Monero Price Dropped by 3.1% Amid Broad Crypto Selloff

Monero's price dropped by 3.1% in recent days due to a broad crypto selloff and normal volatility, according to CoinMarketCap.

The decline is attributed to a macro-driven market response following the latest FOMC meeting and Fed Chair Kevin Warsh's press conference, where the Fed signaled a firmer path of higher-for-longer rates, sparking a selloff in Bitcoin and major altcoins.

As a result, over $400 million in leveraged positions were liquidated as BTC fell from above $66,000 to around $64,000. The crypto market cap also declined by 1-4% depending on the exact window.

A closer look at Monero's recent price move reveals that it is best viewed as trading with the macro tape, rather than reacting to a new XMR event. The magnitude of the move is statistically normal for XMR, and technical indicators suggest that XMR was overbought on one widely followed indicator.