What happened?
The crypto market is experiencing a dip, with the overall market capitalization decreasing by 0.5% to $4.11 trillion. Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have seen their prices drop to $115,864 and $4,508 respectively. This downtrend has affected 88 of the top 100 coins.
Who does this affect?
This impacts all individuals and entities involved in the cryptocurrency market including investors, traders, and businesses that accept cryptos for transactions. Additionally, it’s crucial for those who are anticipating the US Federal Open Market Committee (FOMC) decision which could trigger significant market volatility.
Why does this matter?
The current state of the cryptocurrency market matters significantly for the global economy. With the potential rate cut by the FOMC on the horizon, major shifts could be expected in the crypto space. Experts predict that Bitcoin could climb towards $150,000-$200,000 by year-end, while Ethereum may reach the $5,800-$8,000 range. These trends reflect the maturing market where Bitcoin and Ethereum drive industry growth, provided inflation remains contained and no major geopolitical shocks disrupt the sentiment.