The cryptocurrency market has recently experienced a notable downturn, with several major digital assets declining in value.
This decline is largely attributed to stronger-than-expected U.S. labor market data, which has reduced the likelihood of imminent Federal Reserve interest rate cuts. Lower interest rates typically benefit risk-on assets like Bitcoin by increasing available investment capital and making bond yields less attractive. However, the robust economic indicators suggest that rate cuts may be delayed, leading to decreased investor appetite for cryptocurrencies.
Other cryptocurrencies have mirrored Bitcoin's downturn.
The overall global crypto market capitalization