The total daily trading volume also recorded a 3% drop, hovering around the $112 billion mark. BTC slipped by 2.6% in the past 24 hours and is trading at $68,900 at the time of writing. ETH recorded a 3.3% fall over the past day and is trading at $3,510 at the reporting time.
The red market condition comes before the release of the U.S. CPI data for March 2024 — set for April 10 at 08:00 ET (12:00 UTC). Per an X post by Investing.com, the February CPI rate was at 3.2% and is expected to reach 3.4% in March. Lee added this improvement has steered the speculation of a rate cut from the 5.25%-5.5% bank fund rate as early as June.
He said: “The speculations that are likely to grow in the coming months will stir volatility in markets and the uncertainty might test the resilience of many stocks. In all, investors will need to trust that the Fed knows what it is doing and things will work out for all stakeholders in the long term.”
On the other hand, the stock market witnessed a green day on April 9. It’s important to note that financial markets usually witness nervous conditions before the CPI data release when a higher inflation rate is expected.
CPI anticipations may be one factor.
