The cryptocurrency market has experienced significant fluctuations since the morning as leading cryptocurrencies like Dogecoin, Ether, and XRP have shown losses exceeding 5%.
Leading Cryptocurrencies Suffer 7% Losses
An average loss of about 4.5% was observed among the top 20 cryptocurrencies, with Dogecoin experiencing the most notable drop at nearly 7%. Only Toncoin among this group managed to rise, gaining around 5%.
Attention is also shifting towards Bitcoin as its options expiration approaches, with $12.2 billion in Bitcoin options nearing their due date. However, the current volatility and downtrend may hinder the market from reaching this level in the short term.
Cautious Anticipation Before the PCE Data Release
The upcoming release of the PCE in the US stands out as a key indicator that may influence the direction of the cryptocurrency market. This data is significant for tracking inflation trends and may offer clues about future monetary policies.
Participants in the market are exhibiting a relatively stable and cautious stance ahead of this release. Reports from QCP Capital highlight that the spot market has been stagnant, and open positions have decreased.
Trade Tensions Deepen Uncertainty
Signals of new tariffs from the US President towards Canada and the European Union have caused unease. Canada’s Prime Minister’s statement about the US no longer being a reliable trading partner suggests potential disruptions to trade balances.
The reflection of these tensions in financial markets is becoming evident. Paybis CEO Innokenty Isers noted that monetary policies and trade moves of major economies directly influence investment behaviors.
Amid current events, cryptocurrency investors continue to maintain a cautious approach. The present economic situation and international trade tensions have a significant impact on sentiment in the crypto sector.
