Polkadot's price has been under pressure today, primarily due to broader market concerns following a stronger-than-expected U.S. jobs report. This report has led major investment banks to reassess their expectations for Federal Reserve rate cuts, with Goldman Sachs now predicting fewer cuts in 2025. The shift in sentiment has affected risk assets, including cryptocurrencies, as investors brace for a potentially prolonged period of higher interest rates. The uncertainty surrounding the Fed's monetary policy has contributed to a cautious market environment, impacting Polkadot's performance.
Additionally, the broader cryptocurrency market has been experiencing volatility, with major coins like Bitcoin and Ethereum also facing downward pressure. The CoinDesk 20 Index, which tracks the performance of the top 20 cryptocurrencies, has seen a decline, reflecting the overall market sentiment. As traditional markets also show signs of weakness, with futures tied to the S&P 500 trading lower, the risk-off sentiment is spilling over into the crypto space, affecting Polkadot's price trajectory.
Polkadot's price has fallen by 5.24% today, currently trading at $6.281302. The cryptocurrency reached a high of $6.787879 earlier in the day but has since declined to a low of $6.267185.