$BTC Reasons why Bitcoin and altcoins plunged sharply today

The global cryptocurrency market has experienced significant fluctuations, dropping 5.66% in just 24 hours, leaving investors unsettled. 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 plummeted by 6-15%.

The main reason comes 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 almost extinguished hopes for an interest rate cut in June. According to the Fed CME tool, the market currently believes that the probability of the Fed lowering interest rates this month is only 2.6%, heightening the sense of unease, which is clearly reflected in cryptocurrency prices.