The Federal Reserve's decision to keep the policy interest rate unchanged during its June meeting and the series of applications for Spot Bitcoin ETFs by major asset management companies like BlackRock have influenced the trajectory of the cryptocurrency market in recent weeks, leading to a significant increase in market volatility. However, despite the Fed's decision to maintain the policy rate, its statements indicating that a future interest rate hike could be possible based on the economic conditions and inflation data have created uncertainty. As a result, market focus has shifted towards economic indicators, particularly inflation data, that influence the interest rate decision. One of the crucial indicators for the US housing market, Building Permits, has just been released:
US Building Permits - Reported: 1.496M (Expectation: 1.491M & Previous: 1.417M) US Building Permits (MoM) - Reported: 5.6% (Expectation: 5.2% & Previous: -1.4%)
Current State of the Cryptocurrency Market The leading cryptocurrency Bitcoin (BTC) has experienced an increase of nearly 1% in the past 24 hours, surpassing the $30,500 price level. According to CoinMarketCap (CMC) data, the total market capitalization of the cryptocurrency ecosystem has reached $1.18 trillion, representing a 0.5% increase. Despite the overall rise in the cryptocurrency market and the value appreciation of BTC, Ethereum (ETH) has seen minor losses during the day and is currently trading around $1,875.
On the other hand, the cryptocurrency market started the day with low volatility compared to the beginning of the week. According to Coinglass' latest data, approximately $90 million worth of short and long positions were liquidated in the past 24 hours.
