#MarketTurbulence

A statement from the Chairman of the U.S. Federal Reserve, Jerome Powell, that interest rate cuts may be delayed due to inflation remaining above target and that the U.S. economy is still strong.

➡ This has led investors to expect continued tightening of monetary policy, consequently selling high-risk assets like cryptocurrencies.

💵 Movement of the U.S. Dollar Index (DXY)

Following the Federal Reserve's statements, the dollar index rose sharply, which usually puts pressure on the crypto market as it reduces the attractiveness of investing in it.

📊 Negative economic data for China

It was announced that China's industrial production growth declined more than expected, causing global concerns about demand and emerging markets.

🤖 Automated selling from whales and hedge funds

As the price fell below significant support levels for Bitcoin (such as $58,000), large sell orders were triggered, accelerating the decline and affecting all cryptocurrencies.