Furthermore, it is crucial to take into account the larger picture of the cryptocurrency market. In the previous week, the crypto market witnessed its second most significant decline of 2024, primarily because of a decrease in the demand for spot Bitcoin ETFs and the uncertain monetary policy. Bloomberg reports that the top 100 cryptocurrencies suffered a 5% loss in value during the mentioned week. The turbulence in this market can be attributed mainly to the Federal Reserve’s hesitancy in implementing interest rate cuts, as the rates currently stand at their highest level in the last two decades.
