Crypto Market Tumbles Amid Rising Oil Prices and Inflation Concerns
The crypto market is experiencing another wave of selling pressure, with Bitcoin plummeting to around $77,000 after failing to sustain its recent recovery. The price drop comes as investors become increasingly cautious across global financial markets.
According to data, the total market capitalization has declined by 1.55% over the past 24 hours to $2.62 trillion, while trading activity has picked up with a 24-hour volume of roughly $84.3 billion, up about 3.1%. Bitcoin remains the dominant force in the market, holding around 59% of the total market capitalization.
The decline is attributed to several factors, including rising oil prices, inflation concerns, and changing FED expectations, which are pushing investors towards a more defensive stance. The probability of a 25-basis-point FED rate hike next week has risen to around 71%, while US Treasury yields have surged, reaching 4.979%.
Other altcoins, such as XRP and BNB, are also experiencing significant declines, with XRP plummeting over 3% to $1.34. Meanwhile, stablecoins remain a major part of market activity, with their combined 24-hour volume exceeding $90 billion.