Following the statement from Federal Reserve Chairman Jerome Powell, the cryptocurrency market is experiencing a downturn. Investors are adopting a cautious stance ahead of the upcoming U.S. inflation data.
Market Indicators
The total value of the global cryptocurrency market has decreased by 1.82% over the past 24 hours, reaching $3.14 trillion. Meanwhile, market volume increased by 8%, climbing to $105.57 billion. These figures indicate a growth in trading volume despite the overall market contraction.
Performance of Cryptocurrencies
Bitcoin has seen a decline of over 2% in the last 24 hours, falling to $95,389. Altcoins like Ethereum, XRP, and Solana are also experiencing a downward trend, with tokens such as Dogecoin, Shiba Inu, PEPE, TRUMP, and BONK recording losses. This reflects an increased selling pressure across the market.
Macroeconomic Uncertainty and Expectations
The upcoming Consumer Price Index (CPI) and Producer Price Index (PPI) data from the U.S. could significantly impact the current market fluctuations. Powell has indicated a tighter stance on monetary policy. While some tokens showed gains during the day, Bitcoin’s liquidation was recorded at approximately $44 million, while Ethereum’s was $30.23 million. XRP faced a liquidation of $6.05 million, with similar downward trends in Solana and other altcoins. Quote: Jerome Powell: “Views on tightening monetary policy may indicate pressure on risk assets.”
As the general market condition is shaped by economic data, investors are expected to remain vigilant in this uncertain environment.
