The decline in Bitcoin and altcoins continues amidst the release of economic data impacting cryptocurrency values.
Current Cryptocurrency Market Situation
In the past 24 hours, Bitcoin has lost 8% of its value, falling below $80,000. Altcoins are also experiencing significant declines, with their values dropping double digits.
Economic Indicators and Their Impact
Data on Personal Consumption Expenditures (PCE), closely monitored by the Federal Reserve for interest rate decisions, has been announced, highlighting key Inflation indicators:
- Core Personal Consumption Expenditure Price Index (YoY): 2.6% (expected), previous: 2.8% - Core Personal Consumption Expenditure Price Index (Monthly): 0.3% (expected), previous: 0.2% - Personal Consumption Expenditure Price Index (Annual): 2.5% (expected), previous: 2.6% - Personal Consumption Expenditure Price Index (Monthly): 0.3% (expected), previous: 0.3%
Bitcoin's Initial Reaction to Economic Data
Following the release of economic data, Bitcoin experienced a noteworthy drop in value. This is indicative of trader and investor expectations concerning inflation and potential Federal Reserve actions.
*CITE_NA: The graph depicts a sharp decrease in Bitcoin's price.
Economic indicators such as personal expenditure data have a noticeable impact on the cryptocurrency market. The influence of these economic metrics underscores the importance of monitoring such factors for investors and analysts.
