CoinVoice has recently learned that, according to SoSoValue data, the cryptocurrency market sector is experiencing a broad decline, with nearly half of the sectors dropping more than 10%. Specifically, BTC and ETH have decreased by 5.14% and 6.11% respectively over the past 24 hours. The CeFi sector has dropped by 5.17%, while the NFT sector, which rose more than 20% yesterday, has fallen by 6.01%.
Additionally, the Layer 1 sector has decreased by 8.14%, the Layer 2 sector by 9.37%, the DeFi sector by 10.55%, the Meme sector by 11.33%, and the DePIN and PayFi sectors have decreased by 11.48% and 11.69% respectively.
Despite the general market decline, there are still projects performing well, such as the NFT sector Pudgy Penguins (Pengu) which has increased by 9.54%, Moca Coin (MOCA) which has risen by 10.25%, and AI Agents' AI Rig Complex (ARC) which has surged by 54.22%.
SoSoValue analysts suggest that the broad decline in the cryptocurrency market may be influenced by today's Federal Reserve meeting regarding interest rates, with adjustments to the pace of rate cuts for next year (from 4 times to 2 times), as well as an upward adjustment to the core PCE inflation rate and GDP growth rate, along with Powell's more hawkish statements than market expectations, leading to panic in liquidity expectations.
