$ETH Reasons Why Bitcoin and Altcoins Plummeted Today

The global cryptocurrency market experienced significant fluctuations, dropping 5.66% in just 24 hours, leaving investors bewildered. Bitcoin was once expected to break through the resistance of 109,000 USD but has now retreated to around 104,000 USD – a decline of 3.6% in a day. Not only Bitcoin, but altcoins like Ethereum, XRP, Solana, and meme coin Dogecoin also fell sharply by 6-15%.

The main reason stems from the monetary policy of the United States. New signals from the Federal Reserve (Fed) last week, after the core CPI inflation data exceeded expectations and producer prices rose, have nearly extinguished hopes for a rate cut in June. According to the Fed CME tool, the market currently estimates the probability of the Fed lowering interest rates this month at only 2.6%, further heightening the sense of bewilderment, clearly reflected in cryptocurrency prices.