However, experts called it bear fakeout and mentioned not to fall for it.
This reflects that the token has come to a point where the curve might change to result in a sloping down or upward position.
Lael Brainard, vice chair of Fed, said that from the data it looks like “market pricing for 50 basis points potentially in June and July”.
He pointed out that market may consolidate in this range before dropping down eventually.
Meanwhile, the global crypto market is also down by around 2% over the past day.