Crypto Prices Dive in Response to FOMC Minutes as Market Sentiment Shifts

Crypto Prices Dive in Response to FOMC Minutes as Market Sentiment Shifts

Crypto News – The cryptocurrency market faced a bearish sentiment today as investors closely analyzed the FOMC minutes released on November 21. The latest minutes seemed to have prompted caution among investors amidst ongoing market uncertainties, leading to price declines in most major cryptocurrencies. This shift in sentiment has raised concerns among market participants.

During their recent policy meeting, officials from the US Federal Reserve unanimously decided to maintain interest rates. They expressed caution due to concerns about the potential impact on households and businesses and pledged a vigilant approach to controlling inflation. However, the minutes did not suggest any possible rate cuts, which appeared to weigh on market sentiment.

In the current market scenario, Bitcoin’s price fell by 3% over the last 24 hours, reaching $36,356.49 at the time of writing. Despite this recent loss, Bitcoin’s price had increased by nearly 20% over the past 30 days. Its trading volume over the last 24 hours rose by 31.46% to $27.20 billion.

Additionally, Ethereum’s price dropped by 1.72% to $1,982.41, with a 10.65% increase in its trading volume over the last 24 hours, reaching $14.32 billion. Binance Coin (BNB) experienced a significant loss of 11.14%, trading at $233.92, while its volume surged by 64.66% to $2.51 billion.

XRP’s price plummeted by 3.72% to $0.5927, and Solana’s price fell by 3.43% to $54.05. On the other hand, Cardano’s price slumped by 3.85% to $0.37, with its trading volume increasing by 6.90% to $443.22 million.

The meme coin segment also experienced negative trends, mirroring the downturn in most top cryptocurrencies. Dogecoin’s price declined by 3.89% to $0.07412, with its trading volume surging by 20.42% to $846.02 million. Similarly, Shiba Inu’s price plummeted by 5.05% to $0.000007999.

The overall performance of the crypto market suffered due to the decline in major cryptocurrency prices. As of November 22, the global crypto market cap plunged by 2.90% to $1.38 trillion, while the total crypto market volume increased by 24.84% over the last 24 hours, reaching $69.28 billion. The market’s fear and greed index decreased from around 74 to 67 compared to the previous day.

Pepe Coin (PEPE) recorded a 4.07% price decrease, trading at $0.000001078 at the time of writing on Wednesday. However, its trading volume over the last 24 hours increased by 5.48% to $103.77 million. This decline in price may be attributed to bearish sentiment in the broader meme coin segment, with the crypto losing nearly 7% over the last seven days.

PancakeSwap (CAKE) was one of the top percentage losers on November 22, reflecting the overall bearish sentiment in the crypto market. PancakeSwap’s price dropped by 11.21% to $2.40, while its trading volume over the past 24 hours increased by 3.47% to $206.67 million.

In contrast, FTX Token (FTT) stood out as a top gainer, gaining traction in the market despite the bearish trend. FTX Token’s price increased by 13.69%, reaching $3.55 at the time of writing. Its trading volume from the previous day skyrocketed by 311.01% to $241.75 million.

Klaytn (KLAY) also defied the overall market sentiment, surging by 6.05% to $0.1929 on November 22. Its trading volume increased significantly by 80.64% to $48.02 million compared to the previous day.