Bitcoin and altcoins
Bitcoin prices fell 2.5% to a low of $60,300 on Friday as U.S. Federal Reserve officials weighed options for tackling the country's stubborn inflation.
Dallas Federal Reserve Bank President Lori Logan said at a Louisiana Bankers Association conference in New Orleans this week that it is "probably too early to think about a rate cut."
"We need to be flexible in terms of cutting interest rates, and there are some uncertainties that we need to resolve before we can even think about cutting rates."
The Fed’s preferred inflation measure has failed to make significant progress toward the central bank’s 2% target over the past few months. In addition, data on Friday showed a major shift in inflation expectations, with expectations rising to 3.5% in May.
Meanwhile, Atlanta Fed President Raphael Bostic predicted that rates will still fall — but perhaps by just 25 basis points by the end of the year.
“I remain confident that interest rates will fall, but it will be some time before inflation eventually subsides.”
Volatility has led to $164 million in liquidations in the past 24 hours. The largest liquidation occurred on the Binance exchange, worth $3.56 million in the BTC/USDT pair.
Altcoin market sees slight decline
Most of the major altcoins among the top 100 projects by market cap were rejected, including ORDI (ORDI), Aave (AAVE), Core (CORE), Lido DAO (LDO), Theta Network (THETA), BONK (BONK), Mina (MINA), Gnosis (GNO), THORChain (RUNE), dYdX (DYDX), Flow (FLOW)... which lost 5-7% of their value.
Ethereum (ETH) also fell below $3,000. It is down more than 3% on the day, hitting a local bottom near $2,880 and is currently priced at around $2,913.
(Personal opinion, not a recommendation)
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