According to CoinDesk, the cryptocurrency market continued to be under pressure during US trading hours on Thursday, a pullback since the Federal Reserve said it expects only one rate cut this year. Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said at a Senate hearing that he expects a spot Ethereum ETF to receive full approval from his agency by the end of the summer. The news sent Ethereum prices up 1%, but it was just a selling opportunity, and the price reversed more than 3% an hour later. At press time, Ethereum was trading at $3,440, down 5% in the past 24 hours. The CoinDesk 20 index fell 4.9% in the same period. Bitcoin prices also fell nearly 5%, trading near a one-week low of $66,300. The market started to move lower after the results of the Federal Reserve's hawkish policy meeting came out on Wednesday afternoon. The U.S. central bank kept its benchmark federal funds rate range steady at 5.25%-5.50%, but its updated forecast was surprising, predicting only a 25 basis point rate cut in 2024. However, the interest rate futures market expects two to three 25 basis point adjustments this year. U.S. economic data on Thursday morning failed to improve macro sentiment for cryptocurrencies, with data showing continued inflation and economic weakness. The Producer Price Index (PPI) fell 0.2% in May, compared to expectations for a 0.1% increase. On an annual basis, the PPI was 2.2% higher than the expected 2.5%. In addition, initial jobless claims rose to a nearly one-year high of 242,000, compared to expectations for 225,000.