Bitcoin continued to fluctuate within a narrow range of US$64,000 for two days over the weekend. However, it started a new wave of decline again around 4 o'clock this morning (24th), hitting a low of US$62,903 around 8 o'clock earlier, hitting the lowest level since mid-May. .
At the time of writing, it was trading at US$63,099, down 2.32% in the past 24 hours. Whether it will continue to drop to US$60,000 has become the focus of investors.
Ethereum once hit $3,400
As for Ethereum, the trend is similar to that of Bitcoin, with a minimum of $3,401 around 4 o'clock this morning (24th). It was trading at $3,421 at the time of writing, down 2.51% in the past 24 hours.
The entire network liquidated $81 million in the past 24 hours
Amid the fluctuations in Bitcoin's decline, according to Coinglass data , in the past 24 hours, the entire cryptocurrency network liquidated more than $81.34 million (longs accounted for $72 million), and nearly 43,000 people were liquidated.
What volatility risks should we pay attention to this week?
A few key observations that could bring volatility to the market this week are:
U.S. May Core Personal Consumption Expenditure PCE Report
The U.S. Department of Commerce will release the latest personal consumption expenditures (PCE) price index this Friday (28th), which is one of the important indicators used by the Federal Reserve to measure changes in inflation. Analysts estimate that the U.S. core PCE annual growth rate in May is expected to slow to 2.6%.
Most economists expect that U.S. inflation has reached a turning point after rising in the first quarter, as shown by the slowdown in both the consumer price index (CPI) and producer price index (PPI) in May. The main reason is that falling prices of gasoline and other commodities have partially offset the impact of rising housing rental costs.
Fed officials talk
Several Fed officials will speak this week, including two managers, Lisa Cook and Michelle Bowman , as well as San Francisco Fed President Mary Daly, who has a vote on the Federal Open Market Committee (FOMC) this year.
The first debate of the US presidential election
In addition, the first debate of the 2024 US presidential election will be held at 9 am on the 28th, Taiwan time. It will be a fight between current President Biden and former President Trump. If the two discuss cryptocurrency issues on stage, it may bring potential fluctuations to the market.
