Analyst: The prospect of the Federal Reserve reducing rate cuts is impacting cryptocurrencies
As the path to easing monetary policy in the United States becomes more challenging, speculative enthusiasm in the crypto market is waning. Tokens previously favored by traders such as Pepe, dogwifhat and Bonk have seen significant declines in the past 24 hours, leading to a major drop in an index measuring small digital assets on Monday - its biggest fall in over two weeks. Stefan von Haenisch, head of trading at OSL SG Pte based in Singapore, said that prospects of the Federal Reserve reducing interest rate cuts are impacting cryptocurrencies. With this week's arrival came a sell-off of cryptocurrencies; no industry was unaffected especially those tokens whose prices exceeded Bitcoin's over the past six months like Memecoin.
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Data: A certain whale switched from short to long, with a liquidation price of $59,112