The highly anticipated release of the US personal-consumption expenditure (PCE) data is expected to provide insight into the Federal Reserve's next move on interest rates. As investors wait with bated breath, the cryptocurrency market has remained stagnant, with prices experiencing minimal changes. This update comes at a critical juncture, given the significant impact of inflation on the overall performance of the cryptocurrency market.

As the global cryptocurrency market cap experiences a marginal increase of 0.87% over the last 24 hours, investors are exercising caution. The total market capitalization currently stands at $2.29T. The cautious approach is a direct response to the upcoming release of the PCE data, widely regarded as a critical indicator of inflation. The Federal Reserve closely monitors this data to inform their decisions on interest rates, which in turn has a significant impact on the cryptocurrency market.

The market's sluggish performance is evident in the minimal price movements of major cryptocurrencies. For instance, Bitcoin has experienced a meager increase of 0.4% over the last 24 hours, with its current price sitting at $68,100. Similarly, the CoinDesk 20 Index (CD20), which measures the broader digital asset market, has risen by a mere 0.5%. The majority of its constituents have displayed changes of less than 1% in either direction, indicating a market characterized by uncertainty and hesitation.

In a surprising turn of events, the TRUMP token, a meme coin inspired by former President Donald Trump, plummeted by 35% following his guilty verdict for falsifying business records. However, it quickly recovered, rallying by 50% to reach a price of $17, surpassing its pre-verdict value. In contrast, Jeo Boden, a meme coin inspired by President Joe Biden, experienced a 20% increase in value. These developments highlight the unpredictable nature of the cryptocurrency market, where prices can fluctuate rapidly in response to external factors.

Ripple CEO Brad Garlinghouse has predicted an influx of exchange-traded funds (ETFs) in the US market, following the anticipated approval of a spot ether ETF. According to Garlinghouse, it is "inevitable" that ETFs tracking Ripple's XRP, SOL, and ADA will emerge, despite the lengthy regulatory process. His statements underscore the growing significance of ETFs in the cryptocurrency market and their potential to attract institutional investors.

In another development, the notional open interest in Binance's SHIB futures has exceeded $100 million, a figure historically associated with notable price pullbacks in Bitcoin and the broader market. This has led some to speculate that a market correction may be imminent, adding to the prevailing sense of uncertainty.

As investors eagerly await the release of the PCE data, the cryptocurrency market remains in a state of flux. The upcoming announcement is expected to provide valuable insight into the Federal Reserve's future decisions on interest rates, which will in turn impact the cryptocurrency market. Amidst this uncertainty, investors are advised to exercise caution, as prices can fluctuate rapidly in response to external factors.