Investing.com – While the price remained in the $67,000 range prior to the release of US economic data, high market value altcoins have seen losses of more than 5%.
After Bitcoin was quickly rejected at the $70,000 level in trades earlier this week, there have been moves towards the $67,000 limit. Some market commentators highlighted the decline in momentum in the Bitcoin market, warning that its negative momentum could continue towards $65,000. However, Bitcoin’s sustained level of $67,000 throughout the week has filled confident investors with hope for growth. As a result, the cryptocurrency market outlook is volatile ahead of critical inflation data.
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Unemployment claims and economic growth are priced ahead of PCE data
If the data published today and tomorrow in the US differ from expectations, an escalate in the volatility of transactions on risky asset markets should be expected.
While today’s jobless claims data and U.S. economic growth data have the potential to escalate market volatility, the Personal Consumer Expenditures Price Index, which will be released tomorrow, is seen as more critical because inflation data will be closely watched by the Fed.
As a result, consumer sentiment is estimated to be higher than expected, which could put pressure on cryptocurrencies and risky markets.
Although negative comments about the cryptocurrency market dominated, a report by blockchain analytics company Glassnode suggested that there are signs of a revival in buyer interest in Bitcoin. The report indicates that long-term investors started saving again for the first time since December last year.
The latest situation on the altcoin market
While the overall outlook for the rest of the market remains negative, meme coins appear to be leading the decline in the top 100 cryptocurrencies. According to the latest developments, , , and are the altcoins that have fallen the most in the last 24 hours.
Although , one of the fresh crypto assets on the market, stands out positively from the market with an escalate in value exceeding 35%, there is no cryptocurrency in the top hundred that has recorded an escalate in value greater than 5% in the last 24 hours.
