Cryptocurrency
markets
remained
under
pressure
during
U.S.
trading
hours
on
Thursday,
continuing
a
pullback
that
began
a
day
earlier
when
the
Fed
signaled
it
only
expected
to
cut
rates
once
this
year.
The
price
of
ether
(ETH)
led
a
mid-morning
bounce
after
U.S.
Securities
and
Exchange
Chairman
Gary
Gensler
–
in
testimony
at
a
Senate
hearing
–
said
he
expected
spot
ether
ETFs
to
have
received
full
approvals
from
his
agency
by
the
end
of
the
summer.
The
news
sent
ether
higher
by
1%
but
it
turned
out
to
have
been
a
selling
opportunity,
with
the
price
reversing
more
than
3%
just
one
hour
later.
At
press
time,
ether
was
changing
hands
at
$3,440,
down
5%
over
the
past
24
hours.
The
broader
CoinDesk
20
Index
was
lower
by
4.9%
over
the
same
period.
Also
off
by
nearly
5%
was
the
price
of
bitcoin
(BTC),
which
was
trading
near
a
one-week
low
of
$66,300.
Markets
began
heading
south
on
Wednesday
afternoon
after
the
Federal
Reserve’s
hawkish
policy
meeting
results.
The
U.S.
central
bank
held
its
benchmark
fed
funds
rate
range
steady
at
5.25%-5.50%
but
surprised
with
its
updated
projections
suggesting
an
expectation
for
just
one
25
basis
point
rate
cut
in
2024.
Rate
futures
markets,
meanwhile,
had
been
pricing
in
two
to
three
25
basis
point
moves
this
year.
Failing
to
improve
the
macro
mood
in
crypto
was
U.S.
economic
data
Thursday
morning
suggesting
a
continued
softening
in
both
the
inflation
and
the
economy.
The
May
Producer
Price
Index
(PPI)
fell
0.2%
against
expectations
for
a
rise
of
0.1%.
On
a
year-over-year
basis,
PPI
was
higher
by
2.2%
versus
forecasts
for
2.5%.
There
were
also
initial
jobless
claims
which
rose
to
nearly
a
one-year
high
of
242,000
versus
expectations
of
225,000.
“$66K
seems
like
equilibrium,”
said
well-followed
analyst
Skew
in
an
X
post,
who
along
with
others
is
trying
to
decode
a
market
that
won’t
go
sustainably
higher
despite
a
lot
of
recent
bullish
news:
improving
inflation
data,
a
Bitcoin-friendly
presidential
frontrunner
in
Donald
Trump,
spot
ETH
ETF
approvals,
and
other
risk
asset
markets
(namely
U.S.
stocks)
ripping
to
new
all-time
highs.
