Whereas, Bitcoin (BTC) plunged 1.86% to trade at $29,176. According to CoinMarketCap, the global cryptocurrency market cap was trading lower, around $1.17 trillion, falling 1.65% in the last 24 hours. These factors have pushed the total crypto market cap down almost $40 billion in a day. 3 economy even as inflation remains above their 2% target. However, The Bank of Japan remains the outlier, with more than 80% of analysts polled expecting Governor Kazuo Ueda to continue pumping support into the world’s No. Echoing the same tune, the ECB is also likely to continue to increase rates in July.īoth Fed Chair Jerome Powell and ECB President Christine Lagarde have warned that inflation remains too high, forcing them to raise borrowing costs further. Federal Reserve, Bank of Japan and European Central Bank (ECB) will all announce key interest rate decisions this week, impacting the new asset class.Īs per reports, the Federal Open Market Committee (FOMC) is expected to raise interest rates by 25 basis points this week with an expectation that this may be the last rate hike by the Federal Reserve in the foreseeable future. This might have dampened the enthusiasm that had triggered a brief rally in the crypto market. Recently, the SEC has hinted it may be set to appeal a recent ruling against the agency in its case against Ripple Labs and the XRP token. Macroeconomic Factors Batter Crypto Space However, the market has been on a downward trend since the past weekend, owing to several factors. The cryptocurrency market continues to bleed, trading lower on Tuesday ahead of the US Federal Reserve’s monetary policy decision tomorrow.īitcoin (BTC) and the rest of the digital assets market saw significant gains after Ripple (XRP) secured a partial victory against the United States Securities and Exchange Commission (SEC) on July 13.
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