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<p style="text-align: justify">The cryptocurrency market continues to experience a downturn. Accordingly, before the interest rate decision, <a href="https://en.coin-turk.com/australias-commonwealth-bank-places-crypto-transactions-on-hold/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> and other major cryptocurrencies continue to face a decline, with investors in an anxious wait. Meanwhile, investors may have contributed to this decline by cautiously approaching economic indicators and the upcoming Federal Reserve meeting.</p>
<p style="text-align: justify">Let’s examine the potential factors that might have triggered the sell-offs in the cryptocurrency market.</p>
<h2 style="text-align: justify" id="us-cpi-data-as-fed-s-decision-approaches">US CPI Data As Fed’s Decision Approaches</h2>
<p style="text-align: justify">Following the announcement of the US Consumer Price Index (CPI) data in November with an inflation rate of 3.1%, investors continue to act cautiously. Meanwhile, the latest data revealed a 0.1% monthly increase in inflation. Additionally, the core CPI rose by 4% on an annual basis.</p>
<p style="text-align: justify">Despite the downturn, inflation remains above the Federal Reserve’s 2% target, which raises expectations ahead of the Fed’s meeting today. The CME FedWatch tool indicates a 98.2% chance that the Fed will not change interest rates at its upcoming meeting, suggesting that investors may wait a bit longer before making trades. Furthermore, interest rate cuts by the central bank are another eagerly awaited matter for the market.</p>
<h2 id="k-r-alma-ve-ekonomik-durum">Kâr Alma ve Ekonomik Durum</h2>
<p style="text-align: justify">Another situation thought to have triggered the market’s recent downturn is the profits investors made in the short term. Realizing high gains in the crypto market and turning them into profit may have spurred this situation.</p>
<p style="text-align: justify">Especially Bitcoin, Ethereum, and other major cryptocurrencies by volume reached their highest levels of the year last week due to low risks, as there was no negativity in the market.</p>
<p style="text-align: justify">Furthermore, investors seem eager to gain clarity on the US economic health with the US Producer Price Index (PPI) data to be announced later today. This economic indicator, which is significant for the markets, could lead investors to question their crypto transactions and similarly affect market sentiment.</p>
<p style="text-align: justify">As the uncertainty continues before the FED meeting, investors seem to be closely monitoring these developments.</p>
<h2 style="text-align: justify" id="current-status-of-bitcoin-and-altcoins">Current Status of Bitcoin and Altcoins</h2>
<p style="text-align: justify">As shown by the recent price movements in the global crypto market, charts continued to stay in the negative territory throughout the week and still do. Moreover, the global crypto market value fell by 1.71% to $1.54 trillion, while the total market volume saw a decrease of 11.94% to $70.76 billion.</p>
<p style="text-align: justify">In particular, the collapse following the remarkable weeks in the crypto space can be attributed to the declines in <a href="https://en.coin-turk.com/why-are-cryptocurrencies-rising-today-here-are-3-details-you-need-to-know/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>, ETH, SOL, and other major cryptocurrencies. As of the time of writing, the price of Bitcoin has fallen by 1.12% to $41,030.94, while the ETH price has dropped to $2,170 with a decrease rate of 1.40%. Additionally, the XRP price has decreased by 2.36% to $0.6064.</p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/continued-downturn-in-the-cryptocurrency-market/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/continued-downturn-in-the-cryptocurrency-market/</a>

Continued Downturn in the Cryptocurrency Market

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