Furthermore, it is imperative to take into account the wider perspective of the cryptocurrency market. In the previous week, the crypto market encountered its second most severe decline of the year 2024. This decline can be attributed to a dwindling demand for spot Bitcoin ETFs and an ambiguous monetary policy. As reported by Bloomberg, the top 100 cryptocurrencies experienced a 5% decrease in value during the aforementioned week. The turbulence in this market can be primarily traced back to the Federal Reserve’s (Fed) hesitancy in regards to interest rate reductions, as these rates currently stand at their highest point in the past two decades.
