Moreover, it is imperative to take into account the wider framework of the cryptocurrency market. In the previous week, the crypto market encountered its second most severe decline of the year 2024, primarily caused by a diminished desire for spot Bitcoin ETFs and an indecisive monetary policy. As reported by Bloomberg, the top 100 cryptocurrencies witnessed a 5% depreciation in value during the aforementioned week. The turbulence in this market mainly originates from the Federal Reserve’s (Fed) hesitancy regarding reducing interest rates, as they currently linger at their highest point in the last two decades.
