Crypto Market Declines on Global Risk-Off Sentiment and Macro Concerns

The cryptocurrency market continued its decline on Friday, driven by a global risk-off move that swept across financial markets. The total cryptocurrency market capitalization fell 2.4% over the past 24 hours to around $2.16 trillion.

BTC slipped below $63,000, trading near $62,600 after falling more than 3% in the past 24 hours. Ethereum (ETH) dropped to around $1,856, while XRP traded near $1.06.

The sell-off was primarily driven by macroeconomic developments rather than crypto-specific news. The Federal Reserve and the Bank of Japan both left interest rates unchanged this week, reinforcing expectations that interest rates could stay elevated for longer.