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Ethereum slumps over 7%
AI Summary
- Ethereum price declined over 7% amid heavy selling in digital assets and assessment of monetary policy
- Federal Reserve Board Governor Stephen Miran suggested a 2% interest rate cut, while St. Louis Fed President Alberto Musalem warned of limited scope for further easing
- US President Donald Trump's administration plans to impose a $100,000 annual fee on H-1B work visas, raising concerns for technology companies and banks relying on skilled labor from India and China.
Ethereum price declined during Monday’s trading amid heavy selling in digital assets and as markets assessed monetary policy.
Federal Reserve Board Governor Stephen Miran said in a speech today at the Economic Club of New York that interest rates should be cut sharply by around 2%, noting that the current level is “excessively restrictive” given recent economic changes.
In the same context, St. Louis Fed President Alberto Musalem warned that last week’s cut was a “precautionary step” and that there is limited scope for further easing.
The administration of US President Donald Trump announced its intention to impose an annual fee of $100,000 on H-1B work visas, raising concerns among technology companies and banks that rely heavily on skilled labor from India and China.
Ethereum
In trading, Ethereum fell by 7.4% at 21:28 GMT on CoinMarketCap to $4,161.8.
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