The bullish optimism seen earlier in the week of November 4 was fueled by regret following recent comments from Federal Reserve Chairman Jerome Powell, who confirmed that the central bank will soon begin to cut its monetary easing and buy bonds.

This data seems to have led to a series of price drops in the cryptocurrency market, and Bitcoin (BTC) and Ether (ETH) are currently under pressure.

Data from Cointelegraph Markets Pro and TradingView show that BTC’s price action issued a warning when the price briefly dropped to $ 60,400 on November 3, and BTC is currently struggling to maintain the $ 61,000 level.

4-hour BTC / USDT chart. Source: TradingView
Ether also saw the price drop during the day after hitting a new all-time high of $ 4,664 on November 3. At the time of writing, the top altcoin is trading at $ 4473, which is a 5% decline.

4-hour ETH / USDT chart. Source: TradingView
According to independent market analyst Rekt Capital, Ether should close the week above its previous all-time high of $ 4,460 if they hope to maintain positive momentum.

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Major cryptocurrencies hit
Withdrawals in BTC and Ether hit the altcoin market hard and forced most of the top 200 coins to move to red.

Daily performance in the cryptocurrency market. Source: Coin360
Some of the hardest hit coins are projects that have seen some of the biggest gains in recent weeks, including a 17.22% drop in the Shiba Inu (SHIB) price and a 38% drop in the OriginTrail (TRAC) price, which recently climbed to a new record after being listed on Coinbase.

However, there are several bright spots on the market in the middle of the Red Sea today. AI delegated Velas Protocol (VLX) tokens are up 30.4% on the day and are now trading at $ 0.4341, while Chromia (CHR) is up 26.47% and Amp is up 20.53 %. …

The total market value of the cryptocurrency is now $ 2.686 trillion, and the dominance of bitcoin is 43%.

Source: CoinTelegraph