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Bitcoin, Ethereum, and Dogecoin drop as fears of inflation rebound
The post Bitcoin, Ethereum, and Dogecoin drop as fears of inflation rebound appeared on BitcoinEthereumNews.com. The US has done a lot to curb inflation. It was around 8% in 2022-2023 and has now been reduced to around 3.3% as of April 30, 2024. The target is rather aggressive, with the Federal Reserve looking to bring it under 2% by the end of 2024. However, the fear of inflation has started gripping the market again. This comes after the Federal Reserve refused to cut rates in the first six months of 2024. The Fed still has room to make everyone happy, so the window for rate cuts hasn’t necessarily closed. One sector that is being impacted the most is the crypto market. More specifically, flagship digital tokens like Bitcoin, Ethereum, and Dogecoin are taking severe hits because of such speculation. This is evident from the trend they have established in recent times. BTC is out of its consolidation phase but refuses to move beyond $70,000. ETH continues to rely on approval of its ETF applications for a surge. DOGE, as an exception, lacks sufficient enthusiasm for online trends. More factors that are instilling fear in the crypto market are a lack of risk appetite and the global money supply. Investors and traders are unwilling to risk a major portion of their funds. As a result, they are not diverting significantly towards the crypto market. This has had a domino effect, kind of, leading to the issue of the global money supply. This has affected liquidity in the crypto market. Within 24 hours, the market reported a $152 million liquidation drop. Long liquidation has accounted for 71%, led by Ethereum with $38.55 million. The futures market of Ethereum has declined by 2.26% as the Open Interest of Bitcoin took a hit of 0.45% in just a single day. Analysts are optimistic about the segment, especially when it…
The post Bitcoin, Ethereum, and Dogecoin drop as fears of inflation rebound appeared on BitcoinEthereumNews.com.
The US has done a lot to curb inflation. It was around 8% in 2022-2023 and has now been reduced to around 3.3% as of April 30, 2024. The target is rather aggressive, with the Federal Reserve looking to bring it under 2% by the end of 2024. However, the fear of inflation has started gripping the market again. This comes after the Federal Reserve refused to cut rates in the first six months of 2024. The Fed still has room to make everyone happy, so the window for rate cuts hasn’t necessarily closed. One sector that is being impacted the most is the crypto market. More specifically, flagship digital tokens like Bitcoin, Ethereum, and Dogecoin are taking severe hits because of such speculation. This is evident from the trend they have established in recent times. BTC is out of its consolidation phase but refuses to move beyond $70,000. ETH continues to rely on approval of its ETF applications for a surge. DOGE, as an exception, lacks sufficient enthusiasm for online trends. More factors that are instilling fear in the crypto market are a lack of risk appetite and the global money supply. Investors and traders are unwilling to risk a major portion of their funds. As a result, they are not diverting significantly towards the crypto market. This has had a domino effect, kind of, leading to the issue of the global money supply. This has affected liquidity in the crypto market. Within 24 hours, the market reported a $152 million liquidation drop. Long liquidation has accounted for 71%, led by Ethereum with $38.55 million. The futures market of Ethereum has declined by 2.26% as the Open Interest of Bitcoin took a hit of 0.45% in just a single day. Analysts are optimistic about the segment, especially when it…
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