2.7 percent, cryptocurrency markets are trading firmly in positive territory. Overall crypto market capitalisation has risen by 0.64 percent overnight to $2.21 trillion, while market leader Bitcoin fluctuated between $65,071 and $63,206 during this timeframe. The rise in total cryptocurrency market capitalisation was matched by a 13-percent increase in trading volumes. Bitcoin, the largest cryptocurrency, is trading 0.9 percent higher at $64,744.29. The current price is approximately 49 percent lower than the all-time high of $126,198.07, which was recorded on October 7, 2025. The original cryptocurrency’s year-to-date losses have diminished to 26 percent. On Wednesday, Bitcoin Spot ETF products in the U.S. experienced net inflows amounting to $32 million, contrasting with the net outflows of $50 million recorded on Tuesday. iShares Bitcoin Trust ETF recorded net inflows of $90 million. Bitcoin remains in the 13th position in the global ranking of all assets based on market capitalisation, as reported.
The leading cryptocurrency occupies a rank situated between SpaceX at the 12th position and Tesla at the 14th position. Ethereum is trading 1.2 percent higher at $1,920.53. The leading alternate coin is currently trading at a level that is 61 percent lower than its all-time high of $4,953.73, which was reached on August 25, 2025. The 24-hour trading fluctuated between $1,933.76 and $1,873.62. Ethereum’s year-to-date losses have decreased to 35.3 percent. On Wednesday, Ethereum Spot ETF products in the U.S. experienced net outflows amounting to $33 million, contrasting with net inflows of $9 million recorded on Tuesday. Ethereum has ascended to the 85th position in the global ranking of all assets based on market capitalisation, as reported. The fourth-ranked BNB experienced a rally of 3.5 percent overnight, leading to an increase in price to $587.49. BNB is currently positioned 57 percent beneath its all-time high of $1,370.55, which was reached on October 13, 2025. 6th ranked XRP, a payments-focused cryptocurrency, added 1.4 percent overnight and is currently trading at $1.08, around 72 percent below the all-time high of $3.84 touched on January 4, 2018.
The price of 7th ranked Solana increased by 1.8 percent overnight, reaching $74.53. SOL’s current price stands approximately 75 percent lower than its peak of $294.33, which was achieved on January 19, 2025. TRON, ranked 8th overall, experienced an increase of 0.55 percent overnight and is currently trading at $0.3280. The trading price stands at 26 percent below the cryptocurrency’s all-time high of $0.4407, which was recorded on December 4, 2024. 9th ranked Hyperliquid slipped 2.2 percent overnight, trading at $53.77, which is approximately 30 percent below the all-time high of $76.85 recorded on June 16. On Wednesday, U.S.-listed Hyperliquid Spot ETF products experienced net outflows amounting to $9 million. Memecoin Dogecoin ranked 10th overall edged up 0.15 percent overnight and is currently trading at $0.0703. DOGE is currently valued at 90 percent less than its peak price of $0.7376, which was reached on May 8, 2021.