Hours Left for the Announcement of US Inflation Data: High Volatility in the Cryptocurrency Market!
The focus of the markets is on the US inflation data, which will be announced at time. The expectation in the market is that the inflation data announced on the 10th of every month will be announced as 7.3%. The leading cryptocurrency Bitcoin (BTC) started trading at critical price levels, hours before the release of inflation data, with its latest price movements.
Markets Eyes Turned to US Inflation Data
Bitcoin (BTC) fell to $ 39,300, hours before the release of US inflation data. This sudden depreciation in Bitcoin also gave a downward momentum to the cryptocurrency market. Ethereum (ETH) has pinned the $2,575 price levels after its recent bearish movements. Most altcoins in the market have turned down again. The total market cap of cryptocurrencies has dropped to $1.82 trillion. According to Coinglass data, approximately $15 million worth of Bitcoin positions have been liquidated in the last 4 hours.
Along with the downward trend in the market, Fantom (FTM) and Monero (XMR), which are especially high-market cryptocurrencies, have experienced double-digit losses in the last 24-hour time frame.
The FED is Expected to Enter the Rate Increase Route as of March
There is a strong expectation in the market that the FED will start interest rate hikes in March. In this context, FED Chairman Jerome Powell also shared his opinions in a recent press release that it is appropriate to start interest rate hikes in March.
Many experts and analysts on the subject stated that with the FED’s start of interest rate increases, there may be a downward trend in the crypto money market at the first stage and Bitcoin may fall to critical support levels in the short term.