- The FED’s speech placed pressure on the crypto market over the past weekend.
- The crypto market cap has fallen below the $1 trillion point.
- BTC has once again fallen below the $20,000 psychological support.
The FED’s speech on Friday reiterating its efforts to curb inflation and tighten measures placed pressure on the crypto market over the past weekend. This is evident in the fact that crypto tokens are trading lower today after a sharp fall over the weekend.
The effects of the FED’s speech is mainly evident in the fact that the crypto market cap has fallen below the $1 trillion point, and now stands at about $955.22 million. This is a 1.40% dip over yesterday.
The total market volume is also in the red today. It now stands at $56,11 billion, which is a 7.49% decrease.
Another noteworthy crypto to look at in order to see the effects of the FED speech is Bitcoin (BTC). BTC has once again fallen below the $20,000 psychological support. At the time of writing, BTC is trading at $19,850.90. This means that the king of crypto is down by 0.94% over the last 24 hours and 7% in the red over the past week.
Avalanche (AVAX), the 16th biggest crypto in terms of market cap, is another crypto that saw the negative effects of the FED speech. According to the market tracking website, CoinMarketCap, AVAX is currently down more than 10% over the last 24 hours. This means that AVAX is now trading at $17.94. AVAX is also 19.71% in the red over the past seven days.
Other cryptos that are struggling today are Polygon (MATIC) and Cardano (ADA). These cryptos are down 4.25% and 3.73% respectively.
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