It is another difficult day for cryptocurrency investors and losses are increasing rapidly, especially in altcoins. This situation can be considered normal during the Fed week. Following the TDI data announced on Friday, we stated that there was a high risk of encountering such a situation. On Sunday, we pointed out that there was a risk of sharp sales in altcoins if the $ 68,500 support could not be maintained, and both of our predictions came true.
Why Did Ethereum Fall?
Ethereum price dropped to $3,500 despite ETF approval. This occurred due to sales triggered by negativity in general market sentiment. The Federal Reserve's interest rate decision, 3-year interest rate forecasts and inflation figures due on Wednesday are among the factors that triggered this decline. The rise in bond yields accelerated the flight from risky markets, causing cryptocurrencies to fall.
The US 10-year Treasury bond was on the rise last week, and that trend continued as investors awaited the Dot Plot. The decline in inflation slowed down and market expectations moved away from members' expectations for a 75 basis point cut. The possibility of a rate cut before December was certain until Friday's data, but this possibility has also disappeared. At best, 2 interest rate cuts are expected during the year, which is below the average predictions of members at the beginning of the year.
If bond interest rates increase, cryptocurrencies will also trend downward. In March, Fed officials expected a three-quarter point rate cut by the end of 2024. However, economic data such as strong employment growth in May changed these expectations.
Ethereum Whales and Price
The decline in ETH price occurs despite ETF approval for the reasons stated in the first section. The launch announcement will come soon, but sustained, high-volume outflows are likely to occur in the first trading days. A 1% decrease in the supply of whales was observed. Whales with assets between 100 thousand and 1 million also started to sell.
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