7-Day Market Moves
Tuesday morning greeted Bitcoin with a slip below the $28,000 mark, as it faced a 1.76% drop over the past week. The rise of the Ordinal protocol and Bitcoin-based meme-coins led to increased transaction fees and network congestion. Meanwhile, Ethereum (ETH) also experienced a decline but managed to hold onto a weekly gain of 0.50%.
Data from Coinmarketcap revealed that the total crypto market capitalization took a 3.26% hit in the past 24 hours, settling at $1.14 trillion. On the flip side, the total trading volume saw a significant 56.84% increase, reaching $45.38 billion.
In terms of macro factors, keep an eye on the upcoming April U.S. CPI report, which is projected to show a 5% annual inflation rate and a .4% monthly increase, according to Dow Jones. Additionally, the Federal Reserve will convene on June 14 to determine interest rates. As it stands, there's an 85.7% chance that rates will remain unchanged at 5% to 5.25%, with a 14.3% chance of a 25 basis-point rate hike.