India, May 6 -- Cryptocurrencies traded flat early on Monday even as world financial markets cheered the increased likelihood of a rate cut by the Federal Reserve. Reports of Robinhood Crypto receiving a Wells Notice from the SEC dampened sentiment.
Fed rate cut expectations increased with the softer-than-expected job market update from the U.S. on Friday, widely seen as easing the pressure on inflation. The Federal Reserve had in its recent review on Wednesday lamented the lack of recent progress towards the FOMC's 2 percent inflation objective.
Overall crypto market capitalization is currently at $2.35 trillion. It was $2.36 trillion a day earlier.
Bitcoin dominates 53.3 percent of the crypto market followed by Ethereum that accounts f...