Bitcoin, Ethereum, XRP, Dogecoin Bleed As Hot Macro Data Dashes Rate Cut Hopes: Analyst Says '90% Of The Correction Is Over'
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Leading cryptocurrencies, including Bitcoin and Ethereum, fell sharply as strong economic data reduced expectations for a Federal Reserve rate cut. Bitcoin dropped below $109,000, while Ethereum fell below $4,000. Over $1 billion was liquidated from the crypto market, intensifying fear among investors. The U.S. economy grew at an annualized 3.8%, leading to a rise in bond yields and a decrease in the likelihood of a rate cut. Analyst Michaël van de Poppe suggested that 90% of the correction is over, indicating potential recovery ahead.
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Source: Benzinga The copyright of this article belongs to the original author/organization.
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