As a seasoned crypto investor with a few battle scars from market volatility, I’ve grown accustomed to the rollercoaster rides that come with investing in digital assets. However, even I couldn’t help but feel a pang of unease as I watched Bitcoin plummeting yet again, dragging the entire crypto market down with it.
As a crypto investor, I’ve noticed that the entire cryptocurrency market experienced selling pressure due to Bitcoin‘s price dip. Bitcoin, being the leading cryptocurrency by market capitalization, continued its downward trend from its peak of $65,287 on April 25th. The selling pressure intensified, causing Bitcoin’s price to plummet further, reaching intraday lows of $62,389.
As a market analyst, I’ve observed that the recent sell-off in Bitcoin triggered a cascade of selling across the crypto market. This selling frenzy intensified the bearish trend for alternative digital currencies, commonly referred to as altcoins.
As I pen this down, Bitcoin (BTC) had experienced a decrease of 2.28% within the last 24 hours, settling at a price of $62,839. A number of cryptocurrencies showed losses during this period, ranging from a modest 2% to a significant 15%. Solana (SOL) and Shiba Inu were among those suffering losses, with declines of approximately 6% each in the previous 24 hours. However, the meme coins Dogwifhat and Bonk based on the Solana blockchain endured even greater losses, amounting to 11.80% for Dogwifhat and a steep 13.45% for Bonk.
Some investors were taken by surprise when the prices dropped, triggering a chain reaction of sell-offs on different cryptocurrency trading platforms.
Based on information from CoinGlass, approximately $157.29 million in crypto assets have been liquidated during the past 24 hours, and Bitcoin made up around $42.22 million of that amount.
The drop in crypto market values occurred simultaneously with the unveiling of unexpectedly high inflation figures, causing unease among investors regarding the future state of the world economy.
Based on CNBC’s report, the cost of goods and services consumed by individuals, excluding food and energy expenses, increased by 2.8% compared to the same period last year in March. This figure is consistent with the previous month’s growth rate and slightly surpassed the forecasted percentage.
The Federal Reserve aims for an inflation rate of 2%, yet this mark has been surpassed by the core Personal Consumption Expenditures (PCE) index for the past three consecutive years. The Fed gives priority to the PCE measure due to its ability to account for shifts in consumer spending habits.
As a researcher, I’ve compiled this report after taking into account recent economic developments. Specifically, I’m referring to the disappointing inflation figures released on Thursday. Given these circumstances, it seems plausible that the Federal Reserve will hold off on raising interest rates until at least the summer. However, if significant changes occur in the data, their decision could be revisited.
As a analyst, I’m keeping a close eye on the fact that inflation, which reached its peak at a level higher than what we’ve seen in over four decades two years ago, continues to climb. Central bank policymakers and I are intently studying this data as we deliberate on the most effective monetary policy measures moving forward.
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2024-04-27 14:21