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 on a firm note ahead of the interest rate decision by the Federal Reserve, to be announced on Wednesday afternoon.
Sentiment in global markets remains tethered to anxiety surrounding the FOMC decision to be known by Wednesday afternoon.
Outflows from U.S.-listed Bitcoin and Ethereum Spot ETF products as well as anxiety ahead of the FOMC meeting kept cryptocurrencies subdued on Tuesday morning.
The stalemate in the Middle East and the spike in crude oil prices have dampened global market sentiment. Mixed earnings as well as anxiety ahead of central bank decisions also weighed on market mood.
Weak sentiment prevails in cryptocurrency market amidst anxiety ahead of the looming interest rate decision by Federal Reserve to be announced on Wednesday.
The Dollar Index rebounded during the week ended April 24, amidst an uncertain geopolitical situation in the Middle East and lack of clarity about a deal to end the conflict.