The crypto market has been having a particularly bumpy ride of late, with the prices of major cryptocurrencies such as Ethereum (ETH), XRP (XRP), and Solana (SOL), among others, trading at levels well below their all-time highs. At this point, the global crypto market declined 1.16% to $1.02 trillion, while the total crypto market grew over 48% to $22.4 billion.
The price of ETH is down 2% in the last 24 hours to $1,591.73. XRP and SOL prices are at $0.4765 and $17.68, down 4.72% and 3.84% respectively.
The year 2023 gave investors a fresh perspective early on, and some crypto enthusiasts began to regain confidence in the market. However, inflation that is still high and its potential impact on liquidity has negatively affected market sentiment.
In addition, the United States Federal Reserve is expected to release CPI and PPI data this week, which are key indicators of inflation. While many hope that the Fed is done with its aggressive rate hike policy, investors appear to be taking a cautious approach.
On the other hand, the European Central Bank will also announce rate hike plans this Thursday. Taking all these aspects into account, this week is an important week for the global financial markets, especially in the crypto segment.
In the latest developments, Solana (SOL) has experienced significant selling pressure throughout the week, which has pushed its price to the $18.50 level. Market players became concerned that Solana's holdings might be diluted after FTX's hearing in Delaware Bankruptcy Court on Wednesday, September 13.
According to several reports, FTX is seeking approval to liquidate $3.4 billion worth of assets, including SOL, FTT, BTC, and ETH. Keep in mind, the exchange has a large SOL stockpile but sold a large amount during the fall in November 2022.
A few have shared their views. There are those who say in the X platform that the BTC daily price chart shows a potential "death cross" to come. A break below the $25,200 support level could signal a larger price correction for Bitcoin (BTC).
