The global coin market is witnessing strong volatility as Bitcoin, the world's largest crypto, has dropped 2.06% to $104,227. This information comes from Reuters, reflecting the impact of global economic events and decisions from the US Federal Reserve (Fed).
The Fed is expected to make an important decision on interest rates, with the likelihood of a third consecutive cut at 97%. The market is paying attention to this as it could significantly affect the investment trend in crypto in general and Bitcoin in particular.
While Bitcoin is experiencing ups and downs, altcoins are not left out. In fact, the weakness in economic growth data from China has led to a sharp decline in the Australian and New Zealand dollars. This may cause altcoins from these regions to struggle as the purchasing power of the local currency decreases.
Additionally, China's offshore yuan remains stable at a 13-month low against the US dollar, reflecting the difficulties in the Chinese economy and indirectly impacting the altcoin market.
According to this trend, investors and experts predict that altcoins may continue to be negatively affected unless there are significant changes from macroeconomic factors.
To keep a closer eye on the global economic situation and its impacts on the coin market, you can subscribe to Reuters' Econ World newsletter. This will be a useful source of information to help investors gain an accurate and timely view of market fluctuations.
Source: Reuters.
