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The cryptocurrency market is experiencing a downturn as traders adopt a cautious stance ahead of key economic data releases. Ethereum (ETH) has fallen over 5%, trading near $3,300, while Bitcoin (BTC) is consolidating below $93,000. The implied volatility for both cryptocurrencies has shifted towards puts, indicating a bearish sentiment among traders. Analysts attribute this shift to growing concerns about downside risks, particularly with the upcoming Federal Open Market Committee (FOMC) minutes and the Personal Consumption Expenditures (PCE) data set to be released. Current odds for a Federal Reserve rate cut stand at 59.4%, further contributing to market apprehension. The put-call ratio for ETH has also increased to 0.74 for November, reflecting heightened caution among investors.
FED MINUTES LOOM, MARKET TAKES A CHILL PILL ETH down 5% to $3.3K, BTC under $93K, implied vol swings to puts—traders are skittish. PCE inflation data and FOMC minutes in focus, Fed rate cut odds sit at 59.4%. ETH put-call ratio jumps to 0.74 for November, signaling more… https://t.co/5TBbDu5g2x
MARKETS COOL AS DATA DECISIONS NEAR Ethereum slips over 5%, now trading near $3,300, while Bitcoin consolidates below $93,000. Implied volatility shifts towards puts as traders brace for FOMC minutes and PCE data. Fed rate cut odds at 59.4% keep markets cautious, with… https://t.co/BP8bQZuOyE
Crypto derivatives market turns cautious ahead of FOMC minutes and PCE data, analysts say https://t.co/eLrMYVyQyE
