Cryptocurrency markets reacted with declines following strategic announcements from the White House. Economic reports this week could further influence the situation.
Crypto Summit and Market Reaction
Last week, a crypto summit took place at the White House, where advice to 'never sell your Bitcoin' was given. This did not help the asset recover to $90,000, and it weakened over the weekend. Bitcoin fell to $86,000 following the summit, as did other altcoins.
Key Economic Events of the Week
Key economic reports are expected this week, including February's Consumer Price Index (CPI) and Producer Price Index (PPI) data. Historically, higher CPI figures led to Bitcoin's decline. Economists expect inflation to continue rising, which may influence Fed's interest rate policy. The current rate stands at 4.25%-4.5%.
Crypto Market Outlook
Cryptocurrency markets continue to remain under pressure, losing 6.5% of total capitalization, dropping to $2.8 trillion. Bitcoin fell by 4.5% to just over $80,000, with a slight recovery to $82,000. Ethereum also fell by 6%, reaching a 16-month low of $2,000. Altcoins such as Solana, Cardano, and others also suffered significant losses.
Cryptocurrency markets are under pressure due to economic data and strategic announcements. Key reports may have an additional impact on their dynamics.
