Macroeconomic data fluctuations, such as inflation and interest rates, impact the cryptocurrency market through multiple channels. High inflation erodes the value of fiat currencies, making cryptocurrencies more appealing as a hedge, thus driving up prices. Rising interest rates increase the opportunity cost of holding cryptocurrencies, leading to a potential outflow of funds and price decline. Central bank policies related to money supply and economic stimulus also influence investors' risk appetite, affecting their allocation to cryptocurrencies.