A huge cryptocurrency whale shook the market by withdrawing 1.5 trillion PEPE tokens from Binance. The $13.3M transaction took place at a period of profit-taking before key economic data releases.
This big withdrawal occurred as PEPE, a popular meme coin, traded in the red. At press time, PEPE was down 1.93% to $0.00000891. Large fluctuations like this frequently result in market speculation. Withdrawals often indicate buying intent, whilst deposits may indicate selling pressure.
The crypto market is undergoing a widespread sell-off. More than $238M in positions were liquidated in the last 24 hours. The majority of holdings were long, with the expectation that prices would rise.
Investors are now focused on impending economic data releases. These will provide insights into the health of the US economy in the face of fears of recession. The personal consumption expenditures price index, the Fed's favorite inflation indicator, is expected soon. Dow Jones experts expect no increase in March and a headline inflation rate of 2.2%. These variables could have a huge impact on the cryptocurrency market in the coming days.
