Cryptocurrency Prices Under Pressure Amid Citigroup's Fed Rate Cut Delay

The cryptocurrency market is experiencing a price correction, with Bitcoin consolidating at its $68k support level and Ethereum trading above $2k. The prevailing geopolitical concerns have intensified the risk-off mood among investors.

Citigroup's decision to delay the Federal Reserve's rate cuts from June to September has added to the uncertainty in the market. The bank's prediction that rate cuts will occur in September, October, and December is a significant change from its previous forecast.

The strong employment figures in the US for March have contributed to this shift in expectations, with high inflation rates also playing a role. This delay has negatively impacted risk assets like Bitcoin and Ethereum, which are experiencing downward pressure.