The cryptocurrency market is navigating through choppy waters as Bitcoin (BTC) price plunged below the $68,000 mark, marking a weekly low and sparking concerns among investors. The downward trend is not isolated to Bitcoin; other popular altcoins such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) are also witnessing declines. However, Injective (INJ) token has defied the trend by registering a 24-hour jump of over 9 percent, becoming the biggest gainer amid the market slump.Market analysts are closely monitoring the Federal Reserve’s impending press conference and the awaited Consumer Price Index (CPI) data release, which are anticipated to have a significant impact on the market’s trajectory. The recent dip in cryptocurrency prices has reportedly triggered buying activity from institutional investors, fueling speculation of an impending bull run in the latter half of 2024. With the crypto community on edge, the next 36 hours are deemed ‘crucial’ as heightened sensitivity to US yields and the Federal Reserve’s interest rate decision loom over the digital asset market.
Key points
- Bitcoin price falls below $68,000 amid a general downtrend in the cryptocurrency market.
- Injective (INJ) emerges as a top gainer, with a significant 24-hour jump.
- The market awaits the Federal Reserve’s press conference and CPI data release, which may significantly influence market trends.
