What Happened in Crypto Today: FOMC Meeting, XRP News, Deribit & More

What Happened in Crypto Today: Is the Crypto Market Facing a Downturn?

Cryptocurrency value reached $2. 73 trillion as of today — somewhat higher than forecast, at 0. 48% — but not at a significant drop in overall trading volume.

Total trading volume on cryptocurrencies in the last 24 hours decreased 6. 06 % to $69. 61 billion, reflecting lower investor activity.

The overall volume of DeFi (Decentralized Finance) transactions however also decreased to just $6. 15 billion, or 8. 83% of the total volume.

Obviously most of the crypto trades came with stablecoins, $66. 01 billion worth of them traded, but still shows a slowdown across the whole space.

XRP Lawsuit Nears End : What’s Next as Market Declines?

It’s just days away from the end of the Ripple v. SEC lawsuit, and there is the possibility of significant changes coming to the entire Ripple ecosystem, but the likelihood is very slim to none.

The market is already feeling the pressure, with XRP’s 24-hour trading volume at $2.98 billion, down 18.16%. Investors remain cautious as uncertainty looms over Ripple’s next move. With years of legal battles coming to a close, the industry is watching closely to see how this verdict will reshape the market landscape, especially as conditions worsen.

Impact on Market After the FOMC Meeting Today

The U.S. Federal Reserve's FOMC meeting ends today at 2:00 p.m. ET, followed by Jerome Powell’s speech. This is a key event for financial markets, including crypto. Investors are watching closely, especially after recent turmoil due to U.S. tariffs on Mexico and Canada.

The market lost nearly a trillion dollars recently, making the Fed’s interest rate decision crucial. Coingabbar Analysts expect rates to remain at 4.25%-4.50%, unchanged since December 2024. Though rate cuts were expected in 2025, experts now believe the Fed will maintain its current policy.

Coingabbar Analysts expect rates to remain at 4.25%-4.50%, unchanged since December 2024. Though rate cuts were expected in 2025, experts now believe the Fed will maintain its current policy.

Deribit Warns About Fake Job Recruiter Scam

Crypto exchange Deribit has alerted job seekers about scammers posing as recruiters. These fraudsters, mainly targeting developers and senior professionals, create fake LinkedIn profiles and post high-paying job ads.

They contact candidates privately and use tricks to steal money or data. Some ask victims to complete an "assessment" that installs malware, while others offer fake jobs with perks like discounted company shares to scam money. Deribit’s security chief, Anthony Sweeney, warns that such scams often start in crypto before spreading elsewhere. Job seekers should verify recruiters before engaging.

Minnesota Senator Proposes Bitcoin Act for State Investments

Minnesota Senator Jeremy Miller has introduced the Minnesota Bitcoin Act, aiming to allow the state to invest in Bitcoin. Initially skeptical, Miller now sees BTC as a valuable asset.

The bill would let the State Board of Investment invest in Bitcoin, allow employees to add BTC to retirement accounts, and enable residents to pay taxes in crypto. It also proposes tax breaks on BTC gains, making investments more attractive. If passed, Minnesota will join states like Colorado and Utah in accepting cryptocurrency for payments.