Bitcoin (BTC), Dogecoin(DOGE) and the cryptocurrency market as a whole have experienced a major correction over the past day. Bitcoin (BTC), Dogecoin, (DOGE), and the general cryptocurrency market have all experienced a significant correction in the past day.
Also Read: Cryptocurrency: When Will The Market Experience Peak Bull Run? Analyst Predicts
The pattern is also repeated in other assets. Ethereum (ETH) fell 7.3% within 24 hours while XRP dropped 7.8%. Shiba Inu, a project ranked among the 20 most popular projects on the market, saw its value plummet the most in just 24 hours. It fell 12.2%.
What is the current state of Bitcoin, Dogecoin and other cryptocurrencies?
![Bitcoin (BTC) Could Drop To $30,000 Despite Recent Surge, Here's Why](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/Why-Are-Bitcoin-Dogecoin-Cryptocurrency-Market-Falling-Today.jpg)
It is possible that the latest US economic recession could have caused this correction. data Published on Thursday. US inflation in February accelerated to 3.2%. CPI data (Consumer Price Index), the latest CPI, shows a shift from the downward trend. The Core CPI (excluding volatile food and energy costs) also increased by 0.3%. Investors may have been scared off by higher inflation. The Federal Reserve will also likely be hesitant to cut interest rates if inflation continues to rise.
Markets were anticipating a rate reduction of 150 basis points in the first quarter 2024. But the most recent data doesn’t support an immediate rate cut.
Bitcoin (BTC), Dogecoins, and even the entire cryptocurrency market could bounce back on the Bitcoin halves wave. Most analysts view halvings as positive because it reduces rewards for the miners. BTC’s recent rally is due to the increased flow of money into BTC ETF products (Exchange Traded Funds). Inflows into spot BTC exchange traded funds may be increasing again, as the US economic situation improves. There is also a chance that US SEC will approve a Spot Ethereum ETF this year.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: watcher.guru