Today, cryptocurrency markets experienced a significant downturn. Bitcoin slid to $67,000, down from its recent peak of $73,641.04, while Ethereum dipped to approximately $3,600. Alongside these drops, other major cryptocurrencies such as XRP and Cardano followed suit, although Solana bucked the trend with a notable uptick.
Ethereum, another highly favored cryptocurrency, experienced a decline of approximately 7.41%, leading to a price of $3,664.32. Despite this downturn, its trading volume surged by about 38.67%, reaching $30.31 billion. Similarly, Binance Coin faced a downward trajectory, dropping by 5.09% to $581.82, with its trading volume decreasing by roughly 21.32% to $4.85 billion.
Nevertheless, not all cryptocurrencies followed suit. Solana defied the prevailing trend, witnessing a gain of about 5.61% and edging closer to the $180 threshold. Its trading volume also marked a significant rise, increasing by nearly 17% to $6.63 billion.
On the contrary, XRP experienced a decline, slipping below $0.68, marking a decrease of 2.80%, alongside a notable drop in trading volume by about 34.01% to $2.39 billion.
Cardano, on the other hand, observed minimal movement, with a slight dip of 0.39% to $0.7482. Its trading volume also experienced a decrease of 6.60% to $874.63 million. Amidst this market turbulence, meme coins such as Dogecoin and Shiba Inu were not spared. Dogecoin registered a rise of 4.89% to $0.1805, whereas Shiba Inu saw a modest increase of 0.65%, trading at $0.00003316.
PPI Inflation Data Impact:
-- The United States released its Producer Price Index (PPI) inflation data for February on March 14.
-- This data prompted selling pressure in both Bitcoin and the broader cryptocurrency market.
Bitcoin's Current Status:
-- Bitcoin's price has declined by 6.95%, presently trading at $68,195.
-- Its market cap is currently at $1.342 trillion.
Anticipation for FOMC Meeting:
-- The Federal Open Market Committee (FOMC) meeting is scheduled for March 20.
-- Traders are gearing up for a potentially volatile weekend leading up to the meeting.
Increased Activity in the Market:
-- QCP Capital, a prominent trading firm, noted a surge in perpetual swap open interest in the past 24 hours.
-- This indicates heightened activity and interest in the cryptocurrency market.
For a deeper understanding of today's cryptocurrency market shifts and in-depth analysis, be sure to explore the detailed article available Below.
https://coinpedia.org/news/why-is-the-crypto-market-down-today/