Cryptocurrencies in the Red: Decline in BTC and Other Assets

⚫The cryptocurrency market is going through a tough period. Inflation data softened, which seemed favorable for crypto assets, but in reality, it led to a sharp drop in prices. Bitcoin dropped by more than 7.5% over the week, and the CoinDesk 20 index for the broad market lost nearly 12%.

⚫The total amount of liquidations in the last 24 hours reached over $870 million, resulting in a decrease in leverage on the market. The Federal Reserve forecasted only one rate cut this year, dispelling investors’ hopes for a more accommodative monetary policy. Political uncertainty in Europe also put pressure on the market.