Major cryptos decline as Fed interest rate decision awaited

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The crypto market as a whole is bearish, with most top 100 coins in the red at the time of writing. Investors are awaiting the Federal Reserve’s likely decision to increase interest rates by half a point.

Top cryptos

Bitcoin is considered to be at risk of a breakdown as price momentum slows. The biggest cryptocurrency by market capitalization was recently trading at around $38,000, relatively flat over the past 24 hours.

Ethereum was trading for about $2,800, slightly down today. Most other major cryptos were in the red, but not by much. Solana lost around 1%, and Cardano and Avalanche each lost 2%.

Crypto.com’s CRO has gained more than 2%, showing signs of potential recovery from a severe dip of over 15%. It faced community backlash after cutting interest rates.

Top movers

Outside the top 20, TRON’s TRX is up 5%, bringing its total gains for the week to 17%. Tomorrow is the official launch of USDD, a stablecoin that will become available on Tron’s blockchain.

The network promises that USDD will propel stablecoins to enter a new epoch where algorithms and mathematics build the foundation for financial stability and accessibility in a decentralized manner.

TRX is poised to break the top 20 (currently ranked at 21) and the price of $1 per 1 TRX. Monero, the top privacy coin, added 3% to its value today, as did STEPN’s GMT.

STEPN is revolutionizing health and fitness. Today, its Genesis NFT collection will be airdropped on Binance. The network hopes to get more active users into BSC and grow out the ecosystem as a result.

Both Curve DAO Token and Convex Finance, a DeFi protocol that allows Curve liquidity providers to earn a share of trading fees on Curve without staking liquidity there, are among the gainers today. They’re up 8% and 2%, respectively.

Curve DAO Token (CRV) formed an ascending broadening wedge two days ago, which preceded its gain. Whales are short-selling it now, so the price might fall.

Finally, XDC Network gained 5% as part of a slight but steady rise since May 1, when they announced a competition hosted by Bitrue and DATACHAIN. They are giving away $3000 in $DC and $500,000 in trial funds. The event ends on May 6.

Yearn Finance and 0x close out the list of winners, both up 3%.

Most top 100 coins, except for the above lost 2-4%. OKB shed 5%, reversing recent gains. Axie Infinity and ApeCoin each lost 6%. IOTA is the biggest loser, down 7% today.

Algorand’s ALGO jumped more than 20% a day after announcing that it would become the official blockchain platform of FIFA. Today, it is down 6%.