TL;DR
- Bitcoin and Ethereum have seen their prices decline due to investor caution in the face of new inflation data in the US.
- Despite the recent decline, both Bitcoin and Ethereum have posted gains compared to last week.
- The upcoming Bitcoin supply halving is driving volatility in the market, while bearish talk about Ethereum affects investor confidence.
Bitcoin and Ethereum, the two main cryptocurrencies on the market, have experienced a slight drop in their prices recently due to investor caution regarding upcoming inflation data in the United States.
This trend reflects the markhttps://thecryptocurrencypost.net/news/market/et‘s sensitivity to key economic events and investor expectations.
Over the past seven days, both Bitcoin and Ethereum prices have shown gains of 4.3% and 6.3%, respectively, compared to the inauspicious start to the month.
However, in the last 24 hours, Bitcoin has lost 2.3% and Ethereum 3.4%.
Bitcoin (BTC) is trading at just $69,000, while Ethereum is above $3,500 according to data from CoinMarketCap.
One of the factors contributing to the current volatility is the upcoming Bitcoin supply halving, scheduled for April 20.
This event usually has a bullish impact on Bitcoin, but the volatility could delay any subsequent rally
Furthermore, pessimistic comments about Ethereum from important market players are affecting investor confidence in this cryptocurrency.
Jan van Eck, the CEO of VanEck, has recently shared his skepticism regarding the progress of Ethereum within the cryptocurrency landscape for the remainder of this year.
He anticipates encountering significant hurdles in the form of regulatory rejections, reflecting a cautious outlook towards Ethereum‘s development and adoption in the near future.
This uncertainty is backed by similar statements from other market leaders, generating an environment of caution around Ethereum.
On the other hand, the acquisition of Valkyrie Funds LLC by CoinShares and the comments of its CEO, Jean-Marie Mognetti, reflect the uncertainty surrounding the approval of Ethereum-related products by the SEC in the near future.
The cryptocurrency market is influenced by multiple factors, from key economic events to comments from market leaders, causing volatility and caution among investors as they wait for clarifications on the regulatory and economic landscape.
