Today, crypto markets have suffered a similar blow to the sharp declines experienced during the FTX crash in November 2022. Macro and crypto analyst Alex Krüger attributes the current situation to broader macroeconomic factors rather than the crypto market’s inherent weaknesses. Krüger highlights the global financial implications of recent monetary policy moves by the US Federal Reserve and the Bank of Japan.

Over the past 24 hours, Bitcoin prices on Binance have seen a significant drop of 15%, falling to $49,000. Ethereum stands out with a larger 20.4% loss, followed by Binance Coin (BNB) which fell by 20% and Solana (SOL) which fell by 18.4%. XRP also fell by 17.4%. These widespread losses in major cryptocurrencies have sent shockwaves through the market, leading analysts to examine the reasons for this sell-off.

Analyst Alex Krüger noted that this decline is not specific to the crypto market, but rather is linked to broader economic policies. “This collapse is not specific to crypto, it is clearly due to macroeconomic reasons. The main reason is not the collapse of the US economy, but the Fed slowing down its rate cuts and Japan increasing interest rates,” Krüger said. Such monetary policy mismatches can cause volatility in global markets and affect investor behavior.

Krüger emphasized the importance of upcoming U.S. economic data, especially labor market indicators. He advised market participants to closely monitor initial jobless claims and state-level employment data, saying, “Pay attention to initial jobless claims this Thursday and state employment data on August 16.” These predictions suggest that the data could provide more clarity to the U.S. economic outlook and potentially influence crypto market trends.

Leading trader Daan Crypto Trades commented on the potential recovery dynamics, citing the markets’ resilience during the COVID-19 pandemic. “It will be interesting to see if the average market participant will remember their ‘2020 muscle memory.’ Buying during the COVID crash when the stimulus started was one of the best trades of the last decade,” he said. While Daan’s comments highlight the curiosity of investors to adopt similar strategies in the current environment, he noted that history does not always repeat itself.

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