A better-than-expected job market update from the U.S. on Friday has dampened rate cut expectations from the Fed, dragging down cryptocurrencies.
Overall cryptocurrency market capitalization has decreased around 1 percent in the past 24 hours as markets anxiously wait for the outcome of the negotiations between the U.S. and Iran to end the Middle East conflict.
Global market sentiment rebounded after swaying sharply in response to the hawkish tilt in the Fed's decision to hold rates steady.
Reaction of crypto markets to the Fed's decision to hold rates steady has been broadly bearish in tone.
Cryptocurrencies are trading higher from the flatline even as the Middle East standoff impacted market sentiment across asset classes and regions.
Bitcoin, once dismissed as something reserved for geeks and the cryptography enthusiasts, is back in the limelight, as the price of the cryptocurrency appreciated in recent weeks.