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Hawkish Fed comments and fears of stablecoin regulation spark market sell-off

The bullish optimism seen earlier within the week was dialed again on Nov. 4 after current feedback from U.S. Federal Reserve Chairman Jerome Powell confirmed that the central financial institution would quickly begin to taper its financial coverage of easing and bond shopping for.

These statements seem to have kicked off a collection of worth decreases throughout the crypto market and each Bitcoin (BTC) and Ether (ETH) are underneath strain in the meanwhile.

Information from Cointelegraph Markets Professional and TradingView exhibits that the value motion for BTC flashed a warning when the value briefly dipped to $60,400 on Nov. 3 and currenlty BTC is struggling to carry the $61,000 stage.

BTC/USDT 4-hour chart. Source: TradingView

Ether has additionally seen its worth inch decrease over the course of the day after setting a brand new report excessive of $4,664 on Wednesday. On the time of writing, the highest altcoin is buying and selling at for $4,473, marking a decline of 5%.

ETH/USDT 4-hour chart. Source: TradingView

In line with impartial market analyst ‘Rekt Capital’, Ether wants to shut the week above its earlier all-time excessive of $4,460 if it hopes to maintain its optimistic momentum going.

Chainlink’s complete worth secured surpasses $75B as DeFi continues to surge

Excessive flying altcoins take a beating

The pullback in BTC and Ether has hit the altcoin market exhausting and pushed a majority of the tokens within the top-200 into the purple.

Every day cryptocurrency market efficiency. Source: Coin360

A number of the hardest-hit tokens are the tasks which have seen a number of the greatest positive factors in current weeks, together with a 17.22% lower within the worth of SHIB and a 38% pullback within the worth of OriginTrail (TRAC), which not too long ago spiked to a brand new report excessive after being listed on Coinbase.

There are, nonetheless, a couple of vibrant spots available in the market amidst as we speak’s sea of purple. The AI-powered delegated proof-of-stake protocol Velas (VLX) has seen its token acquire 30.4% on the day and now trades at $0.4341, whereas Chromia (CHR) has gained 26.47% and Amp has noticed its worth improve by 20.53%.

The general cryptocurrency market cap now stands at $2.686 trillion and Bitcoin’s dominance fee is 43%.

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you need to conduct your individual analysis when making a call.

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