The cryptocurrency market is undergoing a significant correction, influenced by macroeconomic factors, regulatory developments, and industry de-leveraging. Over the past two weeks, the U.S. economy's resilience and slower-than-expected inflation reduction have reduced the probability of a December rate cut from over 80% to about 50%. Federal Reserve officials have maintained a hawkish stance, suggesting prolonged high interest rates. Amid these economic signals, Bitcoin and Ethereum have experienced notable declines, with Bitcoin falling to $87,000 and Ethereum to $2,800 as of November 24. The market is now in a critical observation period, as investors closely monitor key support levels and potential volatility from derivative positions, compounded by slow progress on crypto ETF approvals and ongoing geopolitical tensions.