India, July 30 -- Cryptocurrencies are trading on a weak note ahead of the much-awaited interest rate decision by the Federal Reserve. The Fed is widely expected to hold rates steady. Market sentiment has also been swayed by anxiety ahead of the release of Advance Estimates of second quarter GDP data due on Wednesday morning as well as the Bank of Japan's interest rate decision that would be known late on Wednesday. Uncertainty prevailing in respect of trade tensions between the U.S. and China also impacted market sentiment.
The CME FedWatch tool that tracks the expectations of interest rate traders assigns a 2-percent likelihood for a rate cut by the Fed in the current review. Rate cut expectations for the September review are significant...