According to a new report from Coinbase Research, macroeconomic pressures have had a serious impact on the cryptocurrency market. Analysts expect the market to remain weak in the coming weeks because there are simply too few catalysts to push prices higher. This has left many investors nervous as the global situation changes. The Coinbase report highlights the increasing dependence of the cryptocurrency market on broader economic events. In this regard, last week's decision by the Bank of Japan to raise interest rates was linked to the positioning squaring of the yen carry trade, which sent ripples through global markets. In addition, renewed geopolitical tensions in the Middle East appear to have sparked concerns about oil supply, further roiling markets. These are not theoretical macro pressures, they do matter to investor sentiment and market stability. According to analysts at Coinbase, the sharp decline in leverage in the on-chain cash market could also mean that the recent sharp drop has made investors quite cautious. They believe that with no immediate catalyst, the near-term price movement of cryptocurrencies will continue to be dominated by macroeconomic factors. Coinbase will enter the third quarter of 2024 on a cautious note. The company's outlook is based on the next data on US inflation, which could affect market sentiment.