According to ChainCatcher, based on SoSoValue data, the cryptocurrency market saw a widespread decline, with nearly half of the sectors experiencing a drop of over 10%. Specifically, BTC and ETH fell by 5.14% and 6.11% respectively over 24 hours. The CeFi sector dropped by 5.17%, while the NFT sector, which rose over 20% yesterday, fell by 6.01%.
In addition, the Layer 1 sector fell by 8.14%, the Layer 2 sector fell by 9.37%, the DeFi sector fell by 10.55%, the Meme sector fell by 11.33%, and the DePIN and PayFi sectors fell by 11.48% and 11.69%, respectively.
Despite the overall market decline, some projects performed well, such as the NFT sector Pudgy Penguins (Pengu) with an increase of 9.54%, Moca Coin (MOCA) with an increase of 10.25%, and AI Agents with AI Rig Complex (ARC) increasing by 54.22%.
Analyst SoSoValue stated that the cryptocurrency market experienced a widespread decline, possibly due to today's latest Federal Reserve meeting adjusting the interest rate cut pace for next year (from 4 times to 2), the upward revision of future core PCE inflation rate and GDP growth, as well as Powell's hawkish remarks exceeding market expectations, causing panic in liquidity expectations.
