Investor Anticipation of Federal Reserve Decision Weighs on Cryptocurrency Market

The highly anticipated announcement regarding interest rates by the Federal Reserve is scheduled for May 1st.
Additionally, the unemployment data for April in the United States will be released on May 3rd.
Unfortunately, the crypto market did not experience any relief over the past weekend. The price of Bitcoin saw a further decline of 2.2%, dropping below $62,500. However, as of now, the price of Bitcoin has managed to surpass the $62,500 mark and is currently trading at $62,983.
Similarly, Ethereum and most other alternative coins (altcoins) are facing a similar situation. As of now, ETH is trading at $3149, which reflects a 4.16% decrease in the last 24 hours, according to CoinMarketCap data. Furthermore, selling pressure in the cryptocurrency market has intensified, resulting in corrections ranging from 4-10% for the top ten cryptocurrencies.
Expectations of high volatility are looming as the highly anticipated interest rate decision by the Federal Reserve approaches on May 1st. This week also brings other significant economic events for the United States. Analysts predict a 95.6% chance of the Fed maintaining the current interest rates.
Furthermore, the release of the United States unemployment data for April on May 3rd has garnered the attention of crypto investors and traders. This data has the potential to cause significant market volatility.
Conversely, some concerning statistics have emerged from the United States this week. The Federal Reserve faces challenges when the GDP falls lower than expected, and ongoing inflation concerns are evident in the Core PCE statistics.
However, it is important to note that concerns about the United States potentially experiencing stagflation, characterized by low GDP growth and high inflation, are still theoretical at this point. Consequently, market sentiment has shifted, with expectations of only one interest rate decrease until 2024.
In today’s crypto news, it is worth highlighting the performance of DePIN Token Helium (HNT), which is based on the Solana blockchain. The token has experienced a significant increase of 44% in its value.