Hawkish Fed comments and concerns about stablecoin regulation trigger market sell-offs

After the Federal Reserve Chairman Jerome Powell recently gave a speech confirming that the central bank will soon begin to reduce monetary policy on easing and bond purchases, the optimism seen earlier this week fell back on November 4.

These statements seem to have triggered the entire crypto market and Bitcoin (Bitcoin) And ether (Ethereum) Is currently under pressure.

Data from Cointelegraph Markets Pro with Transaction view It shows that the price trend of BTC issued a warning when the price briefly dropped to $60,400 on November 3, and the current BTC is trying to maintain the level of $61,000.

BTC/USDT 4-hour chart. Source: TradingView

After hitting a record high of US$4,664 on Wednesday, the price of Ether also fell on the same day. At the time of writing, the top altcoin is trading at $4,473, which is a 5% drop.

ETH/USDT 4-hour chart. Source: TradingView

According to independent market analyst “Rekt Capital”, if Ethereum wants to maintain its positive momentum, this week’s closing price must be higher than its previous all-time high of $4,460.

related: As DeFi continues to soar, the total value of Chainlink has exceeded US$75B

Goofy altcoins take a hit

The correction of BTC and Ether severely hit the altcoin market and pushed most of the tokens in the top 200 into losses.

Daily cryptocurrency market performance. source: Coin 360

Some of the hardest hit tokens are the projects that have seen the biggest gains in recent weeks, including a 17.22% drop in the price of SHIB and a 38% drop in the price of OriginTrail (TRAC). The latter recently surged to a record high since its listing on Coinbase.

However, in today’s red ocean, there are still some bright spots on the market. The AI-driven entrusted proof-of-stake agreement Velas (VLX) had a 30.4% increase in tokens on the day, and the current transaction price is $0.4341, while Chromia (CHR) has increased by 26.47%, and the price of Amp has increased by 20.53%.

The overall cryptocurrency market value is now $2.686 trillion, and Bitcoin’s dominance rate is 43%.

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