#Megadrop Investor uncertainty surrounding U.S. inflation and interest rates also weighs on crypto prices. Today’s crypto market decline is part of a correction that started on July following recent remarks by Federal Reserve chair Jerome Powell that reduced possible rate cuts in 2024.

Powell explained that the U.S. Federal Reserve needed more convincing data that conditions were right to lower interest rates — a key move being watched by crypto investors.

In his speech on the economy and monetary policy at an event in Portugal, Powell said the central bank wants tounderstand that the levels that we’re seeing are a true reading on what is actually happening with underlying inflation,” as quoted by Reuters.
Investors are looking forward to two or more interest rate cuts this year, with the odds of a rate cut coming at the September meeting of the Fed’s Federal Open Market Committee (FOMC) still standing at around 65% at the time of writing, per data from CME Group’s FedWatch Tool.$BTC $ETH $BNB