Hawkish Fed comments and fears of stablecoin regulation spark market sell-off

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The bullish optimism seen earlier within the week was dialed again on Nov. 4 after latest feedback from United States Federal Reserve Chairman Jerome Powell confirmed that the central financial institution would quickly begin to taper its financial coverage of easing and bond-buying. 

These statements seem to have kicked off a collection of value decreases throughout the crypto market and each Bitcoin (BTC) and Ether (ETH) are beneath stress for the time being.

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Information from Cointelegraph Markets Pro and TradingView reveals that the worth motion for BTC flashed a warning when the worth briefly dipped to $60,400 on Nov. 3 and presently BTC is struggling to carry the $61,000 stage.

BTC/USDT 4-hour chart. Supply: TradingView

Ether has additionally seen its value inch decrease over the course of the day after setting a brand new report excessive of $4,664 on Nov. 3. On the time of writing, the highest altcoin is buying and selling at $4,473, marking a decline of 5%.

ETH/USDT 4-hour chart. Supply: TradingView

In response to impartial market analyst ‘Rekt Capital’, Ether wants to shut the week above its earlier all-time excessive of $4,460 if it hopes to maintain its constructive momentum going.

Associated: Chainlink’s total value secured surpasses $75B as DeFi continues to surge

Excessive flying altcoins take a beating

The pullback in BTC and Ether has hit the altcoin market laborious and pushed a majority of the tokens within the prime 200 into the purple.

Every day cryptocurrency market efficiency. Supply: Coin360

A few of the hardest-hit tokens are the initiatives which have seen among the largest good points in latest weeks, together with a 17.22% lower within the value of Shiba Inu (SHIB) and a 38% pullback within the value of OriginTrail (TRAC), which lately spiked to a brand new report excessive after being listed on Coinbase.

There are, nonetheless, a couple of shiny spots available in the market amid right this moment’s sea of purple. The AI-powered delegated proof-of-stake protocol Velas (VLX) has seen its token acquire 30.4% on the day and now trades at $0.4341, whereas Chromia (CHR) has gained 26.47% and Amp has seen its value improve by 20.53%.

The general cryptocurrency market cap now stands at $2.686 trillion and Bitcoin’s dominance price is 43%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, you must conduct your personal analysis when making a choice.