As inflation pressures rise, virtual assets are also showing weakness. Bitcoin, which has fallen below $110,000, along with most altcoins, is on a downward trend.
On the morning of the 2nd at 8 a.m., Bitcoin is trading at $108,572, down 0.12% from 24 hours ago, according to the global virtual asset market tracking site CoinMarketCap. Bitcoin, which recently fell below $110,000, is struggling to recover that level.
Ethereum, which had been rising rapidly, is now recorded at $4,295, a drop of 3.14% from the previous day. At the same time, Ripple is trading at $2.74, down 1.72%, and Solana is also down 3.71%, trading at around $196.
The decline in the virtual asset market is attributed to a decrease in expectations for interest rate cuts. While the personal consumption expenditures (PCE) price index released last weekend met market expectations, it recorded the highest level since February, raising concerns about inflation and reducing prospects for interest rate cuts in the market.