Crypto prices inched up on August 16, with Bitcoin holding above $63,000 and Ethereum at $1,800, as traders kept their powder dry ahead of the Federal Reserve's meeting minutes, due out August 19. XRP defended the $1 support level, a price point that has become a line in the sand for the token.
Bitcoin holds $63,000
Bitcoin traded at $63,000 on Sunday, a modest gain that keeps the largest cryptocurrency above the round number that many traders have been watching. The move is small, but the lack of volatility is itself a signal. The market is waiting for the Fed.
XRP defends $1
Ripple's XRP is sitting at $1, exactly the support level that has drawn attention in recent weeks. The token hasn't broken below that mark, and buyers appear willing to step in at that price. Whether that holds will likely depend on how the market reads the minutes.
Fed minutes on the horizon
The main event this week is the Federal Open Market Committee's meeting minutes, scheduled for release on August 19. Traders are awaiting the document for clues on how policymakers view inflation and the path for interest rates. A more dovish tone could give risk assets, including crypto, a lift. Until then, expect the market to stay in a holding pattern.
