#Cryptocurrency market keeps falling, why? This week was full of macroeconomic data, but none of them turned out well. However, the US dollar continued its strength from the previous week, and gold also performed strongly. #Bitcoin's price action was very bad, and altcoins also suffered huge losses as a result. What happened in the past week that led to the current price action? Wednesday's CPI data The CPI data was released last Wednesday, which measures the consumer price index and mainly affects the Federal Reserve's decision on its interest rates and whether it will cut interest rates. The data was lower than expected, which is good for risk assets. Why is this good for the market and what is the actual situation? The regular CPI was 3.3% and the expected 3.4%. The core regular CPI score was 3.4% and the expected 3.5%. The monthly data was also positive, with the data being 0.0% vs. 0.1% and 0.2% vs. 0.3%. All of these are positive for potential rate cuts, or at least positive for potential rate cuts in the future. Thursday's PPI data The next important event is the PPI data, which is technically the inflation data on Wednesday, but from a producer's perspective. The regular PPI scored 2.2% instead of the expected 2.5%. The core PPI scored 2.3% YoY instead of the expected 2.4%. The monthly data was also very positive for risk assets as the data was -0.2% vs 0.1% and 0.0% vs 0.3%. All of this is again very positive for the market upside momentum but unfortunately the market did not gain any momentum. Crypto assets continued their downtrend. Consumer Confidence Friday The Consumer Confidence Index was released on Friday which can be a signal of weakness or strength in the market and technically the market is the leader in the market. The Consumer Confidence Index was lower than expected and the market sent a "positive" signal. The expected value is a number between 0 and 100 and the actual data was 65.6 while the expectation was 72.1. All in all, this is not the best data for the strength of the economy, in fact, it is a bullish point for risk assets as you could say the market is hungry for rate cuts and the market is rotating from here, crypto native markets. However, some events that happened this week did not bring upward momentum. The FOMC speech Wednesday night from Jerome Powell was his most hawkish in quite some time.The weird thing is that all the data is calling for a rate cut, as CPI and PPI are starting to come in well below expectations, and the economic data is also slowly but surely getting worse. This means that a potential recession is coming, and in addition, the debt of the US government is starting to increase, so the amount of debt they need to pay back is getting worse. In the next period, especially in an election year, rate cuts are a must. However, Powell maintained his stance, provided a hawkish tone, and lowered the size of a possible rate cut in 2024. The market outlook is not optimistic. However, in general, the market has been behaving the way you would like it to. Why is this happening? The market has been falling, and the US Treasury yield 2-year has fallen sharply to its lowest point in the past two months (4.694%). The highest point in May was 5.00%, which is close to the actual low of the Bitcoin market ($58,000). The 10-year yield even continued to fall to 4.211%, which is also currently the lowest point since the beginning of April. You might say that if this were to happen, then Bitcoin would most likely start to perform well, because the market would have already factored in the possibility of a rate cut. But this is not the case. The dollar continues to strengthen, rising to 105.75, and the strength is due to one reason only: rate cuts in Europe. Two weeks ago, the ECB decided to cut rates, and the market seems to have priced the dollar as a strong currency, rather than the euro. In fact, the opposite is true, and rate cuts are necessary to keep the economy moving forward. Powell is slowly but surely destroying the economy, and even Yellen has called for rate cuts. Meanwhile, gold has also maintained its momentum. Gold has seen some upward momentum and has not followed the trend of Bitcoin. The question is, what will happen next? Will we continue the downward trend of Bitcoin, or is this not the case? Bitcoin began to fall sharply on Friday afternoon, and the cryptocurrency market continued to show weakness. The listing of the Ethereum ETF is still in limbo, so the market seems to continue to show weakness as they look for more evidence of the listing. Taking all factors into consideration, it seems very likely that the market is designed to provide a potential correction window through which the approval of the Ethereum ETF is a "sell the rumor, buy the news" type event for the entire market.From a macroeconomic perspective, the factors are already there. Rate cuts are imminent, and the market is still rife with uncertainty surrounding them, as the dollar continued to strengthen over the past week, largely thanks to the ECB rate cut. I was looking forward to the coming weeks. I thought the market would experience another week of downward pain before continuing to rise. That was not the case. The dollar continued to strengthen, rising to 105.75 points, and the strength was due to one reason only: the European rate cut. Two weeks ago, the ECB decided to cut rates, and the market seemed to view the dollar as a strong currency, rather than the euro. In fact, it was the opposite, as rate cuts are necessary to keep the economy moving forward. Powell is slowly but surely destroying the economy, and even Yellen has called for rate cuts. Meanwhile, gold has also maintained its momentum. Gold has seen some upward momentum and has not followed the trajectory of Bitcoin. The question is, what happens next? Are we going to continue Bitcoin's downward trend, or is that not the case? Bitcoin began to fall sharply on Friday afternoon, and the cryptocurrency market continued to be weak. The listing of the Ethereum ETF is still inconclusive, so the market seems to continue to show weakness as they look for evidence that more listings are going to happen. Taking all factors into account, it seems highly likely that the market is looking to provide a potential correction window through which the approval of an Ethereum ETF is a "sell on rumor, buy on news" type event for the entire market. From a macroeconomic perspective, these factors are already in place. Rate cuts are coming, and the uncertainty surrounding potential rate cuts is still lingering in the market as the US dollar continues to show its strength over the past week, mainly due to the ECB rate cut. I had great expectations for the coming weeks. I thought the market would experience another week of downward pain before we continued to rise. This was not the case. The US dollar continued to strengthen, rising to 105.75 points, and the reason for this strength was only one: the European rate cut. Two weeks ago, the ECB decided to cut interest rates, and the market seemed to view the US dollar as a strong currency, rather than the euro. In fact, it was the opposite, as rate cuts are necessary to keep the economy moving forward.Powell is slowly but surely destroying the economy, and even Yellen has called for rate cuts. Meanwhile, gold has also maintained its momentum. Gold has seen some upward momentum and has not followed the trajectory of Bitcoin. The question is, what happens next? Will we continue Bitcoin's downward trend, or is that not the case? Bitcoin began to fall sharply on Friday afternoon, and the cryptocurrency market continues to be weak. The listing of the Ethereum ETF is still inconclusive, so the market seems to continue to show weakness as they are looking for more evidence that the listing will happen. Taking all factors into consideration, it seems highly likely that the market is looking to provide a potential correction window through which the approval of the Ethereum ETF is a "sell on rumor, buy on news" type event for the entire market. From a macroeconomic perspective, these factors are already in place. Rate cuts are coming, and the uncertainty surrounding potential rate cuts is still lingering in the market as the US dollar continues to show its strength over the past week, mainly due to the ECB's rate cuts. I have great expectations for the next few weeks. I think the market will experience another week of downward pain before we continue to rise. The market is looking to provide a potential correction window through which the approval of the Ethereum ETF is a "sell on rumor, buy on news" type event for the entire market. From a macroeconomic perspective, these factors are already in place. Rate cuts are coming, while uncertainty surrounding potential rate cuts is still lingering in the market as the US dollar continued to show its strength this past week, largely due to the ECB rate cuts. I have great expectations for the coming weeks. I think the market will experience one more week of downside pain before we continue to move higher. The market is designed to provide a potential correction window through which the approval of an Ethereum ETF is a "sell on the rumor, buy on the news" type event for the entire market. From a macroeconomic perspective, these factors are already in place. Rate cuts are coming, while uncertainty surrounding potential rate cuts is still lingering in the market as the US dollar continued to show its strength this past week, largely due to the ECB rate cuts.I have great expectations for the next few weeks. I think the market will experience one more week of downside pain before we continue to move higher.