The crypto market dropped in June, wiping out May's gains and pushing altcoin market cap below $1 trillion
Further fueling the panic in this already volatile market were statements from Mt. Gox and news of the German government selling its Bitcoin. Today, rumors of potential BTC transfers by the US government are adding to the bearish sentiment, keeping the crypto market glued to critical support zones.The cryptocurrency market experienced significant turbulence in June, erasing the gains made in May with a 10% decline.
Despite these challenges, the cryptocurrency market is known for its rapid shifts. Notably, speculation is growing that spot Ethereum ETFs may soon be available for trading. Following the SEC's first confirmation in May, Ethereum surged from $3,100 to a range of $3,600-$3,800, marking a rapid 20% increase. However, Ethereum has since slipped below the $3,400 support level, reflecting the broader market trend.
The broader crypto market's trajectory hinges significantly on the Federal Reserve's interest rate policy. Should the Fed signal two rate cuts in line with market expectations, cryptocurrencies could benefit from reduced dollar yields and lower market costs. Friday's impendingA favorable PCE reading, meeting or below expectations, might signal stable inflation, prompting a more tempered Fed approach to rates.
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