A subdued tone is visible in the cryptocurrency markets as the cautious mood reflected in the minutes of the Federal Open Market Committee weighed on sentiment. Almost all participants of the FOMC commented on the risk that inflation could prove to be more persistent than expected.
The Federal Reserve, in its meeting held earlier in the month reiterated its warnings about the likelihood of inflation and unemployment rising alongside, resulting in difficult trade-offs.
According to the minutes released on Wednesday, participants cited the increase in uncertainty about the economic outlook and a rise in the risks of both higher unemployment and higher inflation to maintain the federal funds rate at current rates. Participants agreed that uncertainty about the economic outlook had increased further, justifying a cautious approach till the net economic effects of the array of changes to government policies became clearer.
According to the CME FedWatch tool that tracks the expectations of interest rate traders, there is a 97.7 percent likelihood of a Fed's pause in the review in June. In July, markets expect the probability of a pause reducing to 79.5 percent.
Overall crypto market capitalization has edged up 0.21 percent in the past 24 hours. It is currently at $3.44 trillion. The 24-hour trading volume has increased close to 8 percent overnight to $131 billion.
Bitcoin slipped 0.26 percent overnight to trade at $108,534.39. It is currently trading 3 percent below the all-time-high of $111,970 recorded on May 22. The original cryptocurrency traded between $109,074 and $106,813 during the past 24 hours.
The leading cryptocurrency with an overall market share of 62.8 percent is trading with losses of 1.8 percent over the 7-day horizon and gains of 14.4 percent over the 30-day horizon. Year-to-date gains are at 16.2 percent.
Ethereum rallied 3.1 percent overnight to trade at $2,719. Ether has gained 1.3 percent in the past week. Losses in 2025 have fallen to a little less than 19 percent. Ether's current trading price is 44 percent below its all-time-high. The 24-hour trading range was between $2,785 and $2,611.
Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $433 million on Wednesday versus $385 million a day earlier. iShares Bitcoin Trust (IBIT) recorded inflows of $481 million.
Ethereum-based Spot ETF products witnessed inflows of $85 million on Wednesday versus inflows of $39 million on Tuesday.
Bitcoin is currently ranked 6th and Ethereum 31st in the ranking of all assets as per market capitalization published by companiesmarketcap.com. Ethereum improved rankings from 33 a day earlier.
4th ranked XRP declined 0.31 percent overnight to trade at $2.29, around 40 percent below the all-time high.
5th ranked BNB gained 0.83 percent overnight at its current trading price of $688.
The price of 6th ranked Solana declined 0.42 percent overnight to $172.96.
8th ranked Dogecoin added 1.3 percent overnight to trade at $0.2253. DOGE is currently trading 69 percent below the record high.
9th ranked Cardano edged down 0.04 percent overnight to trade at $0.7525. The trading price is 76 percent below the cryptocurrency's all-time high.
10th ranked TRON added 0.81 percent overnight and is currently changing hands at $0.2776.
74th ranked SPX6900 (SPX) topped overnight gains among the top 100 cryptocurrencies with a gain of close to 20 percent. 80th ranked Zcash (ZEC) followed with gains of 9.1 percent.
65th ranked Fartcoin (FARTCOIN) topped overnight losses among the top 100 cryptocurrencies with a decline of 4.2 percent. 28th ranked Pi (PI), 55th ranked Jupiter (JUP) and 78th ranked XDC Network (XDC) followed with losses of more than 3 percent.
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