The topic of crypto market turmoil is an important one, as it highlights the volatility of the market and the need for investors to stay informed and up-to-date on the latest withdrawals.
It is important to understand the risks associated with investing in cryptocurrencies and to be aware of the potential for losses.
And so it is that the pullbacks in the crypto market appear to persist. Bitcoin is at $27,600 on a new day, while Ethereum is finding buyers at $1,840 just above the critical support level.
The process, which started with problems in withdrawal requests of global stock markets, continued nearly a week ago with bankruptcy applications.
For each new day since Wednesday 10, 2023, negative news from the USA continued to come.
Jane Street Group and Jump Crypto, two of the world's leading market makers, announced that they were withdrawing their support for crypto asset trading in the United States.
After the news, with the Glassnode data examined, it is observed that Bitcoin sales continue in the USA.
In Asia, on the other hand, the situation is the opposite, where Bitcoin purchases have been taking place for a long time.
While the crypto market has been affected by news from its own internal dynamics (following the effects of the macro agenda), the inflation figure for April waited to be announced in the USA on Wednesday date.
Looking at the markets, very cautious movements are observed. In his recent speech, New York Fed President John Williams stated: "It will take time for inflation to return to its 2% target, and first of all, they did not say that they have finished raising interest rates and that they will decide by looking at the data."
The inflation expectation of the markets is 5%.
Rather than the CPI data, the core CPI data, which is adjusted for the temporary effects of inflation, will be more decisive for the markets and the course. Core CPI data is expected to be 0.4%.
In light of general data, the total value of the crypto money market shows activity at the level of $ 1.10 trillion with the pullbacks, while Bitcoin finds buyers at $ 27,600 and Ethereum at $ 1,840, just above the critical support level.
The pressure on altcoins has increased with both market pullbacks and high-volume transactions in meme coins.
However, KAVA and RIF, which diverged among altcoins recently, stand out as the most rising altcoins of the day with double-digit gains.