Crypto Market Weakens, Bitcoin and Ether See a Joint Correction
Major crypto asset markets weakened again on Thursday (November 6th), as investor caution grew amid uncertainty over the direction of US interest rate policy. Bitcoin (BTC) fell 2.66%, while Ether (ETH) plunged 3.61%, adding pressure to the crypto market, which has been volatile since the beginning of the week.
The price decline occurred amid profit-taking after the strong rally the previous month, as well as weakening appetite for riskier assets due to the still-fragile global economic outlook. Analysts believe market participants are now awaiting a clearer signal from the Federal Reserve regarding the timing of an interest rate cut, a key factor influencing digital asset movements.
However, some industry players believe this correction is short-term, with potential for recovery if risk sentiment improves and institutional investment flows into crypto return. (CP)
Source: Newsmaker.id