Crypto Market Into the Red Zone: Solana and XRP Join Dogecoin in Double-Digit Declines
With the exception of stablecoins, all 50 of the main cryptocurrencies have experienced overnight losses, indicating that the crypto market is having a difficult week. According to CoinGecko data, Dogecoin and Cardano have suffered the most, but Solana and XRP have also seen double-digit declines in the last day among the top 10 cryptocurrencies by market capitalization. Ethereum had a 3.25% decline to $3,329, while Bitcoin also saw a 3.12% decline to $92,655.
The market had become extremely overbought since the election with excessive leverage, making a pause inevitable,
QCP Capital
Fed Meeting Minutes and PCE Data: Key Macro Indicators to Watch This Week
Beginning Tuesday evening, two significant macro indicators will appear one after the other. As they are made public, QCP Capital warns that worries about downside risks could grow. The Fed’s November meeting minutes will be discussed first. Everyone anticipated the rate cut that concluded the Fed’s most recent meeting, but they altered their language regarding inflation and their overarching objectives.
The PCE data drop, which is scheduled out Wednesday ahead of Thanksgiving, may indicate a slight increase in inflation based on other recent data. A little more than half of traders believe that another rate cut will occur by December, although, as usual, this will depend on what the economic data indicates.
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