While things looked good in #Bitcoin, the sharp drop in the evening dragged the price to $68k. What's behind the decline?
Things picked up again in the evening, with Bitcoin hitting the 72k mark today. The decline that started at 15:30 UTC deepened in the following parts and the price dropped to $68 thousand 400.
Why Is Bitcoin Falling?
The external reason for the birth of Bitcoin is the emergence of data on agricultural employment in the United States today. With data added at 3:30 p.m., it was reported that the number of jobs in May increased by 272 thousand people. It is expected that this number will be 182 thousand.
Employment forecasts were significantly exceeded, hopes the Fed would cut interest rates in July have evaporated, sending the dollar higher. In addition, the market is currently pricing the possibility of an interest rate cut in September at 45%. The rate was 56% before the jobs data was released.
On the other hand, sales in several cryptocurrencies surged following live YouTube broadcasts of the GameStop Roaring Kitty phenomenon. During the live broadcast watched by more than 600 thousand people, Fenomen did not make any sensational announcements or statements as expected. GameStop shares subsequently lost more than 40% of their value. While the decline of GME, the eponymous meme coin, exceeded 50%, many meme coins also lost double digits in value.
Ultimately, Bitcoin's decline led to positions being cut with a loss of 400 million trades in leveraged trades. According to Coinglass, the number of users who lost money when adding derivatives has reached 150 thousand.
