The bullish optimism seen earlier in the calendar week was dialed back on Nov. 4 after contempo comments from Usa Federal Reserve Chairman Jerome Powell confirmed that the cardinal bank would soon outset to taper its monetary policy of easing and bail-buying.

These statements appear to have kicked off a series of toll decreases beyond the crypto marketplace and both Bitcoin (BTC) and Ether (ETH) are under pressure at the moment.

Data from Cointelegraph Markets Pro and TradingView shows that the price activity for BTC flashed a warning when the toll briefly dipped to $60,400 on Nov. 3 and currently BTC is struggling to concur the $61,000 level.

BTC/USDT iv-hour chart. Source: TradingView

Ether has besides seen its price inch lower over the form of the day after setting a new record high of $four,664 on Nov. three. At the time of writing, the meridian altcoin is trading at $4,473, mark a decline of v%.

ETH/USDT 4-hour chart. Source: TradingView

According to independent marketplace analyst 'Rekt Capital', Ether needs to close the week to a higher place its previous all-time high of $4,460 if it hopes to keep its positive momentum going.

Related: Chainlink'south total value secured surpasses $75B as DeFi continues to surge

High flight altcoins accept a beating

The pullback in BTC and Ether has hit the altcoin market place hard and pushed a majority of the tokens in the superlative 200 into the red.

Daily cryptocurrency market performance. Source: Coin360

Some of the hardest-hit tokens are the projects that have seen some of the biggest gains in recent weeks, including a 17.22% subtract in the toll of Shiba Inu (SHIB) and a 38% pullback in the price of OriginTrail (TRAC), which recently spiked to a new record high after being listed on Coinbase.

There are, even so, a few bright spots in the market place amid today'south sea of red. The AI-powered delegated proof-of-pale protocol Velas (VLX) has seen its token gain 30.four% on the day and now trades at $0.4341, while Chromia (CHR) has gained 26.47% and Amp has seen its toll increase by 20.53%.

The overall cryptocurrency market cap at present stands at $2.686 trillion and Bitcoin's say-so rate is 43%.

The views and opinions expressed here are solely those of the author and practise not necessarily reflect the views of Cointelegraph.com. Every investment and trading movement involves risk, you should conduct your own research when making a determination.