DeFi Coins Outperform Bitcoin, Ether as Traders Pare Bets on Jumbo Fed Rate Hike

The crypto market traded higher at press time, helped at least in part by traders scaling back expectations for a 100 basis hike in borrowing costs by the Federal Reserve later this week.

Rates traders saw a 49% chance that the Fed would deliver a full-percentage-point interest-rate hike on July 27, a significant decline from 80% seen after the release of Wednesday's Consumer Price Index , an indication of inflation or deflation, according to data tracked by the Chicago Mercantile Exchange's FedWatch tool.

Due Friday at 12:30 UTC, or 8:30 a.m. EST, the retail sales data is likely to show that consumer spending increased by 0.9% in June. The housing data due on July 19 could show housing starts tumbled 14.4% in May, while building permits dropped 7%.Observers were unsure if the rally in the DeFi majors would be long-lasting, given the fundamentals remained weak.

The total value locked in the DeFi protocols has crashed to $38 billion from $95 billion this year. And there was hardly an uptick as of writing, according to data source Defi Pulse. The total value locked is the amount of user funds deposited in the DeFi protocols and is one of the most commonly used metrics to assess the sector's growth.

The percentage of bitcoin's circulating supply tokenised on Ethereum and locked in DeFi fell to a near record low of 50.6% on July 8 and was last seen at 50.8%, data tracked by IntoTheBlock shows.

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