The cryptocurrency market experienced a significant decline during U.S. trading hours on Thursday, following a similar trend from the previous day. The Federal Reserve's indication of only one rate cut this year had a ripple effect on the market, leading to a downturn. Despite a brief increase in ether's price following a positive announcement from the U.S. Securities and Exchange Chairman, the market soon took a downturn, with ether trading at $3,440, a 5% decrease over the past 24 hours.

The CoinDesk 20 Index also fell by 4.9% during the same period, with bitcoin's price dropping nearly 5% to a one-week low of $66,300. The market's decline began on Wednesday afternoon after the Federal Reserve's hawkish policy meeting results, which surprised many with its updated projections. The rate futures markets had been expecting two to three rate cuts this year, but the central bank's announcement dampened investor sentiment.

The release of U.S. economic data on Thursday morning further dampened the macro mood in the crypto market, with the May Producer Price Index (PPI) falling 0.2% against expectations. Initial jobless claims also rose to nearly a one-year high, indicating a continued softening in both inflation and the economy. Despite recent positive news, the market has struggled to sustain a significant increase, with investors becoming increasingly cautious.

The decline in the cryptocurrency market has been a significant departure from the recent bullish trends, with many investors expressing concern over the market's volatility. Despite the recent approvals of spot ETH ETFs and the positive news surrounding inflation data, the market has failed to sustain a significant increase. Investors are now adopting a wait-and-see approach, waiting for further developments in the market before making any significant moves.

In conclusion, the cryptocurrency market's decline on Thursday has been a significant departure from the recent bullish trends. The market's volatility has led to investor caution, with many adopting a wait-and-see approach. Despite recent positive news, the market has struggled to sustain a significant increase, leaving investors uncertain about the future direction of the market.