The cryptocurrency market woke up red on Monday, September 11, in what is expected to be a high volatility week, while crypto traders are trying to price further events amid $3 billion sell-off threats by the FTX and macroeconomic impacts within the CPI data, both happening on September 13.
Data from QuantifyCrypto shows all top 50 projects with a negative performance for the day as the total cryptocurrency market cap lost over $10 billion in today’s daily candle, for an accumulated loss of close to 2% in the last 24 hours.
Heatmap: Top 50 cryptocurrencies by market cap. Source: QuantifyCrypto
Target rate probabilities for 20 SET 2023 fed meeting. Source: CME Group
All things considered, it is possible the cryptocurrency market could be overreacting in anticipation of a week filled with some important news and decisions. Further price action will be decided as traders and investors are able to better digest the threats and opportunities that are yet to come in the following days.
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