BTC ETH
Recently, due to severe inflation and poor GDP data, the Federal Reserve may choose to keep the current interest rate unchanged, which puts Bitcoin under greater selling pressure.
Over the weekend, the entire market felt this pressure, and Bitcoin also fell 2.2%, falling below $62,500. And those other altcoins suffered even more severe sell-offs, with the top ten coins falling 4-10%.
This week, the United States will usher in several important economic events. First, the Federal Reserve will make an interest rate decision on May 1, and everyone thinks that the Federal Reserve is likely to keep the interest rate unchanged this time.
In addition, the United States will also release the unemployment rate for April on May 3. Now, everyone's expectations for the United States to cut interest rates this year have been reduced a lot, and only one rate cut is expected. But recently, some economic data in the United States has been worrying.
GDP growth is lower than expected, indicating that the economy may be slowing down; while inflation data is high, which puts pressure on the Federal Reserve. Although some people worry that the United States may be in a dilemma of economic stagnation and severe inflation, this is just speculation at present.
Market sentiment has also changed as a result, with people now thinking there may be only one rate cut in 2024, in stark contrast to the multiple rate cuts predicted at the beginning of the year.
There is also some good news, such as Hong Kong's upcoming trading of spot ETFs for Bitcoin and Ethereum, which may attract more Asian institutional funds into the market, giving everyone more hope.
