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The cryptocurrency market is gearing up for a big week as investors are anticipating it Federal ReserveNext meeting and key inflation data. Markets are gearing up for a busy week as the Federal Reserve prepares to make its next monetary policy decision at its January meeting on Wednesday.
However, traders expect a greater than 99% chance that the Fed will keep interest rates steady, according to CME Group's FedWatch tool. At its December meeting, the Fed expected only two interest rate cuts in 2025.
along with Federal Reserve meetingThe release of new inflation data will be widely watched. The Consumer Price Index (CPI) is a key measure of inflation and provides insight into the purchasing power of consumers.
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On Friday, investors will await the release of the December Personal Consumption Expenditures Price Index, the Fed's preferred measure of inflation, which will provide new insights into the health of the US economy.
Crypto market decline
Bitcoin Bitcoin fell below $99,000 early Monday as traders took profits ahead of the first Federal Open Market Committee meeting of the year in the U.S. Bitcoin tracked losses in U.S. stock futures, which fell as traders processed... Information about the cost and capabilities of China-based DeepSeek, which otherwise undermines OpenAI's work. An expensive novel.
At the time of writing, Bitcoin has fallen 5.65% over the past 24 hours to $98,812.
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Solana's SOL and Dogecoin (DOGE) tokens fell more than 12%, leading to losses among major coins, while Ethereum (ETH), BNB, XRP, and Cardano's ADA lost as much as 11%.
Tokens outside the top 20 and across sectors suffered similar losses, with PEPE, SHIB, BONK, dogfight, IOTA, Chainlink, and Floki showing losses ranging from 12% to 18%.
According to CoinGlass data, the bearish move resulted in $860 million being liquidated over the past day, representing a 585% increase. Bullish bets on rising cryptocurrency prices lost $794 million as several cryptocurrencies slowed to a negative start to the week.
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