Ethereum, Ripple decline amid mounting pressure on crypto assets
Most cryptocurrencies lost ground on Wednesday as the risk appetite took a hit with traders assessing latest statements by Fed officials, and the developments of the trade war.
Chicago Fed President Austin Goolsbey expects a slight dip in interest rates in the upcoming 12-18 months, with the next step taking longer than expected due to uncertainty.
Atlanta Fed President Raphael Bostic also expects only a single interest rate cut in 2025, down from two cuts in previous forecasts.
Investors are still concerned about the impact of US President Donald Trump’s tariff policies on economic growth and inflation.
Ethereum
Ethereum fell 3.7% on Coinmarketcap as of 19:41 GMT to $1997.7.
Ripple
Ripple fell 3.2% on Coinmarketcap as of 19:41 GMT to $2.37.
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Aussie falls after inflation data
The Australian dollar fell against most major rivals on Wednesday after earlier data showed a slowdown in inflation.
Australia’s consumer prices rose 2.4% y/y in February, missing estimates of 2.5%.
The AUD/USD pair fell 0.3% as of 19:31 GMT to $0.6286.
Sterling
The GBP/USD price fell 0.5% as of 19:32 GMT to $1.288.
Earlier UK data showed consumer prices rose 2.8% y/y in February, below estimates of 3%.
The Dollar
The dollar index rose 0.4% as of 19:04 GMT to 104.5, with a session-high at 104.5, and a low at 104.1.
Chicago Fed President Austin Goolsbey expects a slight dip in interest rates in the upcoming 12-18 months, with the next step taking longer than expected due to uncertainty.
Atlanta Fed President Raphael Bostic also expects only a single interest rate cut in 2025, down from two cuts in previous forecasts.
Investors are still concerned about the impact of US President Donald Trump’s tariff policies on economic growth and inflation.
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Gold edges down as dollar muscles higher
Gold prices fell mildly on Wednesday as the dollar rose against most major rivals while analysts assess US trade policies.
Chicago Fed President Austin Goolsbey expects a slight dip in interest rates in the upcoming 12-18 months, with the next step taking longer than expected due to uncertainty.
Atlanta Fed President Raphael Bostic also expects only a single interest rate cut in 2025, down from two cuts in previous forecasts.
Investors are still concerned about the impact of US President Donald Trump’s tariff policies on economic growth and inflation.
Otherwise, the dollar index rose 0.4% as of 19:04 GMT to 104.5, with a session-high at 104.5, and a low at 104.1.
On trading, gold spot prices fell 0.1% as of 18:06 GMT to $3022.3 an ounce.
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US crude stocks fall after three weeks of builds
The Energy Information Administration reported a drawdown of 3.3 million barrels in US crude stocks last week to 433.6 million barrels, while analysts expected a build of a million barrels.
Gasoline stocks fell 1.4 million barrels to 239.1 million barrels, as gasoline stocks dropped 0.4 million barrels to 114.4 million barrels.
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