Key Notes
- Bitcoin and Ethereum have been leaving centralized exchanges over the past day.
- USDT and USDC recorded strong net inflows into exchanges for a potential buying spree.
- Peter Schiff hints at a “shadow Fed chair” for faster rate cuts.
The crypto market volatility has declined while traders look optimistic about the incoming US Federal Open Market Committee (FOMC) Minutes, a detailed record of the discussions and decisions made during the agency’s meetings.
Bitcoin (BTC) has been consolidating close to the $108,000 mark over the past 24 hours. Ethereum (ETH) has been moving sideways above $2,500. The global crypto market cap stood at $3.32 trillion with minimal movements.
According to data from Coinglass, 1,400 BTC and 35,607 ETH left centralized exchanges in the past 24 hours. The net outflows of the top two cryptocurrencies from CEXs are worth over $240 million combined at their current price points.
On the other hand, leading exchanges recorded a net inflow of 236 million USDT and 14 million USDC within the same timeframe.
BTC and ETH holders have been moving toward long-term accumulation, while stablecoin investors might be looking for Bitcoin and altcoin investments.
In simple terms, crypto investors are showing signs of optimism while waiting for a major catalyst to move the market upward.
The “Shadow Fed Chair” and Potential Rate Cuts
It’s been more than six months since the last Fed rate cut — interest rates were cut from 4.75% to 4.50% on Dec. 18, 2024.
Peter Schiff, a long-time crypto critic and American stockbroker, hinted at a potential rate cut until the end of this year.
However, he claims that US President Donald Trump might replace Federal Reserve Chairman Jerome Powell with a “shadow Fed chair” to cut interest rates sooner.
The upcoming FOMC Minutes is scheduled for Wednesday, July 9, at 18:00 UTC. These records will likely provide more information for the public on how the Fed will move forward with the interest rates. Last month’s FOMC meeting triggered a Bitcoin selloff due to the bearish expectations within the community and investors.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.