The cryptocurrency market experienced moderate growth, reaching a total value of $3.3 trillion. This followed the release of the Federal Reserve meeting minutes, which highlighted concerns over inflation and interest rates.
Rise of the Cryptocurrency Market
In the past 24 hours, the cryptocurrency market has shown a modest increase. Bitcoin rose by approximately 3%, reaching a level near $98,400. However, the cryptocurrency remains in a consolidation phase, trading within a range of $93,000 to $100,000.
Impact of Fed Policies
The Federal Open Market Committee stressed the need for 'more progress on inflation' before considering any rate cuts, maintaining the current interest rate at 4.25%-4.50%. Nexo Dispatch analyst Iliya Kalchev notes that market participants should closely monitor Fed policies as they can significantly impact liquidity and investor sentiment.
Market Liquidation Analysis
A total of $174 million worth of cryptocurrencies were liquidated in the last 24 hours, with $118 million in short positions. The most liquidated assets were BTC, ETH, IP, KAITO, and SOL.
The cryptocurrency market continues to be influenced by changes in Fed policy and macroeconomic factors, which play a significant role in its evolution. Investors are advised to be cautious of regulatory changes and liquidation trends.
