The crypto market experienced a decline today, Monday (20/5/2024) amidst the wait and see attitude of market players and concerns about tensions in the Middle East.
Referring to CoinMarketCap on Monday (20/5/2024) at 06:15 WIB, the crypto market fell collectively. Bitcoin weakened 1.03% to US$66,286.17 even though it was in the positive zone of 7.91% on a weekly basis.
$ETH is in the red zone 1.45% in the last 24 hours even though it rose 4.76% in the week.
$BTC had penetrated the psychological level of US$67,000 but today it fell again. The surge in bitcoin prices cannot be separated from expectations of a cut in interest rates by the United States Central Bank (The Fed) as a result of lower US inflation in April 2024, namely at 3.4% year on year/yoy.
The crypto market, including Bitcoin, tends to weaken today amidst market players waiting on Wednesday (22/5/2024) for the Federal Open Meeting Committee (FOMC) minutes.
Earlier, some members commented that further interest rate hikes may be needed before April inflation data is released.
The Fed's minutes could still be a source of concern for investors because they contain details of the interest rate path.
On the other hand, the Iranian President's helicopter crashed, raising concerns that it would turn into an assassination story and increase Iran-Israel tensions. It's worth remembering how geopolitical risks adversely impacted risk markets, including crypto, just a few weeks ago.