Cryptocurrency prices have seen a significant decline this week, due to several main factors:
1. US Federal Reserve Decisions: The Federal Reserve announced a 0.25 basis point interest rate cut, which led to volatility in financial markets, including the cryptocurrency market.
2. Important economic data: Major economic reports were released in the United States, such as the services PMI and labor market reports, which affected investor sentiment and led to market volatility.
3. Massive sell-off: The market witnessed a massive sell-off, with around $650 million being wiped off the cryptocurrency market in the last 24 hours, leading to a drop in the prices of major digital currencies such as Bitcoin and Ethereum.
4. Temporary Corrective Movement: The recent decline is considered a temporary corrective movement resulting from the recent rush of financial institutions that speculated on futures contracts, which led to a decline in prices.
These factors combined contributed to the decline in cryptocurrency prices this week.
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