After Bitcoin halving, cryptocurrencyDespite the increasing price volatility in 2018, the leading tokens are exhibiting a stable sentiment on their respective charts. This situation creates uncertainty regarding the future course of the market.
The overall decline triggered by Bitcoin’s decline in the last 24 hours has resulted in significant liquidations totaling $157 million. The recent decline in BTC price has led to a larger sell-off in the crypto market, affecting altcoins as well.
Bitcoin’s intraday low fell to $62,389, marking its lowest point in more than a week. Additionally, BTC price has been observed consolidating between $61,025 and $73,754 since the beginning of March, indicating weak price action.
This decrease is another cryptocurrency It spread to its units, with many experiencing losses ranging from 2% to 15%. Solana (SOL) and Shiba Inu in particular fell nearly 6%, while meme coins associated with Solana, such as Dogwifhat and Bonk, suffered larger losses.
The rapid price drop caught some traders off guard, causing millions to be liquidated on various crypto exchanges. According to CoinGlass data, liquidations totaled $157.29 million, with Bitcoin accounting for $42.22 million.
However, the decline in the cryptocurrency market came as higher-than-expected inflation data was released, raising traders’ concerns about the outlook for the global economy. According to CNBC’s report, the core personal consumption expenditures (PCE) price index, excluding food and energy, exceeded expectations by increasing 2.8% on an annual basis in March.
The Federal Reserve targets 2% inflation, which the core PCE has exceeded for the past three years. The Fed is watching the PCE closely as it adjusts for changes in consumer behavior. This latest inflation report has led to speculation that the Fed may keep interest rates steady at least through the summer months.
With just four days until the Federal Open Market Committee (FOMC) meeting, all eyes are on the decisions that will soon shape monetary policy. The results of this important meeting may affect both traditional financial markets and the cryptocurrency world in the coming months.
