Crypto closes lower after the release of Fed minutes & inflation data
- The highly anticipated Shanghai upgrade of the Ethereum blockchain, also known as "Shapella," is on the horizon. This backward-incompatible hard fork is set to unlock access to approximately $30 billion worth of ether that has been locked in the network since the latter part of 2020
- Over the last 24 hours, the market value of several prominent cryptocurrencies, including, BTC, ETH, and TRON, has experienced a significant decline in pressure
BENCHMARK
| Indices | LTP | Change (%) |
|---|---|---|
| BITCOIN | $29988 | 0.89% |
| ETHEREUM | $1904 | 0.36 |
| Indices | VALUE | Change (%) |
|---|---|---|
| MARKET CAP | $1.28 T | 1.20% |
| TRADING VOLUME | $51.60 B | 6.83% |
TOP 5 GAINER
| Indices | LTP | Change (%) |
|---|---|---|
| Vires Finance | $2.96 | 91.49% |
| CyberMiles | $0.0019 | 90.35% |
| Hakka Finance | $0.0028 | 66.67% |
| Crystal CYL | $0.0027 | 60.34% |
| Structure Finance | $0.0074 | 57.85% |
TOP 5 LOSER
| Indices | LTP | Change (%) |
|---|---|---|
| MobileCoin | $0.000016 | 85.49% |
| DEGEN Index | $0.0000010 | 57.59% |
| Kepple | $0.013 | 57.50% |
| Quark | $0.00090 | 56.92 |
| BOMB | $0.063 | 39.17% |
The cryptocurrency market witnessed a minor drop on Wednesday
following the publication of the Federal Reserve's March policy meeting minutes.
This news created a ripple effect across the market, resulting in a reduction in the worth of different cryptocurrencies. The Federal Reserve's decision-making approach carries a crucial influence on the worldwide economy, and investors keep a close eye on their policy meetings for any indications of forthcoming adjustments.
Major Events Around the World
The Bureau of Labor Statistics has released the highly anticipated US CPI data for March. The report reveals that the annual inflation rate has surged by 5%, while the month-on-month price rise has been a modest 0.1% in March. The all items index has increased by 5.0% for the 12 months ending March, marking the smallest 12-month increase since May 2021. Meanwhile, the all items less food and energy index has risen by 5.6% over the last 12 months. Interestingly, the energy index has decreased by 6.4% for the 12 months ending March, while the food index has increased by a staggering 8.5% over the last year. These figures are significant as they provide valuable insights into the current state of the US economy.
On Wednesday, the crypto market experienced a decline following the release of the minutes from the Federal Reserve's March policy meeting. The minutes revealed that several members of the Federal Open Markets Committee (FOMC) expressed concern about the regional bank liquidity crisis. This news was compounded by a lower-than-anticipated inflation report, which contradicted the underlying data and solidified the probability of another policy rate hike when the Fed meets next month.
Following reports indicating a possible relaunch, FTX's legal team has confirmed the same. CoinGape previously reported on monthly fee filings by FTX's lawyers, suggesting a relaunch in the second quarter. FTX's attorneys have now confirmed that the crypto exchange has successfully recovered $7.3 billion in assets. Additionally, they have revealed plans to consider restarting operations in the second quarter of 2023. This news is a positive development for FTX and the wider crypto community, as it signals a potential return to normalcy for the exchange.
COIN GABBAR Views: Crypto market experienced a slight decline following the release of the minutes from the Federal Reserve's March policy meeting. It remains to be seen whether the market will fully digest all of the data or if further reactions will be seen in the coming days. Investors are keeping a close eye on whether BTC will sustain above $30,000 and if ETH will breach $2,000. Please stay tuned with us www.coingabbar.com
Also read: 80% of Twitter Workforce Fired: Elon Musk Confirms Mass Layoffs
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
