The upcoming Fed meeting may provoke another drop in the crypto market

Analysts of the cryptocurrency industry note that the crypto market did not show significant changes over the weekend. The total capitalization of cryptocurrencies has dropped to $ 2.25 trillion at the time of writing.

This week’s economic calendar may cause even greater volatility in virtual assets, as key inflation data will be published, as well as a number of speeches by representatives of the US Federal Reserve, which may indicate the direction of monetary policy in the future.

On Tuesday, May 14, the core PPI (producer price index) report will be released, which reflects the prices of inputs, directly affecting retail pricing. It is considered a preliminary indicator of inflationary pressures, making it a leading indicator for the CPI (consumer price index) report to be released next month.

At the time of writing, the price of bitcoin BTC $65,755.33 Bitcoin -0.33% Market capitalization $1.3 trillion VOL. 24 hours $0.6 billion was around $ 61,677, remaining almost at the same level as yesterday. However, the asset fell by 4.3% compared to the same period last week.

Ethereum ETH $2,671.47 Bridged Ether (StarkGate) -1.11% Market capitalization $0.2 billion VOL. 24 hours $0.37 billion failed to rise above $ 3,000 after falling on May 10 and remains short-term bearish.

Altcoins were mostly in the red, with Solana SOL $156.75 Solana -0.98% Market capitalization $73.5 billion VOL. 24 hours $0.25 billion , Dogecoin DOGE $0.02 Department Of Government Efficiency 4.16% Market capitalization $23.57 million VOL. 24 hours $0.21 billion , Avalanche AVAX $29.28 Binance-Peg Avalanche -4.16% Market capitalization $58.54 million VOL. 24 hours $37.7 million , and Near Protocol NEAR $5.52 NEAR Protocol 1.91% Market capitalization $6.12 billion VOL. 24 hours $43.33 million losing the most.