Cardano’s ADA and XRP Decline as Traders Anticipate FOMC Meeting
On Tuesday, major cryptocurrencies faced losses as traders awaited the Federal Reserve (FOMC) meeting. Key points include:
- Cardano's ADA dropped nearly 4% and XRP slid similarly.
- Bitcoin (BTC) maintained prices above $94,000 after a brief dip.
- Ether (ETH) fell nearly 1%, while BNB Chain’s BNB rose 1.3%.
- The CoinDesk 20 index decreased by over 1.8%.
In DeFi, tokens like AAVE, Curve's CRV, and Hyperliquid's HYPE saw increased demand, indicating a shift towards projects with utility. HYPE surged 72% in the past week, while AAVE and CRV rose up to 40%.
Focus on Powell's Comments
Traders are focused on FOMC's interest rate decision, expecting rates to remain unchanged amid inflation and trade tensions uncertainty. Augustine Fan from SignalPlus noted that crypto may react based on broader market trends rather than the FOMC meeting directly.
Stock market strength suggests an 8% recession risk, contrasting with bearish signals from bonds. Recent comments from President Trump regarding U.S.–China trade negotiations have impacted market sentiment.