Cryptocurrencies have experienced a significant decline in the last 24 hours, with Bitcoin falling to $63,584. This decline occurred after the $ 70,000 level and altcoins were also negatively affected by this situation. Following the Fed meeting, new lows were seen with the opening of Asian markets, and XRP Coin also acted in accordance with this expected downward trend.
Despite Powell's positive statements yesterday, cryptocurrencies did not take this situation into consideration. As regional tensions impact the crypto market, investors are constantly finding excuses for declines. According to QCP Capital analysts, the Fed's dovish approach raises expectations for a rate cut in September, but while this caused a rally in the stock market, it did not have a similar impact on the crypto market. Investors, ETF outflows and Mt. Gox focuses on supply pressure from the US government. In the long term, discussions among US Presidential candidates and Senators over Bitcoin reserves and the potential for other countries to take similar steps could radically change the crypto landscape. Markets may remain sideways until the next major catalyst.
Tomorrow, data on employment and wage increases will be announced. Powell prefers employment figures to remain at current levels, and data below expectations could strengthen the rate cut scenario in September. XRP Coin, on the other hand, experienced a decrease of 6%. Investors' expectation of consensus at today's meeting led to disappointment, and combined with the decline in BTC, XRP Coin sales became meaningful.
ETF outflows should be watched closely.
ETH purchases below the $ 3,000 level can be considered.
The steps of the USA and other countries towards Bitcoin reserves should be followed.
If we start to see re-entries in the ETF channel, this could be considered a comeback signal for altcoins. Such developments in the crypto market can offer significant opportunities to investors.
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